Ralph
11.01.2001, 23:07
Gateway Cuts 2001 Guidance After Missing Fourth-Quarter Estimates
By Yi Ping Ho
Staff Reporter
1/11/01 4:57 PM ET
Gateway (GTW:NYSE - news) badly missed its already lowered fourth-quarter earnings estimate and cut its projections for 2001, minutes after Hewlett-Packard's (HWP:NYSE - news) profit warning, citing the "continued deterioration of worldwide PC demand and increasing pricing pressure."
The box maker said excluding items, it earned $37.6 million, or 12 cents a share, compared with $126 million, or 38 cents a share, a year ago. Analysts on average were expecting fourth-quarter earnings of 37 cents a share. Including a $187 million pretax charge, Gateway reported a fourth-quarter loss of $94.3 million, or 29 cents a share.
The company already issued a fourth-quarter warning late in November, causing the analysts' consensus estimate to come down sharply, to the current 37 cents from 62 cents.
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Ralph
By Yi Ping Ho
Staff Reporter
1/11/01 4:57 PM ET
Gateway (GTW:NYSE - news) badly missed its already lowered fourth-quarter earnings estimate and cut its projections for 2001, minutes after Hewlett-Packard's (HWP:NYSE - news) profit warning, citing the "continued deterioration of worldwide PC demand and increasing pricing pressure."
The box maker said excluding items, it earned $37.6 million, or 12 cents a share, compared with $126 million, or 38 cents a share, a year ago. Analysts on average were expecting fourth-quarter earnings of 37 cents a share. Including a $187 million pretax charge, Gateway reported a fourth-quarter loss of $94.3 million, or 29 cents a share.
The company already issued a fourth-quarter warning late in November, causing the analysts' consensus estimate to come down sharply, to the current 37 cents from 62 cents.
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Ralph