Shares of Brightpoint Inc. fell more than 8 percent in Wednesday morning trading after the Indianapolis-based provider of logistics for wireless devices lowered the top end of its annual earnings guidance.
The loss of a major customer caused Brightpoint to lower its earnings range by 4 cents, forecasting a profit of between $1.07 and $1.13 a share for 2012.
Despite the lowering of its 2012 earnings guidance, the range is still higher than 2011 earnings. Full-year earnings per share were 71 cents, up substantially from 43 cents per share in 2010.
A spokeswoman for Brightpoint said the company isn’t identifying the customer.
The customer’s transition to a competitor is expected to begin in April and continue through the end of the year, Brightpoint said Tuesday upon announcing the earnings revision.
Brightpoint said it handled 6.8 million wireless devices last year on behalf of the unnamed customer. Overall, it handled 30.7 million devices in the fourth quarter and 112.2 million in 2011, both record numbers for the company.
Brightpoint expects the number of devices it handles to decline even before the unnamed customer begins pulling its business in the spring. The company projects the number of units it will handle in the first quarter of 2012 to fall by 15 percent to 20 percent compared with the previous quarter, which is a “higher-than-normal” seasonal decline, the company said.
The price of Brightpoint shares fell 86 cents, to $9.14, during mid-morning trading on Wednesday.