IBJNews

BrightPoint stock sinks on lower earnings report

Back to TopCommentsE-mailPrintBookmark and Share

BrightPoint Inc. stock fell as much as 12 percent early Friday morning following disappointing first-quarter earnings that prompted the company to lower its 2012 financial forecast.

Shares rebounded slightly and were fetching $6.36 in late-morning trading, but nevertheless were down 9 percent from their $7 close on Thursday.

Rough conditions in the global wireless industry hurt earnings, the Indianapolis-based logistics provider reported Thursday afternoon after markets closed.

BrightPoint's net income was $3.2 million, or 5 cents per share, down significantly from $8 million, or 11 cents per share, in the year-ago quarter and from $15 million in the fourth quarter of 2011.

Revenue was $1.37 billion, up 23 percent from the same quarter a year ago, but down from the fourth quarter.

“We are reporting solid results in revenue and units handled for the first quarter of 2012," CEO Robert Laikin said in a prepared statement. “However, our customers and vendor partners faced significant competitive and economic pressures in the first quarter, which negatively impacted our profitability.”

BrightPoint handled 29.2 million mobile devices in the quarter. That was a 7-percent increase over the first quarter of 2011, but a 5-percent decrease from the fourth quarter.

BrightPoint said it expects per-share income for the year to range from 57 cents to 63 cents, which would be down from its previous forecast of 66 cents to 72 cents.

BrightPoint said it took $2.4 million in restructuring charges in the quarter, including the anticipated sale of its Reno, Nev., facility, plus severance expenses from downsizing. The company laid off an undisclosed number of people in its Americas division and had “continued consolidation and rationalization” in its Europe, Middle East and Africa and corporate divisions.

The company reported adjusted net income of 16 cents per share, which missed analyst estimates by 2 cents. However, it beat the average revenue estimate of $1.29 billion.

ADVERTISEMENT

  • Broghtpoint
    While shareholders and REGULAR employees suffer, top management was able to increase their siphoning by 11% over 2010. When will the top pull figure out they ain't getting done as leaders and leave? Annual meeting next week and always curious when I see the directors getting paid $250,000! a year just to show up 4 times per year and, as you can see, do nothing to turn this company around. Bitter, oh yeah, since my BP stock has tanked. Good ole boy clubs more concerned aboyt their own parachutte.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Angela IS the best RD

  2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

  3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

  4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

  5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

ADVERTISEMENT