Sykes Enterprises Q4 Earnings Miss Street

(RTTNews) - Sykes Enterprises Inc. (SYKE), Monday reported fourth-quarter net income of $17.0 million or $0.40 per share, compared with loss of $17.0 million or $0.41 per share last year.

On an adjusted basis, earnings were $0.58 per share, up from $0.47 per share last year.

Fourth-quarter revenues dropped 1% to $415.2 million from $419.2 million last year.

Revenues dropped due to softness in the communications vertical split between lower demand and operational inefficiencies coupled with the impact of a strategic decision in the second quarter 2018 to discontinue a financial services program due to the lack of long-term viability.

Analysts polled by Thomson Reuters estimate earnings of $0.66 per share on revenues of $417.35 million for the quarter.

Looking forward to the first quarter, Sykes expects revenues of $403- $408 million and adjusted earnings of $0.42 to $0.45 per share. Analysts currently expect earnings of $0.51 per share on revenues of $421.82 million.

For the full year 201, revenues are expected to be $1.656 billion to $1.676 billion and adjusted earnings of $2.18 to $2.31 per share. Analysts currently estimate earnings of $2.24 per share on revenues of $1.69 billion.