Ultra Clean Expects Q3 Earnings To Fall; Stock Down In Pre-market

(RTTNews) - Ultra Clean Holdings, Inc. (UCTT), a supplier of critical subsystems, components and parts, on Monday said that it expects third quarter preliminary net income to fall and total revenue to be at or above the midpoint of the guided range.

Quarterly net loss per share is now expected to be around $0.32. The company had reported earnings of $0.21 per share for the same period, last year

On exceptional items basis, the net income per share is now expected to be around $0.04.

On average, three analysts polled by Thomson Reuters expect earnings of $0.15 per share for the year. Analysts' estimates typically exclude special items.

Previously, on July 27 the company had announced that it expected net loss per share to be between $0.19 and $0.04 and adjusted net income per share to be between $0.08 and $0.28.

The shortfall is attributed to an abrupt decline in services business volume, reduced efficiencies, and an unfavorable mix of product revenue.

The company had also announced that it expected third quarter revenue in the range of $405.0 million to $455.0 million previously.

Total Revenue was $635.0 million for the third quarter of the prior year.

In pre-market activity, Ultra Clean shares are trading at $23.64, down 4.52% on Nasdaq.