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Aviat shares plunge after cut 2Q sales guidance

Aviat shares plunge after company slashes 2nd-quarter revenue guidance

Associated Press

SANTA CLARA, Calif. (AP) -- Shares of Aviat Networks Inc. tumbled Tuesday after the provider of networking products cut its revenue guidance.

Aviat cut its sales expectations to $83 million to $87 million for the fiscal second quarter. It had predicted $100 million to $107 million for the period that ended on Dec. 27.

It cited the effect of deferred revenue from a new agreement with a key customer, which it didn't name.

Aviat said it expected an effect on earnings per share too, but was unable to quantify it.

Aviat will report its second-quarter results on Jan. 30.

The company also said it is planning to cut expenses from areas including its supply chain and back office. It expects to save about $12 million to $14 million a year beginning in fiscal 2015.

Shares fell 35 cents, or 16 percent, to close at $1.88 on Tuesday. The stock has lost 47 percent over the past 12 months