By Sarina Isaacs
Shares of nLight hit a 52-week low after the company downwardly revised its fourth-quarter guidance.
The stock was recently off 14% to $9.55. Earlier Wednesday, it traded down to $9.38, its lowest level since November 2023.
The high-power semiconductor company on Tuesday said it expects fourth-quarter revenue at $46 million to $48 million, down from the prior estimate of $49 million to $54 million. Analysts are looking for $56.1 million.
It also expects the quarter's adjusted earnings before interest, taxes, depreciation and amortization to come in materially below prior guidance of down $5 million to down $2 million. Gross margin should likewise miss the previously issued outlook range of 17% to 21%, said nLight.
The Camas, Wash.-based company attributed the lower numbers to continued weakness in its industrial markets, as well as execution challenges in its microfabrication business and delivery timing for some defense products.
Write to Sarina Isaacs at sarina.isaacs@wsj.com
(END) Dow Jones Newswires
January 15, 2025 12:38 ET (17:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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