EVERETT – Intermec Inc. told investors and analysts Monday to expect disappointment when they see the company’s financial results for the just-ended first quarter.
The Everett-based maker of inventory-tracking technology, including bar-code scanners and handheld computers, said its revenue for the quarter won’t exceed $178 million. In earlier estimates, Intermec predicted sales might reach $197 million.
“The company’s revised guidance reflects growing sluggishness in U.S. sales offset only partially by renewed growth in international sales,” Intermec’s announcement stated.
Intermec shares lost $1.55, nearly 7 percent of their value, to close the day at $21.27.
The company’s sales began slowing noticeably in last year’s third quarter, and Intermec ended the fourth quarter with a profit of $5.2 million, down from more than $12 million in the prior-year quarter.
There is hope. Intermec’s new CN3 mobile computer terminal finally hit the U.S. market in February and March. That could help revive sales as the year continues.
With a market capitalization – the value of the all the company’s stock shares – of $1.27 billion, Intermec is the largest public company based in Snohomish County. Its chief executive officer, Larry Brady, plans to retire by the year’s end.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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