RadioShack Profit Won’t Meet Forecasts
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RadioShack Corp. said fiscal second-quarter profit will fall more than expected because of slower sales of wireless telephones and computers in April and May.
The company forecast profit of 25 cents to 27 cents a share for the quarter ending June 30, less than the 34-cent average estimate of analysts polled by First Call/Thomson Financial.
RadioShack earned $75.4 million, or 38 cents, in the year-earlier quarter. RadioShack also said earnings for full year 2001 may decline by 10%. That would mean earnings of $1.66, contrasted with analyst expectations of $1.91.
Shares of Fort Worth, Texas-based RadioShack fell as low as $29 in after-hours trading on the announcement. They had closed off $1.02 at $32.85 on the NYSE.
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