On a conference call with analysts Monday night, Intevac said it expects third quarter revenue of $48 million to $52 million with EPS of 18-24 cents GAAP, or 24-30 cents ex-stock options related compensation expense. The Street has been expecting $52.66 million and 21 cents non-GAAP. For the full year, Intevac sees revenue of $210 million to $220 million, with EPS of 85-95 cents GAAP, $1.05-$1.15 non-GAAP. The Street has been at $259.3 million and $1.32.
David Bailey, an analyst at Goldman Sachs, Tuesday morning repeated his Sell rating on the stock. “With Intevac’s fundamentals deteriorating at an accelerating rate and no meaningful positive catalysts to support the stock in the near term, Intevac shares should continue to under-perform the hard drive sector and the broader tech tape through the back half of the year,” he wrote in a research note.
Bailey cut his EPS estimates to 89 cents from $1.45 for this year, to $1.20 from $1.45 for next year, and to $1.40 from $1.65 for 2009.
Intevac Tuesday is down $2.65, or 13.5%, at $16.82.
IVAC 1-yr chart: