Measurement Specialties, Inc. (MEAS: Quote) said Thursday that its third quarter sales increased 7% year-over-year to about $81.7 million.
Analysts polled by Thomson Reuters expected the company to post revenue of $86.00 million for the third quarter.
Third quarter bookings, are orders the company has accepted from customers and are supported by purchase orders, totaled about $83.3 million.
Frank Guidone, Measurement Specialties CEO, said, “As a result of generally weak macro conditions, we experienced significant destocking in the supply chain across most market verticals in the third quarter, resulting in relatively weak sales. While our three month book to bill was 1.02 (signaling expansion), bookings were modestly below our expectation.”
Accordingly, the company updated its fourth quarter sales guidance to range between $88 million and $90 million, resulting in forecast FY13 net sales of about $346 million to $348 million. Previously, the company forecast FY13 sales of $352 to $357 million.
Analysts currently expect the company to post revenue of $91.45 million for the fourth quarter and $353.85 million for the fiscal year 2013.
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by RTT Staff Writer
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