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Symbol Technologies Stock Jumps in Price

Not often that I'll publish a full press release, but this is good news for the AutoID industry from Long Island Business News:

HOLTSVILLE - Symbol Technologies Inc. stock leaped 21 percent, or $1.71, to $9.83 Thursday afternoon after the maker of handheld computers and barcode scanners posted third-quarter earnings per share that was double what analysts had expected.

Symbol (NYSE: SBL) reported net income of $16.7 million, or 7 cents per share, four cents higher than the Wall Street consensus of 3 cents per share.

Sales were $441.5 million, or $432.2 million on a pro forma basis, also higher than the analyst consensus reported by Reuters of $429.3 million.

Sal Iannuzzi, Symbol chief financial officer and interim chief executive officer, said the company had made progress on cost cutting. "Our restructuring program has successfully realized cost savings ahead of schedule, and has enabled Symbol to realign resources on technology innovation and expanding market coverage," he said. "The momentum of these initiatives, coupled with customer wins in retail and non-retail markets and new product introductions, gives us confidence in our ability to achieve our goal of a double-digit operating margin by the second half of 2006."

For the fourth quarter, however, Symbol forecast revenue of $432 million, roughly flat compared to the prior year's period and earnings per share of 6 cents to 8 cents.

In a conference call, Iannuzzi, who has served as interim CEO since the sudden exit of William Nuti in August, said the company is "not in a hurry" to find a permanent CEO. "The most important thing is that we get it right," he said.

'nuff said.