Some specifics, but I'm confused. Merrill Lynch had claimed that ORBCOMM was above expectations in gaining subscribers. Lehman is more recent, but I would like to know more.
Wednesday September 15, 3:47 pm Eastern Time
Lehman cuts Orbital Q3 & Q4 estimates
NEW YORK, Sept 15 (Reuters) - Lehman Brothers analyst John Bensche on Wednesday lowered
third-quarter earnings estimates for Orbital Sciences to a loss of $0.31 per share from a loss of $0.20 per
share and fourth-quarter earnings estimates to a loss of $0.24 per share from a loss of $0.12 per share.
Lehman also lowered fiscal year 2000 earnings estimates for the space products company to $0.52 per
share from $0.62 per share.
-- Lehman cited larger than expected losses because of a lower-than-expected number of subscribers to the company's joint venture satellite
data transmission company ORBCOMM Global in the third and fourth quarters.
-- ``We are also lowering our full year total to 50,000 subscribers from 85,000 to be more in line with recent company guidance,' Bensche wrote.
``Our ending subscribers estimate for 2000 falls correspondingly from 335,000 to 300,000.'
-- Shares of Dulles, Va.-based Orbital Wednesday afternoon were down 2-9/16 to 20-9/16, near the company's 52-week low of 19-1/4. The
company's 52-week high was 45-5/16.
IMO, even the bad news doesn't warrant this much of a decline. It just indicates, if true, that payday is being delayed.
fred |
