By Sabela Ojea
Shares of Helios Technologies on Friday dropped a day after the company said it expects a slower start to 2024 after posting lower-than-expected revenue in the third quarter.
At 2:37 p.m. ET, shares were down 17%, at $43.90.
After the market close Thursday, the company posted third-quarter revenue of $201.4 million, down from $207.2 million a year ago. Analysts polled by FactSet had forecast higher revenue of $219.3 million.
Helios Technologies’ topline performance reflected changing demand dynamics “as evolving macroeconomic conditions influenced customer behavior with push out of orders and delivery dates,” the company said.
The company also cut its revenue guidance for 2023 to $820 million to $835 million from a prior outlook between $880 million to $900 million.
It also lowered its net profit outlook to $35 million to $39 million from $65 million to $66 million previously.
Write to Sabela Ojea at [email protected]
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