Cubic Posts Q2 Loss; Cuts FY15 Earnings Outlook

(RTTNews) - Cubic Corp. (CUB) reported a net loss for the second quarter of $11.0 million or $0.41 per share, compared to net income of $16.1 million or $0.60 per share for the year-ago quarter.

THe latest results include the impact of a non-cash valuation allowance on deferred tax assets of $29.3 million or $1.09 per share

Net sales for the second quarter fell to $338.83 million from $354.49 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.58 per share on revenue of $355.56 million for the second quarter. Analysts' estimates typically exclude special items.

The company maintained its fiscal year 2015 revenue outlook, but lowered its fiscal 2015 earnings outlook to a range of $1.10 to $1.30 per share. In November 2014, the company said it expected earnings of $2.60 to $2.85 per share and revenues of $1.43 billion to $1.47 billion for the fiscal year 2015.

Analysts currently expect the company to earn $2.63 per share on revenue of $1.43 billion for the fiscal year 2015.