Plantronics Q4 Loss Widens, Outlook Weak; Shares Down 9%

(RTTNews) - Shares of Plantronics, Inc. (PLT) tanked nearly 9% on Wednesday's extended session after the company' fourth-quarter loss widened and issued a weak outlook for the current quarter.

Santa Cruz, California-based Plantronics' fourth-quarter net loss widened to $662.8 million or $16.56 per share from $21.6 million or $0.55 per share last year.

For the fourth quarter, the company recorded a non-cash impairment charge of $180 million relating to its intangible assets and property, plant, and equipment related to long-lived assets in the voice asset group, as well as a non-cash impairment charge of $468 million to its goodwill related to an overall decline in the company's earnings and a sustained decrease in its share price.

Adjusted earnings for the quarter declined to $0.30 per share from $1.44 per share last year.

Revenues for the quarter dropped to $403.0 million from $468.5 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.09 per share on revenues of $386.91 million for the quarter.

Looking forward to the first quarter, the company expects adjusted net income to be between a loss of $0.18 per share to an earnings of $0.22 per share and revenues of $335 million to $370 million.

Analysts currently estimate earnings of $0.25 per share and revenues of $383.52 million.

PLT closed Wednesday's trading at $14.61, up $0.61 or 4.36%, on the NYSE. The stock, however, slipped $1.27 or 8.69%, in the after-hours.