Shares of Helios Technologies experienced a decline on Friday following the company’s announcement of lower-than-expected revenue for the third quarter, which has prompted a revised outlook for the start of 2024.
At 2:37 p.m. ET, shares were down 17%, trading at $43.90.
In the latest earnings report released after the market closed on Thursday, Helios Technologies reported third-quarter revenue of $201.4 million, a decrease from $207.2 million in the same period last year. This figure fell short of analysts’ expectations, as they had anticipated revenue to reach $219.3 million, according to FactSet.
Helios Technologies attributed their underwhelming performance to shifting demand patterns influenced by evolving macroeconomic conditions. They explained that these factors led to delays in order placements and delivery schedules.
Furthermore, the company has adjusted its revenue guidance for 2023, revising it to a range of $820 million to $835 million. This is down from their previous outlook of $880 million to $900 million. Moreover, their net profit outlook has been amended to a range of $35 million to $39 million, compared to the previous forecast of $65 million to $66 million.