Audio technology company Turtle Beach Corp. on Feb. 7 revised its full-year fiscal 2017 guidance as it reported preliminary results for both the fourth quarter and year.
The California-based company now expects net loss for full year 2017 to be 7 cents per diluted share, compared to a net loss of $1.79 per diluted share in 2016. The previous net loss guidance was for a range of 6 cents to 10 cents per diluted share.
It also forecast that net income for the fourth quarter ending Dec. 31, 2017, will come in at 29 cents per diluted share, falling within the previous guidance range of 25 cents to 29 cents per diluted share and up from 25 cents per diluted share in the year-ago period.
In addition, Turtle Beach expects full year 2017 sales to total approximately $149 million, down from $174 million in 2016, while also anticipating fourth-quarter sales of approximately $79.5 million compared to $82.2 million in the prior year. The company is attributing the decline to expected channel inventory reductions and under-ordering by several retailers in December 2017.
Turtle Beach expects to release its final audited fourth-quarter and full-year 2017 results in mid-March.
