MSC.Software Stock Falls on Profit Outlook
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MSC.Software Corp.’s stock fell nearly 22% Thursday after the Santa Ana company said third-quarter earnings would fall short of Wall Street expectations.
MSC, which makes simulation software, said it expects to post third-quarter revenue of $60 million to $63 million, below analysts’ estimates of $69 million in a survey by Thomson Financial/First Call.
Earnings per share before charges will also be below analysts’ forecasts of 20 cents, MSC said.
The shares closed at $9.90, off $2.75, on Nasdaq.
The deteriorating economy, made worse by the Sept. 11 terrorist attacks, “has created an unprecedented business climate where our customers are delaying purchase decisions,” said Frank Perna, MSC chairman and chief executive.
MSC will report third-quarter results Oct. 24 before trading starts.
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