Meade Expects to Meet or Beat Earnings Estimates
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IRVINE — A healthy economy and strong Christmas season sales are keeping Meade Instruments Corp. on track to meet or slightly exceed Wall Street’s earnings expectations for its fiscal third quarter, Chairman and Chief Executive John Diebel said Tuesday.
The Irvine-based telescope manufacturer expects to report earnings of about $2.5 million, or 36 to 37 cents a share, for the three months ended Nov. 30, which would be in line with analysts’ estimates of 36 cents.
In the year-earlier quarter, the company earned $2.5 million, or 48 cents a share, on a much smaller number of shares outstanding.
Meade, which went public in April, expects revenue to increase 20% to as much as $24 million from $19.8 million a year ago.
“Christmas sales are very strong,” Diebel said. “We’re certainly riding the rising tide in this economy.”
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