ATC Technology reports dip in 1st-quarter profit, 8 percent drop in revenue, beats estimates

ATC Technology posts 1.4 pct drop in 1Q profit

DOWNERS GROVE, Ill. — ATC Technology Corp., which remakes parts for automotive companies and fulfills orders for technology firms, on Tuesday posted a slightly lower first-quarter profit that still beat Wall Street forecasts.

The company earned $7.1 million, or 35 cents per share. That was down 1.4 percent from $7.2 million, or 36 cents per share, in the same period a year earlier.

Revenue slid nearly 8 percent to $104.5 million from $113.5 million. The company said the decline was primarily driven by a slowdown in business processing returns from AT&T.

The results exceeded the estimates of analysts polled by Thomson Reuters. They were expecting, on average, earnings of 30 cents per share on revenue of $104.35 million.

Before the release of the quarterly earnings report, ATC’s shares fell 81 cents, or 4.1 percent, to close at $18.90.