Sun Microsystems expects fiscal 4th-quarter results below Wall Street estimates
By APTuesday, July 14, 2009
Sun Micro expects 4Q results below estimates
SANTA CLARA, Calif. — Sun Microsystems Inc. said Tuesday it expects fiscal fourth-quarter results below Wall Street estimates.
The server and software maker, which is being bought by Oracle Corp. in a $7.4 billion deal, predicted a loss of 24 cents to 34 cents per share in the quarter ended June 30. Excluding one-time items, Sun expects a loss of 6 cents to 16 cents per share.
Santa Clara, Calif.-based company expects sales between $2.58 billion and $2.68 billion, down from $3.78 billion a year ago.
Analysts polled by Thomson Reuters, who typically exclude special items from their estimates, forecast a loss of a penny per share on sales of $3.03 billion.
In a statement, Oracle said it has reviewed Sun’s preliminary results and reaffirmed that it expects Sun to add at least 15 cents per share to its adjusted earnings in the first year after its acquisition closes. It expects Sun to contribute more than $1.5 billion to adjusted profit over the first year and more than $2 billion the next.
