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PLANO, Texas - Shares of Perot Systems Corp. tumbled Tuesday after the information technology services provider gave a disappointing guidance for the fourth quarter.
| PER | 13.73 |  -0.13 |
The company's third-quarter results, however, met Wall Street's expectations.
For the three months ended Sept. 30, the company earned $30 million, or 25 cents per share, up 20 percent from $25 million, or 20 cents per share, in the same period a year earlier.
Revenue rose 9 percent to $711 million from $655 million.
Analysts, on average, were expecting a profit of 25 cents per share on sales of $711.3 million, according to a poll by Thomson Reuters.
Perot forecast fourth-quarter earnings of 23 cents to 25 cents per share on sales of $680 million to $695 million.
Recent contract extensions and the effects of "normal seasonality" are expected to reduce revenue by $25 million. This reduction is included in the company's sales forecast.
Analysts are predicting a profit of 26 cents per share on sales of $731.1 million.
Perot's shares lost $1.13, or 7.9 percent, to $13.25 in late morning trading. In the past 52 weeks, the stock has traded between $11.10 and $18.82.
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