ATC Technology 1Q Profit Drops 1.4 Percent

On Tuesday, ATC Technology, which remakes parts for automotive companies and fulfills orders for technology firms, posted a slightly lower 1Q profit that still beat Wall Street forecasts.

DOWNERS GROVE, Ill. (AP) -- 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.

 

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