Water Pik Technologies Inc. said Monday it expects first-quarter earnings to be below analysts' projected range of 3 cents to 7 cents a share because of lower-than-expected sales in its pool products and heating systems segment.
The average quarterly earnings estimate for the Newport Beach maker of personal health care and pool and water-heating products was 5 cents a share, according to a First Call/Thomson Financial survey of three analysts.
The company previously expected low- to mid-single digit sales growth for the first half with sales accelerating significantly in the second half as new products would help lead to low-double-digit sales growth for the full year.
But based on sales in the first two months, the company said it now expects that sales in the first half of the year will not exceed the same period last year and may not achieve low double-digit sales growth for the year.
For last year's first quarter, Water Pik earned $541,000, or 6 cents a share, on sales of $65.2 million.
The company released its revised outlook after the market closed. Water Pik stock had gained 25 cents to close at $8.30 a share on the New York Stock Exchange.