Casa Systems rallies after co hikes revenue forecast, announces CFO transition

Casa Systems

24/01/2020 14:15

** Casa Systems Inc  CASA.O  shares up 17.9% to $4.28 premarket
after co hikes 2019 rev forecast and says CFO to depart
    ** CASA on track for biggest one-day % advance ever, if
gains hold
    ** Cable broadband vendor raises 2019 GAAP rev guidance
range to $275-$280 mln from $255-$270 mln  urn:newsml:reuters.com:*:nGNX5Ktn8n
    ** Says also expects to meet or exceed FY 2019 guidance for
gross margin, adj EBITDA, and GAAP and non-GAAP EPS previously
provided in earnings release for qtr ended Sept 30
    ** Casa also announces CFO Maurizio Nicolelli has resigned
to pursue opportunity outside of the industry
    ** Says departure of Nicolelli, who will stay with co until
Jan 31 to assist in orderly transition, not based on any
disagreement with co's accounting principles, practices or
financial statement disclosures
    ** On Nov 1, Casa's shares tumbled 36% to then record low
after disappointing Q3 report, full-year profit and rev warning
 urn:newsml:reuters.com:*:nL2N27H0X3
    ** CASA shares have fallen ~69% over past one year
    ** Avg rating among 7 brokerages covering stock is "hold";
median PT is $6, down from $8 on Oct 24
   

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))