Orion Energy Systems slips as supply chain disruptions cloud revenue outlook

Orion Energy Systems

19/01/2022 12:03

** Lighting platforms maker's shares  OESX.O  fall 13.3% to
$3.46 premarket 
    ** Stock set for worst day since mid-March 2020 and on pace
for its fourth straight day of decline
    ** Co expects Q3'22 revenue of ~$30.5 mln, which is short of
Refinitiv estimates of $40.52 mln 
    ** OESX also cuts its FY 2022 revenue outlook to ~$130 mln
from an earlier forecast of at least $150 mln, also lower than
Street expectations
    ** Specific project delays drove co's FY 2022 revenue
outlook cut including a major automotive customer that postponed
~$7 mln in expected project activity due to component shortages,
while a major online retailer temporarily halted new facility
construction projects due to raw material shortages and delays,
impacting roughly $5 mln  urn:newsml:reuters.com:*:nGNX2Kywhc 
    ** Co to provide Q3 results on Feb. 9
    ** Two of four brokerages rate the stock "buy" and 2 "hold";
their median PT is $8.50 - Refinitiv data
    ** As of last close, stock had risen by 10.2% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))