Turtle Beach jumps after upbeat forecast, merger deal

Turtle Beach

14/03/2024 11:33

** Shares of gaming accessories maker Turtle Beach  HEAR.O 
surge 23.66% to $13.64 premarket 
    ** HEAR forecasts strong full-year revenue, announces a $118
mln cash and stock deal to buy Performance Designed Products
    ** If gains hold, Turtle Beach stock to hit a 19-month high
at open
    ** Privately held PDP designs and distributes aftermarket
video game accessories, including controllers, headsets, power
cases, among others
    ** HEAR sees 2024 revenue in the range of $370 mln to $380
mln, versus LSEG estimates of $295 mln
    ** In the first full four quarters of operation (Q2 2024
through Q1 2025), the combined company expects total net sales
to be in the range of $390 mln - $410 mln
    ** HEAR also announces a $30 mln share buyback plan
    ** Appoints Cris Keirn as CEO
    ** Brokerage Wedbush lifts PT to $19 from $14 after the
results
    ** Up to last close, stock up 0.7% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))