Nautilus, Inc., sales in its crucial fourth quarter last year were at least 9 percent lower than the same quarter in 2017, the company said Thursday in an unusual announcement to investors. In response, the after-hours share price plunged 32 percent on the New York Stock Exchange, from a market close of $11.79 to $7.97 early Thursday evening. The Vancouver exercise equipment brand issued a statement about its preliminary fourth quarter financial results about a month before they typically announced. “The results for the fourth quarter of 2018 did not meet our expectations or the guidance we had provided during our October 2018 update,” the statement said. The statement, signed by CEO Bruce Cazenave, also said “significantly stronger sales” were expected in the quarter from its direct-to-consumer segment, driven by the introduction of a new product, the digital platform Max Intelligence. “We expect that as consumers are further exposed to (Max Intelligence),,” the statement says, “this unique product will help to accelerate sales across a number of our products and brands in the future starting in 2019.” Attempts for comment from a Nautilus official about Thursday’s announcement were not successful. The company said sales of $114 million to $116 million are expected for the fourth quarter last year.
Nautilus Shares Plunge 32 Percent In After Hours Trading
Allan Brettman, The Columbian
Thu, 01/17/2019 - 5:53pm
Sections: u.s.
Topics: Washington Clark County Vancouver
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