Palm Harbor Homes dips after missing Q1 sales expectation
Palm Harbor Homes, Inc. (Nasdaq:PHHM) is down in midday trading after the maker of factory-built homes reported late Tuesday that its first-quarter sales dipped to $130 million, which fell shy of Wall Street’s expectation of $131.6 million. During the year-earlier period, the Addison, Tex.-based firm’s sales totaled $143.3 million.
Palm Harbor’s quarterly profit fell to $1.6 million, or $0.07 per share, compared with a loss of $4.3 million, or $0.19 per share, a year ago. Wall Street analysts, on average, anticipated a loss of $0.08 per share.
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