Resources Connection slides by 11% despite higher Q1 sales, profits
Shares of Resources Connection Inc. (Nasdaq:RECN) dipped by nearly 11% this morning despite the company posting higher fiscal first-quarter earnings and revenue.
The Irvine, Calif.-based professional services firm announced just after the market closed on Thursday that it earned $12.5 million, or $0.27 per share, on revenue of $207.3 million for the three months ended Aug. 30 compared with earnings of $11.6 million, or $0.23 per share, on revenue of $194.1 million in the prior year.
Analysts on average were expecting earnings of $0.25 a share, before special items, on revenue of $210.9 million, according to Reuters Estimates.
By mid-morning, Resources Connection is at $17.98, down $2.14 from Thursday’s close. The stock has ranged between $15.39 and $25.28 in the past year.
For detailed price information and news stories on Resources Connection, click RECN.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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