Well - a jump one day - does not mean good news for the next day - Wilson Greatbatch slices 2004 outlook on lower orders (10:09 AM ET) NEW YORK (CBS.MW) -- Shares of Wilson Greatbatch Technologies(GB)sank more than 25 percent to $16 after the Clarence, N.Y., maker of medical device components cut its forecast for the year and posted earnings $4.7 million, or 22 cents per share, on sales of $52.9 million for the second quarter. The latest results include a pre-tax charge of $2.8 million related to severance and patient acquisition costs. In the same period a year earlier, Wilson reported a profit of $5 million, or 23 cents per share, on sales of $55.8 million. The company lowered its outlook to reflect a major customer's decision to further reduce orders for the balance of the year. It now sees earnings of 51 to 58 cents per share on sales of between $195 million and $205 million in 2004, down from a prior projection of $220 million to $230 million. Wilson said it reduced its workforce by 7 percent in June in response to the lower sales view. The average estimate of analysts polled by Thomson First Call was for a profit of 22 cents per share in the June period and $1.05 per share for the full year. The news prompted downgrades from Morgan Stanley and Banc of America.
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