Intevac Declines 16% Premarket

Intevac (IVAC) shares slumped 16% in premarket trading on Tuesday after the maker of sensors for the defense industry posted an adjusted Q1 loss per share of $0.23, compared with adjusted EPS of $0.08 a year earlier and missing the average analyst estimate for an adjusted loss of $0.15 in a Capital IQ poll.

Revenue declined more than 40% to $18.0 million from $30.4 million a year earlier, falling short of the analyst consensus for $19.7 million.

“After three straight years of revenue growth, we now expect a pause in 2018,” Wendell Blonigan, the CEO, said in a statement late on Monday. “Despite this pause, our growth story remains very much intact, and we believe the execution of our growth initiatives in 2018 will drive the resumption of growth in 2019.”

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