Titan to Miss Forecasts; Will Sell Parts of Unit
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Titan Corp. said profit will miss forecasts for the second quarter as it announced plans to shut parts of its telecommunications business.
The San Diego-based military contractor said it will sell or close the international telecommunications business of its Titan Wireless unit to limit exposure to weak demand for voice, data and Internet services, as well as increasing price competition. The move will affect 50 employees and result in expenses of as much as $200 million for the third quarter.
The company said it expects to report second-quarter earnings of 9 cents a share, compared with analysts’ average estimate of 13 cents.
Titan shares fell 57 cents to $10.79 on the NYSE before the news was announced.
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