Shares of Taser International get positive jolt from 3 orders to Brazil, Philadelphia, Chicago
By APWednesday, January 6, 2010
Taser shares shoot 15 percent higher on orders
SCOTTSDALE, Ariz. — Shares of Taser International Inc. got a jolt Wednesday after the maker of stun guns said three major orders would push revenue above expectations for the fourth quarter.
Shares shot up nearly 16 percent, or 74 cents, to $5.44 in midday trading on Wednesday.
The company said it had received and shipped three large orders in December, including 2,250 units to the Brazilian Ministry of Justice, 1,000 units to the Philadelphia police department, and 386 units to the Chicago police.
The orders for stun guns were expected to help fourth quarter revenue to rise to about $32 million, Taser said. That was above the $29 million expected, on average, by analysts surveyed by Thomson Reuters.
The company also said annual revenue would be about $102 million, above the $98 million average forecast by analysts.
The company’s revenue forecasts include about $3.5 million in deferred revenue in the third quarter related to the Taser X3 trade-in program.
