Aviat Shares Plunge After Cut 2Q Sales Guidance

Shares of Aviat Networks Inc. tumbled Tuesday after the provider of networking products cut its revenue guidance.

Aviat cut its sales expectations to $83 million-$87 million for the fiscal second quarter. It had predicted $100 million-$107 million for the period that ended on Dec. 27.

It cited the effect of deferred revenue from a new agreement with a key customer, which it didn’t name.

Aviat said it expected an effect on earnings per share, too, but was unable to quantify it.

Aviat will report its second-quarter results on Jan. 30.

The company also said it is planning to cut expenses from areas including its supply chain and back office. It expects to save about $12 million-$14 million a year beginning in fiscal 2015.

Shares fell 35 cents, or 16 percent, to close at $1.88 on Tuesday. The stock has lost 47 percent over the past 12 months.