Rubicon Technology Inc , which makes sapphire substrates for the light-emitting diode (LED) market, lowered its second-quarter earnings outlook citing higher tax rates.
In its second quarter, Rubicon, expects to earn 53-55 cents a share, down from its previous outlook of 82-86 cents a share, as the company begins accruing federal income tax this quarter.
However, the company said it expects second-quarter revenue to be at the high end of its forecast of $40-$43 million range.
Analysts, on average, are expecting the company to post earnings of 74 cents a share, excluding items, on sales of $43 million, according to Thomson Reuters I/B/E/S.
The company, whose rivals include Cree Inc and Veeco Instruments Inc , posted first-quarter results last month which blew past analysts' estimates and its revenue more than doubled to $38 million.
Franklin Park, Illinois-based Rubicon's shares closed at $18.80 on Wednesday on Nasdaq. (Reporting by Aditi Sharma in Bangalore; Editing by Sriraj Kalluvila)
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