Shares of Nautilus Inc. plummeted nearly 24 percent Tuesday, after the maker of exercise equipment reported fourth-quarter results in line with guidance that was lowered dramatically last month, but provided a downbeat outlook.
The $6.10 share price was near the company’s 5 1/2 -year low and represented a 23.75 percent decrease from Monday’s closing price of $8 on the New York Stock Exchange.
While company executives outlined a plan toward profitability during a Monday afternoon conference call, CEO Bruce Cazenave also tempered expectations.
“2018 was a challenging year and we expect 2019 to be equally challenging with stepped-up competition, marketing retooling in the works and high retail channel inventories that need to be drawn down. Although we remain confident in the fundamentals of the business and that our strategic priorities are the right ones,” Cazenave said.
Cazenave also declined to provide guidance for 2019, saying Nautilus would instead “be providing updates on the progress of our major initiatives as the year progresses.”
