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The stock is trading at $22.45 at about 9:20 am Eastern Time, down from Thursday's close of $24.61. This wil take the stock to its lowest level since mid-March.
The company said that it expects fourth quarter revenue to be between $870 million and $885 million.
Earnings per share, prior to the restructuring charge, are expected to be between $0.34 and $0.37 per share. After a restructuring charge of about $50 million after tax, earnings per share are expected to be between $0.01 and $0.04 per share.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.47 per share on revenues of $923.21 million for the fourth quarter. Analysts' estimates typically exclude special items.
The restructuring charge involves right-sizing the Company's operating capacity, severance associated with position eliminations, increased inventory reserves and other related charges.
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