China Security & Surveillance shares drop

China Security & Surveillance shares drop as 3Q results fall short of Street expectations

• On 5:13 pm EDT, Wednesday October 28, 2009

NEW YORK (AP) -- Shares of China Security & Surveillance Technology Inc. tumbled Wednesday as the company's third-quarter profit and sales missed Wall Street forecasts by a wide margin.

The company, which provides surveillance software and hardware, more than doubled its profit to $22 million, or 41 cents per share, compared with $9.1 million, or 20 cents per share, in the same quarter a year ago.

Sales climbed 34 percent to $159.8 million from $119.3 million.

But analysts polled by Thomson Reuters had predicted 58 cents per share on sales of $177.5 million.

Shares dropped 78 cents, or 13 percent, to $5.33 in afternoon trading.

The company reiterated its outlook for the full year. It expects earnings of 95 cents to 98 cents per share on sales of $600 million to $630 million.