inTest Corporation (AMEX:INTT) shares fell 10.2% in premarket trading on Tuesday to $13.50 after the company issued a preliminary business update for the third quarter of 2026.
The company expects third-quarter orders of between $48 million and $50 million, which would represent a record level and an increase of approximately 28% to 33% from the prior-year period.
inTest said the expected order performance was supported by record back-end semiconductor orders. The company estimates its book-to-bill ratio will exceed 1.3 times, while quarter-end backlog is projected at between $58 million and $60 million.
Revenue Expected at High End of Existing Guidance
Third-quarter revenue is expected to be at the high end of inTest’s previously issued guidance range of $33 million to $35 million.
The preliminary update did not provide new information on the company’s gross margin. In the second quarter of 2026, gross margin was approximately 500 basis points below the company’s guidance, according to the supplied material.
The company is scheduled to report its full third-quarter results on November 6, 2026.
Shares Had Risen Ahead of Update
inTest shares had previously risen from a 52-week low of $7.07 towards a 52-week high of $20 before the preliminary update.
The supplied material attributes Tuesday’s premarket decline to factors including expectations ahead of the announcement, profit-taking and continued attention to margins. However, these explanations represent market interpretations and do not establish the reasons individual investors bought or sold the shares.
Broader U.S. equity markets were higher during the period covered by the supplied material, with the S&P 500 up 0.3%, the Dow Jones gaining 0.4% and the Nasdaq advancing 0.4%.
The company’s preliminary figures remain subject to its full third-quarter financial report.