Brush Engineered Trims 1Q Revenue Outlook

MAYFIELD HEIGHTS, Ohio (AP) — Metal supplier Brush Engineered Materials Inc. lowered its first-quarter revenue outlook Tuesday citing ongoing economic conditions.

It is now forecasting first-quarter revenue of between $127 million and $137 million, down from a previous outlook of between $145 million and $165 million.

The quarter's results will also be impacted by an inventory charge and expenses related to the company's cost-cutting efforts.

Brush Engineered anticipates earning up to 40 cents per share for the full year assuming an economic recovery.

It warned that demand, changes in metal prices, inventory levels, and other factors could have a significant effect on results.

To date, the company has reduced its global work force by 15 percent, cut the board's annual retainer fees by 10 percent, reduced work hours and suspended the company's 401(k) match.

Shares of Brush Engineered added 47 cents, or 3.5 percent, to close at $13.87 in regular-session trading. In after-hours dealings, they fell $1.01, or 7.3 percent, to $12.86.