Metals and Mining
Hawk Raises 2010 Guidance On Improving Economy
CLEVELAND (AP) — Hawk Corp., which makes components for brakes, clutches and transmissions, on Wednesday raised its 2010 guidance, citing a better outlook for the construction, mining and heavy truck markets.
The announcement sent shares climbing $2.15, or 10 percent, to $23.52 in morning trading. Shares of Hawk have traded between $12.75 and $25.49 in the last 52 weeks. "The volatility that persisted in the global economy in 2009 is giving way to more certainty that our first-quarter results are sustainable," CEO and Chairman Ronald E. Weinberg said in a statement. "We believe that Hawk is benefiting from the improving global economy." The company said it now expects to report full-year sales of $225 million to $232 million, up from its previous forecast of $200 million to $210 million. It also raised its 2010 guidance for operating income to between $32 million and $35 million. It previously expected $23 million to $25 million.TheStreet Premium Services
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