missed Wall Street's second-quarter expectations by a wide margin, citing rising energy costs, a slowdown in the auto industry and competition from imports as factors in its inability to meet the consensus forecast.
For the second quarter ended Dec. 31, the specialty metals company reported earnings of 57 cents a share, up from 55 cents in the same quarter a year ago, but below analysts' lowered estimates of 66 cents, according to
First Call/Thomson Financial
The company, which is based in Wyomissing, Pa., posted sales of $289 million for the quarter, up 14% from $254 million a year ago. Net income, including nonrecurring items, rose to $13.3 million from $12.7 million last year.
Carpenter also said it expects third-quarter earnings to rise about 10% from the 52 cents recorded last year, while the company projected earnings of $2.40 to $2.60 a share for the full year. Both estimates would fall well below analysts' forecasts of 80 cents for the third quarter and $2.89 for the year.
Shares of Carpenter lost $1.13, or 3.5%, to $31.25 in recent
New York Stock Exchange