Crown Cork Seal
said it expects to report a loss for 2001, and also said its first-quarter loss will be bigger than analysts were expecting.
The container manufacturer said it would lose 50 cents a share for the year. Analysts surveyed by
First Call/Thomson Financial
were expecting the company to earn 87 cents a share.
For the first quarter, Crown Cork Seal expects a loss of 40 cents, far wider than the 5-cent-a-share loss anticipated by analysts.
Company executives blamed the shortfall on price wars and glutted inventories.
The company, which is based in Philadelphia, also announced a refinancing of a $2.5 billion revolving credit loan that opened up an additional $400 million in financing.
led the refinancing.
Shares of Crown Cork Seal fell $1.44, or 21.8%, to $5.18 in recent
New York Stock Exchange Trading