, the Cleveland-based supplier of technology-based performance materials for manufacturers, said it expects first-quarter earnings from continuing operations of 12 cents a share to 16 cents a share, including benefit plan curtailment charge, stock-based compensation expenses and financial audit expenses, on revenue of $500 million to $510 million. Analysts polled by Thomson First Call are expecting earnings of 25 cents a share in the first quarter.
The company also reported that it lost $1.1 million, or 3 cents a share in the fourth quarter of 2005, on revenue of $457.5 million. In the fourth quarter, the company swung to a loss of $0.9 million from continuing operations compared with the income from continuing operations of $0.5 million, a year ago. Analysts were expecting earnings of $10.6 million, or 21 cents a share, on revenue of $461.1 million in the fourth quarter.
"We are beginning to see the benefits from the restructuring and productivity improvements we've put in place over the past several quarters. We expect to report a strong 2006 first quarter with substantial growth in sales and earnings, and we expect that momentum to carry through to the second quarter,'' the company said.
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