NEW YORK (Thomson Financial) - Shares of Zoltek Companies Inc. plunged in
premarket trading on Tuesday after the company reported first-quarter results
that missed expectations.
On Monday after the bell, the St. Louis-based manufacturer of carbon fibers
reported income from continuing operations of $4.7 million, or 14 cents a share,
which excludes a loss of 6 cents a share from a convertible debt charge.
Adjusted for the charge, income from continuing operations was $2.6 million,
or 8 cents a share.
The mean estimate of analysts polled by Thomson Financial was 24 cents a
share.
Sales were $40.1 million, below the $44.6 million analyst estimate. The
company said its volume was "constrained" by customer plant shutdowns in Europe
over the holiday season, as well as inventory adjustments.
In the year-ago period, the company posted a loss from continuing operations
of $5.6 million, or 22 cents a share, on sales of $30.3 million.
Shares of Zoltek closed Monday at $32.63, but fell 19% to $26.50 early
Tuesday on volume of 156,460 shares.
Ryan Vlastelica
rv/pc
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