A. Schulman Plunges on Q3 Results (SHLM)
A. Shulman (NASDAQ: SHLM) released its fiscal third-quarter earnings results on Monday after the closing bell.
The company reported both earnings per share and revenue that came in significantly below Wall Street analysts' consensus estimates. In after hours trading, the stock was last down almost 16 percent to $23.50.
The company reported net income of $5.2 million or $0.18 per share, compared to $17.0 million or $0.57 per share, in last year's corresponding period.
On an adjusted basis, net income was $14.8 million or $0.50 per share, versus $20.7 million or $0.70 per share, in last year's corresponding period. This came up well short of Wall Street analysts' consensus EPS estimates of $0.65.
Revenue in the quarter was down 2.6 percent to $548.59 million from $563.07 million last year. This also missed Wall Street consensus sales estimates of $576.10 million.
The company lowered its full-year adjusted earnings guidance to a range of $1.70 to $1.80 per share compared to previous guidance calling for EPS of $2.08 to $2.13 per share. Currently, analysts expect the company to report EPS of $2.01 for fiscal 2013.
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