Shares of Blount International Inc. (BLT) have slid more than 8% after second-quarter results came in short of expectations.
The company announced adjusted earnings of 7 cents per share, missing the Zacks Consensus Estimate by 41.7%.
Sales plunged 26.5% to $114 million as volumes slumped amid weak market conditions.
Meanwhile, the company now expects revenue to range between $470 million and $490 million, compared to the earlier prediction of $510 million to $560 million.
Blount also lowered its operating income guidance to between $55 million and $60 million, against the prior outlook of $65 million to $75 million.
The Zacks Consensus Estimate for full-year earnings has moved down by 6 cents, or 11.5%, over the past week to 46 cents per share.
Volume for this Zacks #3 Rank (“Hold”) stock is approximately 125,000, compared to the average daily volume of about 203,000.
“BLT” Free Stock Analysis: Buy? Sell? Hold?
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