CORRECTED - CORRECTED-UPDATE 1-Headwaters posts Q2 loss; cuts ‘08 outlook; s
April 30th, 2008 | by admin |(Corrects paragraph 7 to say the company expects 2008 earningsof 60 cents to 75 cents a share, not 60 cents to 70 cents) (Recasts, adds details)
April 30 (Reuters) - Headwaters Inc (HW.N: Quote, Profile, Research), which makesbuilding materials, coal combustion products and alternativeenergy, reported a bigger-than-expected loss for the secondquarter, hurt by expiration of some tax credits, poor winterweather and the downturn in residential construction.
The company also slashed its full-year outlook.
For the quarter, the company posted a net loss of $9.2million, or 22 cents a share, compared with a net income of$27.2 million, or 59 cents a share, last year.
Excluding a restructuring charge and foreign currencylosses, net loss for the quarter would have been 11 cents ashare.
Total revenue for the quarter fell more than 37 percent to$172.0 million.
Analysts, on average, were expecting a loss of 3 cents ashare, on revenue of $183.2 million, according to ReutersEstimates.
For the full-year 2008, the company now expects earnings tobe between 60 cents and 75 cents a share. It had earlierforecast 2008 earnings between 95 cents a share and $1.35 ashare.
During the first-quarter conference call, the company’sChief Executive Kirk Benson had said “I think it’s going to bemore difficult to achieve our guidance than what we thought itwould be when we originally issued it.”
Shares of the company were trading down about 17 percent at$11.84 in morning trade on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore; Editing by JarshadKakkrakandy)
