ElkCorp Revises Outlook for its Fiscal Third Quarter
2006年3月28日 - 6:59AM
ビジネスワイヤ(英語)
ElkCorp, (NYSE:ELK), announced a revised earnings outlook for its
third fiscal quarter of 2006. The company now expects earnings per
diluted share to be in the range of $0.40 to $0.43 compared to the
$0.50 to $0.53 per diluted share guidance given in ElkCorp's second
quarter earnings release dated January 19, 2006. The company is
maintaining its guidance for fiscal 2006 but anticipates results
will now be at the lower end of its previously announced range of
$2.25 to $2.40 per diluted share. Elk plans to further discuss its
outlook for the fourth fiscal quarter as well as fiscal year 2006
when it reports its third quarter results following the close of
the market on April 25. The reduced earnings per diluted share
estimate for the third quarter is primarily attributed to slower
than anticipated ramp-up of sales into the Florida storm areas,
higher asphalt and transportation costs and lower than expected
decking shipments in the composites business. These factors were
partially offset by record shingle shipments. Product expected to
go into Florida was shipped to the lower margin Gulf Coast storm
areas which were impacted by Hurricanes Rita and Katrina.
Transportation and asphalt costs have also continued to increase
beyond the company's previous expectation of leveling off in the
quarter. "We continue to see strong shingle demand in the majority
of the country, however, due to the slower than anticipated ramp in
the demand from Hurricane Wilma we did not ship as much product as
anticipated into the Florida market," said Thomas Karol, chairman
and chief executive officer of ElkCorp. "We believe that there is
still substantial demand in these areas, but due to the longer lead
times for insurance claims settlement, this demand is at a much
slower pace than after previous storms. Additionally, asphalt
prices and transportation costs are higher than we had originally
anticipated for the quarter. We have announced a 7% to 9% price
increase effective April 3rd that should help us to offset these
costs." Mr. Karol continued, "In our composites business, we did
not see the volumes in January and February that we had
anticipated, which was largely due to slower than anticipated
inventory build at the dealer level. We believe that dealers are
somewhat reluctant to place large initial seasonal orders due to
the general industry overstocking experienced in the last season.
We feel confident that as the season progresses, dealers will begin
to carry heavier inventory loads. We are also launching programs
that will help educate and promote contractors to use our product,
which we believe will assist us in building confidence and brand
recognition in the market going forward." "We are obviously never
pleased when we do not meet our quarterly earnings outlook but the
long-term outlook for the company remains positive. Demand for our
roofing products remains strong. We have composite decking and
railing products that we believe are among the best in the market
and we expect that as decking volumes begin to pick up we will be
able to attain more positive results on a consistent basis. Our
specialty fabric technologies business also continues to grow and
develop innovative high-margin products that will assist with
continued growth going forward." The company will release its
fiscal third quarter results on Tuesday, April 25, following the
close of the market. ElkCorp will also host a conference call on
April 26, 2006, at 11:00 a.m. EDT to further discuss its earnings
and operations for the third quarter as well as expectations for
its fourth quarter and fiscal year end. Investors and other
interested parties may participate in the live audio webcast by
visiting the investor relations section of the ElkCorp Web site at
www.elkcorp.com. About ElkCorp ElkCorp, through its subsidiaries,
manufactures Elk brand premium roofing and building products (90%
of consolidated revenue) and provides technologically advanced
products and services to other industries. Its common stock is
listed on the New York Stock Exchange (NYSE:ELK). See
www.elkcorp.com for more information. Safe Harbor Provisions In
accordance with the safe harbor provisions of the securities law
regarding forward-looking statements, in addition to the historical
information contained herein, the above discussion contains
forward-looking statements that involve risks and uncertainties.
The statements that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements usually are accompanied by
words such as "optimistic," "vision," "outlook," "believe,"
"estimate," "potential," "forecast," "goal," "project," "expect,"
"anticipate," "plan," "predict," "could," "should," "may,"
"likely," or similar words that convey the uncertainty of future
events or outcomes and include the earnings outlook for the third
quarter and fiscal year 2006. These statements are based on
judgments the company believes are reasonable; however, ElkCorp's
actual results could differ materially from those discussed here.
Factors that could cause or contribute to such differences could
include, but are not limited to, changes in demand, prices, raw
material costs, transportation costs, changes in economic
conditions of the various markets the company serves, failure to
achieve expected efficiencies in new operations, changes in the
amount and severity of inclement weather, acts of God, war or
terrorism, as well as the other risks detailed herein, and in the
company's reports filed with the Securities and Exchange
Commission, including but not limited to, its Form 10-K for the
fiscal year ending June 30, 2005. ElkCorp undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
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