Blount International Inc. (BLT), a manufacturer of outdoor products, Wednesday, posted lower second-quarter profit, citing lower production and sales volumes as well as higher restructuring costs. The company also revised down its full-year sales guidance due to continuing weakness in international markets.
Net income decreased to $4.23 million, or $0.09 per share, from $10.1 million, or $0.21 per share, in the prior-year quarter.
Restructuring costs resulted in a $0.02 per share reduction to second-quarter net income. Results also reflected a $0.03 per share gain on the sale of property related to the relocation of European headquarters and warehouse, the company said.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share. Analysts' estimates typically exclude special items.
Second-quarter sales decreased to $114.00 million from $155.05 million in the comparable period. The decrease was volume-driven and reflected continued weak market conditions caused by the worldwide recession. On average, three analysts had consensus revenue estimate of $126.87 million for the quarter.
Outdoor Products segment sales decreased 24.8% to $110.13 million from $146.36 million in 2008, while increase in selling price partially offset the decline. Other sales were down to $3.87 million from $8.69 million in 2008.
International markets segment sales were down 30.9% from last year, reflecting a broad sales downturn outside the U.S. Sales to original equipment manufacturers were down 25.7% and sales to the replacement markets were down 24.5% from last year's second quarter.
For the six months ended June 30, net income declined to $5.19 million, or $0.11 per share, from $16.93 million, or $0.35 per share, in the same period in 2008. Six-month sales decreased to $230.52 million from $288.26 million in the first half 2008.
Looking ahead, the company revised down its sales guidance for full-year 2009 to a range of $470 million - $490 million from the previous range of $510 million - $560 million, due to the ongoing weakness in several international markets. Analysts estimate full-year 2009 revenues of $521.69 million.
Operating income for full-year 2009 is expected to range between $55 million and $60 million, inclusive of between $7 million and $8 million of full-year restructuring costs and the gain on sale of property.
Tuesday, BLT closed regular trading session at $9.73 on the NYSE.
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