Friday, Blount International Inc. (BLT), an outdoor products manufacturer reported a decline in first quarter profit, hurt by higher costs and lower sales. The company also backed its revenue guidance for the full year 2009.
The Portland, Oregon-based company reported first-quarter net income of $0.95 million or $0.02 per share, compared to net income of $6.84 million or $0.14 per share in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
The decrease in net income resulted from lower year-over-year sales volumes, higher steel costs and higher restructuring costs. The restructuring costs resulted in a $2.8 million or $0.06 per share reduction to net income.
Sales for the first quarter were $116.5 million, down 12.5% from $133.2 million in the comparable quarter last year. The company said the decrease in sales reflects the continued effect of weak market conditions caused by the worldwide recession. Analysts expected the company to report revenue of $121.17 million for the quarter.
Operating income declined to $7.6 million from $16.7 million in the year ago quarter. Operating income for the quarter included a charge of $5.0 million related to the previously announced closure of the Milan, Tennessee facility and other employee headcount reductions. Excluding charges, operating income declined by approximately 28% from the previous year quarter.
Looking ahead to the fiscal year 2009, the company backed its previously announced sales guidance range of $510 million - $560 million. Analysts currently anticipate the company to report revenue of $534.75 million for the full year. Operating income is also expected to be near the lower end of our range $65 million - $75 million.
BLT is currently trading at $6.35, down $0.05 or 0.78% on a volume of 0.46 million shares on the NYSE.
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