American Commercial Lines lowers earnings projection
The inland barge operator and builder American Commercial Lines Inc. said it was lowering its earnings guidance for 2007 to $1.45-$1.65 per share from $1.75-$1.95 per share.
The company said the lowered guidance is driven primarily by the further weakness in the spot grain markets over first quarter levels and lower than planned productivity levels in the manufacturing segment during the second quarter.
Mark R. Holden, the company’s chief executive officer, said the development reaffirms the company’s announced plan to shift “more of our commodity mix away from volatile and seasonal spot grain commodities toward more ratable, predictable commodities, including liquids and coal.”
American Commercial Lines also said its board had approved a stock repurchase program of up to $200 million.
American Commercial Lines lowers earnings projection
