Acerinox Drops 4.5% on Profit Warning, Delayed Dividends
The company fell 3.4 percent, the largest slide since Nov. 30. The Madrid-based manufacturer said fourth-quarter earnings would be similar to those in the third quarter, when it reported a 31.5 million-euro ($42 million) loss, in a filing today that blamed “worse-than-expected” market conditions.
Acerinox responded to the weak outlook for steelmakers by delaying dividends planned for January and April until the July payment. Bloomberg analysts forecast the gross payment in July will be 35 euro cents, the same as last year’s total dividends.
The company closed down 31 cents at 8.62 euros, trading 3.2 times its average daily volume over the past three months.
Earnings per share this year are forecast to decline to 10 cents from 30 cents in 2011, according to the average of 14 estimates compiled by Bloomberg.
To contact the editor responsible for this story: Timothy Coulter at email@example.com.