Amcast Forecasts Second Quarter Earnings Below Estimates
7 March 2000
Amcast Forecasts Second Quarter Earnings Below Estimates
DAYTON, Ohio--March 7, 2000--Amcast Industrial Corporation today announced that it expects earnings for the second fiscal quarter ended February 27, 2000, to be significantly below analysts' estimates.A rapid increase in aluminum and copper raw material costs, coupled with volume declines in the company's aluminum wheel and brass products lines, are expected to be major detractors from earnings.
Despite the anticipated earnings shortfall, the company expects results to be profitable in the second quarter. Amcast sales and earnings are expected to be released later this month.
Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name Flow Control Products marketed through national distribution channels, and Engineered Components for original equipment manufacturers. The company serves the automotive, construction, and industrial sectors of the economy.
This release includes "forward-looking statements" which are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors include, among others: general economic conditions less favorable than expected, fluctuating demand in the automotive and housing industries, price pressures in the company's automotive and flow control businesses, effectiveness of production improvement plans, inherent uncertainties in connection with international operations and foreign currency fluctuations, and labor relations at the company and its customers.