ACL Lowers Earnings Guidance, Approves a $200m Stock Buyback Program

Tuesday, June 12, 2007
American Commercial Lines Inc. (ACL) announced that it is lowering its earnings guidance for the year ending December 31, 2007 to $1.45 to $1.65 in earnings per share for 2007 versus the current street consensus of $1.84. The Company’s previous guidance for 2007 was $1.75 to $1.95. 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.

Additionally, the company announced that its Board of Directors has approved a stock repurchase program of up to $200 million.

The company also announced that it will conduct a conference call to review and discuss its second quarter financial results on July 26, 2007, at 10:00 a.m. eastern daylight time. ACL is scheduled to release its financial results for the quarter on Wednesday, July 25, 2007 after the close of the financial markets.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

Coast Guard

Update: Spill Response Continues in Miami

U.S. Coast Guard crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami Wednesday, following a leak discovered aboard the 95-foot tug Neptune Tuesday night.

Collision, Grounding and Anchor Draggings in Chesapeake Bay

The U.S. Coast Guard is working with local response agencies and the Virginia and Maryland Pilots Tuesday after receiving a report of a collision between two ships

USCG: Deepwater Horizon Response is Far from Complete

The U.S. Coast Guard federal on-scene coordinator (FOSC) for the Deepwater Horizon Response completed the transition to the “Middle Response” (“Middle

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1039 sec (10 req/sec)