A. Schulman cuts FY 2007 guidance
A. Schulman, Inc. (Nasdaq: SHLM) after the close cut its guidance for fiscal year 2007 net income to $17 million to $23 million from the original guidance of between $25 million to $30 million.
The stock was trading down $2.46, or 10.27%, to 21.50 in after-hours trading.
The company said guidance was cut on account of continued weakness in both Europe and North America during the fiscal third quarter ended May 31, 2007. The international supplier of high-performance plastic compounds and resins said it expects weakness in these markets to continue into the fourth quarter, which ends Aug. 31, 2007.
