Material Sciences Corp. posts Q4 results below sole analyst estimate
Material Sciences Corp. (NYSE: MSC), provider of material-based products for acoustical and coated applications, today reported third-quarter earnings for fiscal 2008 below the estimate of the sole analyst on Wall Street.
For the three months ended Nov. 30, 2007, the Elk Grove Village, Ill.-based firm recorded net income of $0.7 million, or $0.05 per share, below the $0.07 an analyst polled by Thomson was forecasting. This compares with a net loss of $0.2 million, or $0.01 per share, in the third quarter of fiscal 2007.
Net sales for the third quarter of fiscal 2008 increased 7.3% to $65.1 million from $60.7 million in the third quarter of fiscal 2007. An analyst polled by Thomson was projecting revenues of $58.40 million.
The company’s CEO, Clifford D. Nastas, noted that the firm continues to suffer from ongoing weakness in the North American automotive industry and housing market, and anticipates that softness in these segments will persist at least through the 2008 calendar year.
Shares of Material Sciences (MSC) were halted in pre-market trading.
