Polypore International Inc. (NYSE: PPO), which makes specialized membranes for lithium-ion batteries, has lowered its outlook for the second half of 2012. The company cited “results through July and August” as the culprits for reducing earnings expectations to at or slightly below results for the first half of the year.
Earnings per share (EPS) for the first half of the year totaled $0.98, and the consensus estimate for the second half called for EPS of $1.11. Full-year EPS had been estimated at $2.07 on revenue of $747.6 million. The company said:
While September sales are improving, the seasonality and weakness experienced in July and August, combined with the recently announced temporary shut-down of a plug-in electric drive vehicle production facility, are expected to result in Adjusted EPS for the third quarter in the low- to mid-30-cent range.
Analysts had expected third-quarter EPS of $0.49. Polypore also said that fourth-quarter EPS would be in the “low-50-cent to low-60-cent range.” Analysts had forecast fourth-quarter EPS of $0.62.
Polypore did say that production for the plug-in electric vehicle customer would resume in September. The company also expects better sales for its lead-acid battery membranes.
Shares are down 11.7% at $31.74 in premarket trading. The stock’s 52-week range is $30.39 to $69.74.