Battery Component Maker Lowers Outlook (PPO)

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.

Paul Ausick