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BULLETIN: Collins & Aikman Corp. Reports Third-Quarter Loss, Expects Reduced Sales Oct 00
Standard & Poors, Oct 2000
Abstract
Corporate Credit Rating: BB-/Stable/-- Collins & Aikman Corp. today announced that third-quarter earnings per share were 3 cents below consensus estimates. In addition, the company expects an 8%-10% revenue fall during the fourth quarter of fiscal 2000 and a slight revenue decline during fiscal 2001. The company's operating performance and sales outlook are within Standard & Poor's expectations and thus have no effect on the rating. The earnings and sales declines result from an unfavorable business mix, automotive production declines, and the negative impact of foreign currency translation. Nevertheless, improved production efficiency, the full-year effect of restructuring savings, and improved working capital management is expected to result in increased operating income during 2001, permitting modest debt reduction. Over time, Standard...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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