UPDATE 1-CTI Industries Q3 lags Wall Street view, shares down
* Q3 EPS $0.08 vs est $0.13
* Q3 rev $11 mln vs est $12.1 mln
* Shares down as much as 24 pct
Nov 9 (Reuters) - CTI Industries Corp (CTIB.O), a maker and supplier of flexible film products, posted third-quarter results that missed market estimates, partly hurt by a decline in pouch product sales and a rise in raw materials costs, sending its shares down 24 percent.
July-September net income attributable to CTI Industries was $243,328, or 8 cents a share, up from $204,717, or 7 cents a share, a year ago.
Revenue rose 8 percent to $11 million. Net sales of pouch products fell 40 percent to $1.4 million.
Analysts on average were expecting the company to earn 13 cents a share, before special items, on revenue of $12.1 million, according to Thomson Reuters I/B/E/S.
Gross margins declined to 20.5 percent from 21.4 percent, reflecting a change in product mix to film products as well as a rise in the cost of raw materials like resin, plastic sheeting and latex.
Shares of the Lake Barrington, Illinois-based company were down 20 percent at $7.00 in midday trade on Tuesday on Nasdaq. They touched a low of $6.65 earlier in the session. (Reporting by Fareha Khan in Bangalore; Editing by Unnikrishnan Nair)
- Atheists face death in 13 countries, global discrimination: study
- South Africa admits mistake over 'schizophrenic' Mandela signer |
- Missouri executes man for killing good Samaritan motorist in 1994
- Thai military chief rebuffs meeting request in blow to protesters |
- Apple scores legal victory over Samsung in South Korea