Curtiss-Wright cuts profit forecast on labor strike, order delays
(Reuters) - Aerospace and defense component maker Curtiss-Wright Corp (CW.N) slashed its third-quarter earnings forecast, blaming a labor strike and delays in orders in its oil and gas business.
The company's shares fell 5 percent in premarket trading on Friday, adding to a 21 percent fall since February.
Curtiss-Wright, which cut its full-year earnings forecast in June citing unanticipated investments in China, said it had to invest more in the program. The costs will reduce third-quarter earnings by 15 cents.
The company cut its full-year earnings forecast again to between $2.05 and $2.15 per share from between $2.50 and $2.60 per share.
It cut third-quarter earnings forecast to between 20 cents and 24 cents per share from between 68 cents and 72 cents per share.
A group of employees at a nuclear cooling pump plant at Cheswick, Pennsylvania went on strike last month after contracts between the company and two unions expired.
The company also said delays in orders for large capital projects in its oil and gas-related business are estimated to lower earnings by 17 cents.
Curtiss-Wright will report third-quarter results on November 1.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Don Sebastian)
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