Wausau-Mosinee Paper Expects Third-Quarter Earnings Above Consensus
Press release from the issuing company
MOSINEE, Wis.- Sept. 25, 2001--Wausau-Mosinee Paper Corporation today announced it expects to report third-quarter earnings in the range of $0.11 to $0.13 per share before charges or credits for stock incentive programs, which is above the analysts' consensus of $0.06 per share.
"Continued market pulp price declines, improved operating efficiencies across all three business segments, and volume gains most notably at the Specialty Paper Group are contributing to the higher earnings expectations,'' explained Thomas J. Howatt, President and CEO.
Although third-quarter shipment levels represent an improvement over the first half of the year, Mr. Howatt cautioned that there is little evidence of any improvement in end-use market demand. "Volume gains have come principally from aggressive marketing efforts to sustain full operations at the Specialty Paper Group, and from modest seasonal improvement in several of our businesses. Unfortunately, underlying market conditions have shown little sign of improvement, with the tragic events of September 11th only adding to the uncertainty,'' Mr. Howatt said.
"Despite the difficult market conditions encountered, we are encouraged by the higher earnings expectations and by the progress made on our internal initiatives -- focused product development, operating efficiency improvement, cost reduction and working capital optimization,'' Mr. Howatt noted.
Commenting on the outlook for the balance of the year, Mr. Howatt said, "Although we anticipate fourth-quarter earnings will fall short of our strong third-quarter performance due to weak economic conditions and seasonally weaker shipments, we do expect earnings for the full year to exceed the consensus estimate of $0.15 per share prior to stock incentive adjustments.''
Wausau-Mosinee Paper Corporation is a major producer of fine printing and writing papers and technical specialty papers. The Company also produces and markets "away-from-home'' towel and tissue products.
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