September 11 5:55 PM ET
Brush Engineered Warns, Stops Dividend
CLEVELAND (Reuters) - Brush Engineered Materials Inc. (NYSE:BW - news), a maker of alloys and
precious metals products, on Tuesday revised downward its third- and
fourth-quarter earnings estimates and suspended dividend payments, citing
prolonged global weakness in the telecommunication and computer markets.
The Cleveland-based company said it previously paid a quarterly
dividend of 12 cents per share.
As a result of continued market weakness, Brush said it now expects a
loss for the third quarter greater than its previous forecast range of 10
to 20 cents per share. For the fourth quarter, the company said it now
anticipates ``a slight loss.''
Wall Street analysts on average expect the company to post a loss of 15
cents a share in the third quarter and a profit of 5 cents a share in the
fourth quarter of 2001, according to Thomson Financial/First Call.
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