The US-based supplier of rigid consumer goods packaging also announced that it has extended the expiration date of its tender offer to purchase up to $250m of its common stock to 5 February 2013.
It revised its estimate of adjusted net income per diluted share for the full year of 2012 to a range of $2.65 to $2.75 from a range of $2.80 to $2.85. The estimate compares to adjusted net income per diluted share of $2.63 in 2011.
The company also revised its estimate of adjusted net income per diluted share for the fourth quarter of 2012 a range of $0.43 to $0.53 from a range of $0.58 to $0.63.
While volumes for metal food containers are still anticipated to be higher in the fourth quarter of 2012 as compared to the same period in 2011, they will be lower than we had expected,” said Tony Allott, president and chief executive.
Allott added: “Additionally, product mix and manufacturing costs have lagged our expectations during the fourth quarter, partly as a result of costs associated with hurricane Sandy which caused the extended shutdown of two facilities.
“Since the fourth quarter is one of our slowest seasonal periods, lower than anticipated volumes have a significant impact on the ability to absorb manufacturing overhead costs. As a consequence of our revised earnings estimates, we are extending the expiration date of our tender offer to February 5, 2013, five business days after our year end earnings announcement.”