Intermet Says Earnings Fell 67% In Second Quarter.(Brief Article)

Intermet Corp. said its second-quarter earnings fell nearly 67 percent but it sees third-quarter revenues lower than analysts estimates, given continuing uncertainty in the slowing U.S. economy. Troy, Mich.-based Intermet said second-quarter net income was $3.8 million, or 15 cents per share, compared with $11.9 million, or 47 cents per share, a year earlier.

Sales for the quarter fell 19 percent to $228 million from $282 million in the year ago period, it said in a statement. The company called the third quarter "challenging" because it would be affected by its own summer plant shutdowns. It said third-quarter revenues will likely be less than current analysts' consensus, and given the continuing uncertainty of the marketplace, it would not forecast the quarter.

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