NEW YORK, Sept 26 (Reuters) - Steel Technologies Inc. , a steel supplier to the automotive and appliance industries, on Friday said fourth-quarter and year-end results will be higher than expected due to improving margins.
The Louisville-based company forecast earnings for the quarter and fiscal year ended Sept. 30, 2003, respectively, in the range of 17 cents to 18 cents per share and 85 to 86 cents a share. Analysts expect the company to earn 10 cents a share for the quarter and 78 cents a share for the year, according to Reuters Research.
Steel Tech also sees sales for the fourth quarter reaching $124 million, despite "an overall challenging economic environment," said Bradford Ray, the company's chairman and chief executive.
"Our volume shipped will be down about 2 percent from the June quarter; however, our sequential margins should show some improvement," said Ray, who added Steel Tech's Mexican operations are experiencing a rebound in earnings despite Mexico's economic slowdown.
Steel Tech plans to release financial results for the fourth quarter on Oct. 27.