Spartech Corp. reported a loss of $55.7 million for its fourth fiscal quarter, pressured by increased expenses and some charges.
President and CEO Vicki Holt said in a statement that the company's quarterly results reflected disruptions from asset consolidations.
"Although I strongly believe the changes we have made to our manufacturing footprint will provide a more cost efficient infrastructure and position the company for long-term earnings growth, we have made mistakes in implementation that are being corrected and which have slowed our recovery," she said.
Late Monday the plastic sheet and packaging maker, which has a plant in Wichita, reported that its loss amounted to $1.80 per share, for the period ended Oct. 30. That compares with net income of $8.2 million, or 26 cents per share, a year earlier.
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Loss from continuing operations was $1.78 per share. Excluding restructuring costs, impairment charges and other items, earnings from continuing operations amounted to a penny per share.
Analysts surveyed by Thomson Reuters predicted net income of 6 cents per share. These estimates typically omit one-time items.
Total costs and expenses climbed to $332.7 million from $233.3 million.
Revenue rose 43 percent to $259.6 million from $242.6 million on higher prices and a slight increase in volume.
But the performance missed Wall Street's $272.6 million.
Spartech's annual loss was $50.4 million, or $1.63 per share. In the previous year the Clayton, Mo.-based company reported net income of $8.4 million, or 27 cents per share. Full-year revenue improved to $1.02 billion from $926.8 million.