Blyth falls on disappointing 4Q, weak outlook
NEW YORK (AP) — Blyth's stock tumbled more than 11 percent on Friday following the company's weak 2013 earnings forecast and disappointing fourth-quarter performance.
THE SPARK: Blyth, which sells candles and accessories and weight loss products, reported on Thursday that its loss attributable to shareholders was 36 cents per share for the three months ended Dec. 31.
Adjusted earnings were $1.42 per share, when stripping out an exchange of preferred stock, restructuring charges and other items. That's down from adjusted earnings of $1.80 per share a year earlier.
Revenue fell 4 percent to $331 million from $345.5 million.
Looking ahead, Blyth anticipates 2013 earnings between $1.70 and $1.85 per share. Its 2012 earnings were $2.55 per share. The Greenwich, Conn. company said that the year-over-year comparison reflects expectations for a single-digit revenue decline and projected investment spending.
SHARE ACTION: Shares of Blyth Inc. fell $1.93, or 11.3 percent, to $15.23 in morning trading. The stock has traded in a 52-week range of $12.66 to $46.15. For the year to date, the shares are up 10 percent.