Rochester, NY 2/10/2010 12:51:27 AM
ACLI American Commercial Says No To Street Estimates Shares Surge
American Commercial Lines Inc's (ACLI.O) has beat estimates soundly this quarter, and with this news shares have surged sharply upward touching 26 percent.
The PHLX Marine Shipping owes (at least in part) it 3 percent rise to the stellar performance of ACLI as shared shot up, touching $20.33 on Tuesday morning.
The company had an outstanding Q4, reporting $9.3 million as net income, this compares smartly with $23.7 million from one year ago.
Polling analysts' estimates were earning of 6 cents a share on revenues of $222.5 million.
Actual revenues were down 16 percent to $226.9 million while the cost of sales was down 14 percent to $180.5 million.
2009 saw the company cutting approximately 15 percent of its (land-based) work force, this in addition to freezing salaries. These moves should save approximately $9.1 million per annum, said the company.
As of this writing shares are 20.15 Up 3.99 (24.69%)
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