A. Schulman Reiterates 2016 Earnings Outlook - Quick Facts

(RTTNews) - While reporting its financial results for the first quarter on Monday, A. Schulman Inc (SHLM), a supplier of plastic compounds and resins, reaffirmed its earnings outlook for fiscal 2016.

The company noted that fiscal 2016 has begun on a challenging note and said it is undertaking additional cost reduction actions company-wide, designed to more than offset the first-quarter shortfall.

For fiscal 2016, the company reiterated its outlook for earnings in a range of $2.80 to $2.85 per share. On average, six analysts polled by Thomson Reuters expect the company to report earnings of $2.83 per share for the year. Analysts' estimates typically exclude special items.

Bernard Rzepka, president and chief executive officer of Schulman said, "Fiscal 2016 has begun on a challenging note, with weakening macroeconomic conditions across several regions, continued pressure in the oil, energy, and material markets, ongoing currency headwinds, and the costs of our internal actions to resolve the Lucent matter. To that end, we are undertaking additional cost reduction actions company-wide, designed to more than offset the first quarter shortfall."

Rzepka added that during the quarter, the company over-delivered on its internal synergy targets. The company remains focused on capturing its stated Citadel integration synergy savings of $20 million by the end of fiscal 2016 and achieve the full run rate of $25 million during fiscal 2017.