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CP Ships lowers earnings estimate.
(From Lloyds List)
CP SHips' shell-shocked shareholders have been given some more negative news, writes Tony Gray.
The container shipping company has lowered its earnings estimate for 2004, although it remains confident on prospects for the current year.
Based on preliminary estimates, the company said it now expected full year net income to be in the $70m to $73m range, before 'unusual charges' of $5m.
At the time of its third quarter results in November, CP Ships expected 2004 net income with no mention of unusual charges to be similar to 2003's $82m.
The unusual charges are for legal and other costs associated …
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