Aceto Corp., a distributor of chemicals and generic drugs, on Friday cut its fiscal 2008 second-quarter earnings guidance due in part to a decline in sales volume and an increase in legal expenses.
The company now expects earnings between 3 cents and 4 cents per share. Previously, Aceto estimated a quarterly profit of about 7 cents per share.
Aceto said the reduction in guidance is due to several factors, including less-than-expected operating income from its foreign subsidiaries and the weak dollar. Additionally, the company's Crop Protection unit experienced a decline in sales volume due to the timing of customer orders. The company also reported an increase in legal expenses related to an antitrust case.
Aceto will report full financial results on Feb. 8.
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