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Sunbeam Corp. on Friday estimated it lost money in the first three months of the year, partly due to lower sales, and the company’s stock plunged 25 percent.
The sales slump and the one-time costs of buying the Coleman, Mr. Coffee and First Alert brands will combine for an unspecified quarterly loss, said Chairman Al Dunlap. Sales will be about 5 percent below a year earlier due to price pressure from retailers, their focus on shrinking store inventories and a miscalculation on grill sales, he said.
The announcement sent the company’s stock skidding $11.37 to $34.19.
Sunbeam, meanwhile, completed its cash tender offers to buy Aurora-based First Alert Inc. at $5.25 a share and Signature Brands USA Inc. at $8.25 a share.
