Spartech Corporation Down 16% (SEH)

Spartech Corporation SEH is down more than 15% this morning after the company reported worse than expected earnings. The plastic sheet and packaging maker said it lost $1.80 per share share. Excluding items, it earned 1 cent per share, 5 cents lower than Wall Street expected. Revenue came in at $259.6 million, well short of the $272.6 million that Wall Street was expecting. President and CEO Vicki Holt discussed the missteps the company has taken in a statement to investors. "Although I strongly believe the changes we have made to our manufacturing footprint will provide a more cost efficient infrastructure and position the company for long-term earnings growth, we have made mistakes in implementation that are being corrected and which have slowed our recovery," she said.