American Commercial Lines anticipates weak earnings, executive leaves

American Commercial Lines Inc., one of the country's largest barge operators and builders, warned that first quarter earnings will be weaker than analysts anticipated.

At the same time, the company said Jerry R. Linzey, senior vice president and chief operating officer, was resigning effective immediately. Linzey will continue to serve as an employee of the company through May 24, to facilitate a smooth transition.

Norb Whitlock, will assume the role of executive vice president of operations until a new COO has been selected. Whitlock has been with the company since 1979, and has served in a variety of positions, including stints as COO and president.

The company said it expected first quarter earnings to be in the "low single-digit cents per diluted share," compared to the average analyst estimates of 12 cents to 14 cents reported by various services.

The company said its first quarter performance was hurt by higher fuel prices, weather delays affecting its barge operations and Jeffboat shipyard, and weak commodity imports, leading to increased barge capacity. 

Source: American Shipper