Headwaters Inc., an alternative fuels company, experienced its worst slump in eight years after reducing its full-year profit forecast to as low as 60 cents a share.
Earnings this year will be 60 cents to 75 cents a share, the South Jordan-based company said in a statement. In January, Headwaters estimated profit of 95 cents to $1.35.
In December, Headwater's section 45k energy tax credit, provided as an incentive for companies to develop alternative fuels, expired. Headwaters said it wasn't able to make up for the loss through higher sales in its other businesses as the downturn in the residential construction market combined with bad winter weather depressed revenue.