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Pilkington upbeat on trade
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March 20, 2001: 7:00 a.m. ET
UK glassmaker sees profit despite U.S. economic slowdown
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LONDON (CNN) - Pilkington, the world's largest maker of glass for the car industry, said cost cuts and construction sales will bolster full-year profits.
Despite the upbeat statement, Pilkington (PILK) shares fell 6.3 percent in London to 118 pence.
The UK company said sales in North America slowed during the second half in the automotive and construction sectors, but that sales in Europe will help offset the U.S. slowdown.
The company said it will post better-than-expected results when earnings are released on May 30, as it also pointed to the benefits feeding through from several years of restructuring.
U.S. automotive glass sales, which represent about 40 percent of Pilkington's worldwide total, slowed down significantly in the second half , particularly in the fourth quarter as carmakers introduced plant shutdowns for several weeks because of reduced demand, the company said.
"We expect to announce a further improvement in our results which is all the more impressive when one considers the adverse impact of the rise in energy prices and the slowdown in the U.S. in the second half," said Pilkington Chief Executive Paolo Scaroni. 
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