Octel says '02 profit to fall below outlook

Reuters, 01.28.03, 5:45 PM ET

NEWARK, Del., Jan 28 (Reuters) - Octel Corp. (nyse: OTL - news - people), a maker of fuel additives, said on Tuesday it expects full-year 2002 earnings below Wall Street expectations and its initial outlook as a result of restructuring charges and disruptions in Venezuela.

Octel said it expects full-year 2002 earnings per share at$4.10 to $4.20 after identifying around $20 million in additional restructuring costs, of which $13 million is noncash.

The company said Venezuela's troubles, which include labor turmoil, had hurt deliveries in the fourth-quarter while softness in the overall specialty chemicals markets has also contributed to operating results below expectations.