Ansell shares are tanking on a profit downgrade

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Ansell, the condom maker, has cut its full year earnings guidance after a fall in sales.

The company says sales in January were lower than anticipated as customers deferred or reduced orders to adjust inventory levels amid a weakening in the economic environment.

A short time ago, Ansell shares were down 17% to $15.47.

Ansell says its estimate of full year earnings per share is a range of $US0.95 to to $US1.10. The previous guidance was US$1.05 to US$1.20.

Expected results for the first half of the year include sales of about $US785 million, down 7% down.

However, the company anticipates stronger sales through a revised channel strategy.

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