Here’s why Ansell Limited shares are down 17% today

Ansell Limited (ASX: ANN) shareholders look away now.

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In morning trade today, shares of the glove and condom manufacturer crashed 17% lower and are now down 20% for the week.

Ansell’s share price fall comes after the company issued a full-year profit downgrade and half-year trading update to the ASX at 6 pm Wednesday evening (i.e. after market’s close).

The company said a “general weakening in the external economic environment” as well as currency and economic volatility led to yesterday’s profit downgrade.

In August 2015, Ansell said it expected earnings per share for its 2016 financial year to be within the range of $US1.05 to $US1.20 per share. Now, it estimates full-year earnings per share to come in between $US0.95 and $US1.10.

For the upcoming half-year report, Ansell expects to report a 7% fall in sales and 20% fall in earnings per share, compared to the prior corresponding period.

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Motley Fool writer/analyst Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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