US Wellman Q2 net income increases two fold to $9.4m

26 July 2002 16:28  [Source: ICIS news]

HOUSTON (CNI)--Polyester and fibres producer Wellman said Friday second quarter net earnings increased two fold to $9.4m (Euro9.5m) on higher sales and lower costs.

For the quarter ended 30 June, the Shrewsbury, New Jersey-based company reported earnings/share (eps) of 29 cents compared to 10 cents in the year ago period.

Sales increased 2% to $267.5m.

Wellman said second quarter net earnings from continuing operations were $12.8m or 40 cent/share versus $10.6m or 33 cent/share for the 2001 second quarter.

Net earnings from continuing operations for the first six months were $18.4m or 57 cent/share, compared to 2001 six month net earnings of $14.5m or 45 cent/share excluding one time charges.

Tom Duff, chairman and chief executive of Wellman, said the period was the second consecutive quarter of improvement.

He added: "While we anticipated the improvement in our resins business, our fibres business has performed above expectations. In the third quarter, we expect income from continuing operations to be lower than the second quarter as a result of lower volumes, due to seasonality, and higher product costs."

Wellman manufactures and markets high-quality polyester products and is the world's largest PET plastic recycler.

By: Mike Sheridan
+1 713 525 2653

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