PET rebound turns Wellman Q1 loss fears to op profit

07 April 2003 17:46  [Source: ICIS news]

HOUSTON (CNI)--Polyester producer Wellman said Monday it expects first quarter earnings/share (eps) from continuing operations "to be in line with comparable earnings for the same period in 2002" when the company earned 18 cents.

According to Thomson Financial/First Call, Wall Street analysts polled had expected a loss in the quarter.

The Shrewsbury, New Jersey-based firm said it is experiencing strong demand and sales volumes in its domestic polyethylene terephthalate (PET) resins business.

Wellman said that 2003 earnings from continuing operations are expected to be higher than 2002 earnings from continuing operations.

Wellman manufactures and markets polyester products including PermaClear and EcoClear brand PET (polyethylene terephthalate) packaging resins and Fortrel brand polyester fibres.

The world's largest PET plastic recycler, Wellman utilises a significant amount of recycled raw materials in its manufacturing operations.

By: Mike Sheridan
+1 713 525 2653

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