11 February 2009 16:00 [Source: ICIS news]
HOUSTON (ICIS news)--US fine chemicals firm Sigma-Aldrich on Wednesday posted a fourth-quarter net profit of $84.3m (€65.8m), a decline of 0.7% from the same period in 2007 amid nearly flat sales and cost cuts.
Fourth-quarter net sales fell by 4% to $509.8m from $532.1m in the 2007 fourth quarter.
The cost of the products sold totalled $244.9m, an 8.2% cut from the same quarter in 2007.
Operating income declined slightly as well, falling to $114.6m from $117.9m the previous year ago.
Looking forward, the company said it expects demand from several of its key markets to fall in 2009, but new programme launches, global sales initiatives and market share gains would help it achieve low single digit organic sales growth.
“In the near term we expect challenging market conditions and plan to respond by maintaining tight control of our costs without sacrificing the commitment to our growth initiatives,” company CEO Jai Nagarkatti said.
For the full year 2008, the company’s net profit jumped by 9.7% to $341.5m from $311.1m in 2007.
Shares of Sigma-Aldrich on the New York Stock Exchange increased slightly to $38.30 in early Wednesday trading after closing on Tuesday at $37.70.
($1 = €0.78)
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