US Sigma-Aldrich reports flat Q1 earnings, sales drop

23 April 2009 17:16  [Source: ICIS news]

HOUSTON (ICIS news)--Sigma-Aldrich saw only a slight drop in first-quarter net profits from the same period in 2008 despite a 9% reduction in sales, the US fine chemicals maker said on Thursday.

Sigma-Aldrich posted a net income of $84.4m (€64.9m) for the quarter ended on 31 March, compared $84.5m in the first quarter of 2008.

Sales totalled $519.3m, compared with $569.6m in the first quarter of 2008. The company cited a 10% currency exchange impact regarding the drop in the sales revenue.

Organic sales - those from existing businesses - from the company’s fine chemicals business fell 5% in the first quarter as stable sales to US customers were offset by declines to custom pharmaceutical and hi-tech customers in international markets, the company said.  

Looking forward, president and CEO Jai Nagarkatti said, “We believe we can achieve similar performance for all of 2009 under similar challenging market conditions.”

($1 = €0.77)

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By: Brian Ford
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