US Chemtura Q3 profit falls 27%, sales drop 26%

29 October 2009 18:26  [Source: ICIS news]

TORONTO (ICIS news)--Chemtura posted third-quarter net income down 27% to $8.0m (€5.4m) on a 26% decline in sales, the US-based specialty chemicals producer said on Thursday.

The company cited reduced volumes, an unfavourable product mix, reduced selling prices, lower plant utilisation, as well as unfavourable currency exchange rates in explaining the year-over-year decline.

Sales for the three months ended 30 September were $681m, down from $924m in the 2008 third quarter, as all of the company's major business segments reported lower year-over-year sales.

Gross profit for the third quarter was $168m, down 13% from $193m in the year-earlier quarter, and operating profit was $34m, down 23% from $44m in the year-earlier period.

Chemtura filed for Chapter 11 bankruptcy protection for its US operations on 18 March.

($1 = €0.68)

For more on Chemtura visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly