US Chemtura Q3 earnings flat at $8m as sales rise 17%

05 November 2010 19:04  [Source: ICIS news]

HOUSTON (ICIS)--US specialty chemicals producer Chemtura on Friday reported third-quarter net earnings of $8.0m (€5.6m), flat year on year as higher sales were offset by higher costs.

Net sales were $710m, up 17% year nr year. Chemtura’s industrial engineered products segment led the way with a 42% increase in sales, spurred by strong customer demand for products used in the electrical and electronics industry, it said.

Meanwhile, sales in the company’s consumer performance products segment slipped 8%, as the North American pool products business suffered from continued cautiousness by consumers with discretionary spending, Chemtura said.

Chemtura’s cost of goods sold was $550m for the third quarter, higher by 22% from $450m in the year-earlier period.

Chemtura filed in March 2009 for US Chapter 11 bankruptcy protection, from which it could emerge in the coming weeks.

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By: Ben DuBose
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