US A Schulman Q4 net income falls 25% on one-time charges

26 October 2011 23:39  [Source: ICIS news]

HOUSTON (ICIS)--Net income for US plastics compounder A Schulman fell by 25% in its fiscal fourth quarter because of special charges and inventory adjustments, the company said on Wednesday.

A Schulman’s fourth-quarter net income totalled $5.9m (€4.2m), down from $7.9m in the same period last year.

Excluding one-time items, A Schulman fourth-quarter net income was $15.0m, up from $11.7m for the same time last year.

For the 2011 fiscal year, the company earned $40.0m, compared with $43.9m in 2010.

Net sales for the fiscal fourth quarter rose by 21% to $578m over the same period in 2010. Sales for the year also grew to $2.2bn from $1.6bn in 2010.

The increases were driven by higher prices and favourable foreign currency translation, the company said.

“We live with significant volatility in the global macroeconomic environment that challenges us on a daily basis,” said chief executive Joseph Gingo.

“Given the climate we face, which limits our visibility, we have decided to forgo providing specific guidance for fiscal 2012. We will continue to update our investors with changing trends throughout the year,” he added.

A Schulman stock ended the day up by 4.4% at $19.90.

($1 = €0.72)

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