05 January 2012 22:26 [Source: ICIS news]
HOUSTON (ICIS)--US plastics compounder A Schulman reported on Thursday a 48% year on year increase in net income for the fiscal first quarter of 2012, mostly because of higher sales.
Net income increased to $13.6m (€10.5m), compared with $9.2m in the same period of 2010.
A Schulman said selling, general and administrative (SG&A) expenses decreased by $5.5m to $47.4m, down 10.4% from $52.9m in the same period a year ago.
Net sales for the first quarter also rose to $517.3m from $495.4m in the first quarter of 2010, an increase of 4.4%.
The increase was the result of increased average selling price per pound and a favourable foreign currency translation, the company said.
“The fiscal 2012 second quarter is expected to be challenged by declining demand in Europe,” A Schulman said.
“Offsetting these expected volume declines, the [Europe, Middle East and Africa] and Americas segments will benefit from the restructuring efforts that are ongoing and operating efficiencies driven by acquisition integration activities. The company expects to continue to focus on global SG&A and plant cost controls,” the company added.
A Schulman stock ended the day up 1.2% at $22.15.
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections