04 April 2012 22:20 [Source: ICIS news]
HOUSTON (ICIS)--US A Schulman on Wednesday reported a 28% increase in its fiscal-second quarter net income, mainly because of lower restructuring and acquisition-related expenses.
Net income for the quarter totalled $9.1m (€6.9m) for the quarter, up from $7.1m in the same period a year ago.
The company recorded after-tax charges of $2.1m in the second quarter, down from $5m in the same quarter of 2011.
In January, A Schulman announced it was buying French masterbatch maker Elian for $63m.
Net sales for the quarter fell to $495.9m, compared with $508.3m in 2011, primarily as a result of the $11.7m negative impact of foreign currency translation, the company said.
"Traditionally, our second quarter tends to be less profitable than the first quarter due to the holiday season, but beyond that, the first half of fiscal 2012 has been challenging given the economic environment in Europe," said chief executive Joseph Gingo.
A Schulman stock ended the day up 0.18% at $27.85.
($1 = €0.76)
|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