01 May 2012 23:15 [Source: ICIS news]
HOUSTON (ICIS)--Chemtura’s first-quarter net earnings rose to $22m (€17m) from $7m in the same quarter last year on the strength of demand from downstream electronics and on sales of agricultural products, the US specialty chemicals producer said on Tuesday.
However, the company also saw weakness in antioxidants and urethanes products, Chemtura said.
Sales for the quarter totalled $708m, up by 1% from $699m in the first quarter of 2011.
“Performance this quarter was led by our industrial engineered products and Chemtura AgroSolutions segments,” said CEO Craig Rogerson.
Higher demand as a result of dropping inventories in the downstream electronics industry contributed to growth in the company’s industrial engineered products, Rogerson said.
However, Chemtura’s industrial performance products segment “fell short of its performance in the first quarter of 2011 with the weakness in the antioxidants products and, to a lesser extent, the urethanes products,” Rogerson said. “Demand across the segment has not yet recovered to the levels of the first quarter of 2011 and in some areas it was softer than in the fourth quarter of 2011.”
Looking forward, Rogerson said he expected to see year-on-year improvement in the second quarter.
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