09 July 2012 22:10 [Source: ICIS news]
HOUSTON (ICIS)--US plastics compounder A Schulman reported a 10% year-on-year drop in third-quarter net income on Monday.
A Schulman’s net income fell to $17.0m (€14.0m) from $18.8m in the third quarter of fiscal 2012.
The company said its net income was impacted by unfavourable currency exchange rates. It also had an asset impairment charge of $2.6m in the third quarter, whereas last year's third-quarter charge was only $125,000.
Net sales totalled $569.1m, down from $611.1m in the same quarter a year ago.
The decline was attributed to a $23.5m foreign-currency loss and a 7% decrease in sales volume, the company said.
However, its cost of sales also decreased, falling to $492.5m from $532.3m in the third quarter of fiscal 2011.
“As expected, our Americas and Asia Pacific segments are significantly outpacing prior-year results, while our EMEA [Europe, Middle East and Africa] segment, including the successful integration of our Elian acquisition, is working aggressively to offset the extremely difficult market conditions,” chief executive Joseph Gingo said.
“We continue to focus on what's within our control and we remain committed to developing high-value-added products and implementing cost-control initiatives to improve performance.”
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