24 October 2012 23:01 [Source: ICIS news]
HOUSTON (ICIS)--A Schulman’s fourth-quarter net income almost doubled year on year to $11.2m (€8.6m) because of fewer one-time charges, the US plastics compounder said on Wednesday.
The company reported $5.9m in net income at the same time last year for the quarter ending 31 August.
A Schulman reported asset impairments of $806,000, compared with $6.2m for the same time last year.
Net sales for the fourth quarter were $524.4m, down 9.3% from last year’s $578.1m as volume decreased.
Gross profit fell 6% to $66.8m from last year’s $71.0m, the company said.
“The outstanding performance of the Americas and Asia Pacific regions, coupled with the dedicated efforts of our European team, allowed us to overcome the major challenge of the European economy,” said president and CEO Joseph Gingo.
Looking forward, the company said it anticipates pressure in its fiscal year first quarter but expects stronger performances the subsequent quarters.
($1 = €0.77)
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