US A Schulman Q1 net income falls 13% on foreign currency effect

03 January 2013 21:51  [Source: ICIS news]

HOUSTON (ICIS)--Net income for US plastics compounder A Schulman fell by 13% in its fiscal first quarter, related in part to the translation effect of foreign currencies, the company said on Thursday.

A Schulman's first-quarter net income totalled $12.1m (€9.2m), down from $13.9m in the same period of 2011.

Net sales for the first quarter rose by 4.5% to $541m, compared with $517m for the same period in 2011.

The net sales improvement was a result of volume increases in all regions, the company said.

"We are very encouraged to see modest volume growth in all regions," said Joseph Gingo, president and CEO of the company. "exclusing acquisitions and foreign currecnty impact, volume increased 3% and we saw a sales improvement of 4%."

($1 = €0.76)

By: Michelle Klump
+1 713 525 2653

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