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A. Schulman raises profit forecast as demand rises in Europe
April 7, 2014 / 9:55 PM / 3 years ago

A. Schulman raises profit forecast as demand rises in Europe

April 7 (Reuters) - Specialty chemical maker A. Schulman Inc raised its full-year profit outlook, topping the average analyst expectation, citing strengthening demand in Europe and relatively stable raw material prices.

The company, which also reported a better-than-expected quarterly profit on Monday, raised its 2014 adjusted profit to $2.23-$2.28 per share from $2.13-$2.18.

Analysts on average were expecting $2.16 per share, according to Thomson Reuters I/B/E/S.

Net sales in the Europe, Middle East and Africa region rose 12 percent in the second quarter ended Feb.28, helped by demand from automotive, electronics & electrical markets.

Total revenue increased 13 percent to $588.5 million.

Net income attributable to A. Schulman fell to $6.8 million, or 23 cents per share, from $11.8 million, or 40 cents per share, a year earlier. (link.reuters.com/cyq38v)

Adjusted profit from continuing operations was 39 cents per share, higher than analysts’ average estimate of 33 cents per share.

A. Schulman’s shares closed at $36.32 on the Nasdaq.

Reporting By Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila

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