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UPDATE 1-A. Schulman profit misses on weak European volumes
April 4, 2012 / 10:01 PM / 6 years ago

UPDATE 1-A. Schulman profit misses on weak European volumes

April 4 (Reuters) - Chemicals maker A. Schulman Inc posted a lower-than-expected profit in second quarter, hurt by lower sales volumes in Europe, sending its shares down about 10 percent in after-market trade.

December-February net income was $9.1 million, or 31 cents a share, compared with $7.1 million, or 23 cents per share, a year earlier. Excluding items, the company earned 38 cents a share.

Net sales fell 2.4 percent to $495.9 million, while sales volumes fell 7.8 percent to 458.7 million pounds.

Analysts on average expected a profit of 44 cents a share on revenue of $482.2 million, according to Thomson Reuters I/B/E/S.

“Traditionally, our second quarter tends to be less profitable than the first quarter due to the holiday season, but the first half of fiscal 2012 has been challenging given the economic environment in Europe,” Chief Executive Joseph Gingo said in a statement.

The Akron, Ohio-based company, which raised its quarterly dividend last week, expects its full-year profit to be higher than last year.

A. Schulman shares, which have gained about a third of their value in the last three months, were trading at $25.20 in extended trading, after closing at $27.85 on Wednesday on the Nasdaq.

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