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UPDATE 1-Om Group Q1 results beat Wall Street view
May 6, 2010 / 12:26 PM / 7 years ago

UPDATE 1-Om Group Q1 results beat Wall Street view

* Q1 adj EPS $0.69 vs est. of $0.63

* Q1 revenue $303.2 mln vs est. of $280.4 mln

May 6 (Reuters) - Specialty chemicals company OM Group Inc OMG.N posted a strong first-quarter profit, aided by higher volumes, pricing and benefits from a recent acquisition.

In the latest quarter, the company posted a net income of $22.6 million, or 74 cents a share, compared with a loss of $8.3 million, or 27 cents a share, a year ago.

Excluding items, the company said it earned 69 cents a share.

Revenue for the quarter jumped 58 percent to $303.2 million, and was partly aided by Om Group’s recent purchase of EaglePicher Technologies on Jan. 29.

Analysts, on average, were looking for earnings of 63 cents a share, before items, on revenue of $280.4 million, according to Thomson Reuters I/B/E/S.

Shares of the Cleveland, Ohio-based company closed at $34.85 Wednesday on the New York Stock Exchange.

For the alerts, please click [ID:nASA00BT3]. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Roshni Menon)

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