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Chemical maker Elementis earnings miss estimates
February 25, 2014 / 8:16 AM / 4 years ago

Chemical maker Elementis earnings miss estimates

Feb 25 (Reuters) - Specialty chemical maker Elementis Plc reported a lower-than-expected rise in full-year sales and profit due to a maintenance shutdown at its chromium business in the first half of 2013.

Elementis, which makes additives used in oilfields, industrial coatings and cosmetics, said pretax profit for the year ended Dec. 31 increased 2 percent to $136.0 million.

Revenue rose 3 percent to $776.8 million.

Analysts on average expected revenue of $779.9 million and a pretax profit of $141.4 million, according to Thomson Reuters I/B/E/S.

Elementis said sales from its chromium business, which makes chemicals used to make products such as metals, wood and leather more durable, were impacted by a maintenance shutdown in the early part of the year.

The company’s shares were down marginally at 275.4 pence in early trading on the London Stock Exchange on Tuesday.

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