By Kari Williamson
Excluding the costs associated with the acquisition, OM Group would have reported a net profit of US$40m.
Net sales were lifted 40% compared to the same period last year to US$415.1m.
“Strong organic volume growth in Engineered Materials, favourable pricing in Specialty Chemicals, plus the significant sales contribution from our Magnetic Technologies acquisition all contributed to the strong top-line growth we achieved during the most recent quarter,” says Joseph Scaminace, Chairman and CEO.
“Adjusted for special items, income from continuing operations surged 66% compared with last year, even as we faced increasing challenges from cobalt supply chain fundamentals, further testimony to the efficacy of our diversification efforts.”
Outlook
Scaminace says OM Group is optimistic about long-term growth prospects despite near-term macroeconomic challenges.
“We will continue to aggressively invest in organic growth opportunities as well as strategic and tactical acquisition opportunities, particularly in sectors aligned with growth trends such as clean, affordable energy, proliferation of portable power, evolution of electronic devices, and need for sustainable products and processes,” he adds.
Sales by business segment:
- Engineered Materials: US$260.2m, +75%
- Specialty Chemicals: US$120.6m, +6%
- Battery Technologies: US$34.7m, -3%