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OM Group's Q3 Sales Slide 48%

Published: 05 November 2009
 by Staff

CLEVELAND -- OM Group announced third-quarter net sales of $235.2 million, down 48% from 2008 on price-pressure and lower volume. Net income was $11.4 million, or $0.38 per diluted share, down 80%, including restructuring charges of $11.9 million.

The gross profit fell to $42.7 million (18.1% sales), down 51% from 2008. Operating profit was $10.2 million (4.3% of sales), down 78%.

The company's Specialty Chemicals unit, which includes the former Electrochemicals, had net sales of $109.4 million, down 23% on lower demand lower for all end markets, especially coating, chemical, printed circuit boards and memory disks. The operating income was $1.7 million (1.6 percent of sales), down 82%. The results included restructuring expenses of $11.9 million.
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