CLEVELAND -- Specialty chemicals maker OM Group reported second-quarter net income nearly doubled from last year to $24.6 million.
Net sales rose 9% year-over-year to $329.5 million on higher volume in all three operating segments.
“We continued to enjoy strong demand in the second quarter across various end-markets, particularly within Advanced Materials and Battery Technologies,” said Joseph Scaminace, chairman and chief executive.
Gross profit improved 8%, but was essentially flat as a percent of sales as higher volumes were offset by unfavorable pricing and mix.
The company's Specialty Chemicals business unit, which includes PCB materials, reported net sales rose 3% to $128.7 million. Demand was mixed in electronic technologies as semiconductor volumes improved but printed circuit board and memory disk softened primarily due to Japan supply effects. The unit's operating profit was $17.9 million, down $2.3 million due primarily to unfavorable pricing and mix.