CLEVELAND -- OM Group reported second-quarter sales at its Specialty Chemicals unit fell 1.8% year-over-year to $81.9 million.
Operating profits rose $300,000 to $8.5 million. The results included a $400,000 charge related to cost-reduction activities.
For the three months ended June 30, sales in Specialty Chemicals were down compared to the second quarter of 2013 due to lower sales volumes, partly resulting from the company's initiatives to focus on more-profitable products, the firm said.
The global electronics markets have been "slower to recover" than expected, the company said, leading to a lower near-term forecast and leadership changes in its Electronic Chemicals product lines.
Overall consolidated second-quarter net sales were $298 million, or $254 million on a pro forma basis excluding the divested Advanced Materials business. Excluding Advanced Materials, sales were up slightly compared to the second quarter of 2013.