IHS Chemical Week

Schulman misses estimates

10:48 AM MDT | July 2, 2013

A. Schulman reported net income for the quarter ended 31 May of $5.2 million, down 70% year-on-year (YOY). Net sales of $548 million fell 3% YOY, with the company citing he continued sluggish economic environment in Europe, partially offset by incremental net sales from recent acquisitions. Schulman says that adjusted earnings from continuing operations was 50 cts/share, down 29% YOY. The result was 23% below analyst estimates, as reported by Thomson Reuters (New York), of 65 cts/share. "The weak economic environment in Europe has lingered,” says Joseph Gingo...

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