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People & Business :: Earnings/Finance
OM Group Swings to Loss on Acquisition Charge
1:48 PM MDT | August 9, 2012 | Vincent Valk
OM Group reported a second-quarter loss of $22.3 million, or 71 cts/share, on charges related to the acquisition of VAC. In the year-ago quarter, OM Group reported net income of $24.6 million. Adjusted earnings, excluding charges, totaled 59 cts/share, slightly short of analysts’ consensus of 60 cts/share. Sales were up 32% year-on-year, to $436.5 million, due to the inclusion of VAC, now OM Group’s magnetic technologies unit, in quarterly results. Magnetic technologies sales totaled $168 million, while the segment posted a $30.1 million...
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