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People & Business :: Earnings/Finance

OM Group beats estimates despite sales decline

10:27 AM MDT | May 2, 2013 | Vincent Valk

OM Group today reported a fourth-quarter net loss of $109.7 million, compared with a profit of $11.9 million in the year-ago quarter. The loss was mostly due to a $112 million non-cash loss related to the sale of its advanced materials cobalt business. Excluding the non-cash loss, adjusted earnings totaled 15 cts/share, easily ahead of analysts’ consensus of 4 cts/share, as reported by Thomson Reuters. The company recorded first-quarter sales of $364.3 million, down 21.9% year-on-year (YOY).   "The sale of the cobalt business and debt pay-down...

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