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OM Group earnings beat estimates

1:38 PM MDT | August 1, 2013 | Vincent Valk

OM Group recorded a second-quarter net loss of $3.3 million, mostly due to the impact of its divested ultra-pure chemicals (UPC) and cobalt businesses and restructuring charges, compared with a loss of $22.3 million in year-ago quarter. Excluding these businesses and charges, adjusted income from continuing operations totaled 36 cts/share, beating analysts’ consensus estimate of 24 cts/share, as reported by Thomson Reuters (New York). Sales were down 32.2% year-on-year (YOY), to $279.4 million, mostly due to the divestitures. “Profitability was in...

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