IHS Chemical Week

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OM Group swings to loss on weak magnetic technologies results, charges

10:50 AM MST | February 19, 2013 | Vincent Valk

OM Group swung to a fourth-quarter loss of $34 million, or $1.06/share, compared with a profit of $53 million in the year-ago quarter, on weakness in its magnetic technologies business and M&A charges. Excluding the charges, the company recorded a loss of 13 cts/share, well short of analysts’ consensus estimate of a 3 cts/share profit, as reported by Thomson Reuters (New York). Net sales fell 22.4% year-on-year (YOY), to $340.4 million.   OM Group recorded a charge of 38 cts/share related to the sale of its advanced materials business, which was...

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