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A. Schulman net income hit by tax charges

October 24, 2013 | Vincent Valk

A. Schulman has reported a fiscal fourth-quarter net loss from continuing operations of $1.1 million, compared with a profit of $12.7 million in the year-ago quarter. The loss was primarily due to tax charges in Germany and Brazil and a restructuring charge. Excluding these charges, adjusted net income from continuing operations rose 12% year-on-year (YOY), to $16.1 million, or 55 cts/share, beating analysts’ consensus estimate of 44 cts/share, as reported by Thomson Reuters (New York). Net sales increased 4%, to $537.3 million. “Despite our shortfall...

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