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KMG Chemicals earnings fall on restructuring charges
12:32 PM MST | December 10, 2013 | Vincent Valk
KMG Chemicals today reported fiscal first-quarter net income of $1.35 million, down 67.4% year-on-year (YOY), on sales up 43.3%, to $93.6 million. Sales rose primarily because of the acquisition of OM Group’s ultrapure chemicals (UPC) business. Adjusted earnings, excluding integration costs for the UPC business and CEO transition costs, totaled 22 cts/share, down 43.6% and slightly short of analysts’ consensus estimate of 23 cts/share, as reported by Thomson Reuters (New York). KMG’s fiscal first-quarter ended on 31 October. Electronic chemicals...
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