A.Schulman Reports Strong Fiscal 2018 First Quarter Results

January 15 2018

A. Schulman, Inc. declared its financial results for the fiscal 2018 first quarter for the period ended November 30, 2017. The Company reported quarterly net income of $12.8 million, or $0.43 per diluted share. On an adjusted basis, net income for the first quarter of fiscal 2018 was $16.2 million, or $0.55 per diluted share. Last year the Company reported first quarter net income of $1.1 million, or $0.04 per diluted share, and on an adjusted basis, the prior year net income of $14.4 million, or $0.49 per diluted share.

In the 2018 first quarter, consolidated net sales were $674.6 million, an increase of 12.4% percent from last year’s first-quarter sales of $600 million. Operating income was $32.6 million, and on an adjusted basis, was $36.8 million compared with $19.1 million and $35 million, respectively, for fiscal 2017.

Joseph M. Gingo, Chairman, President and Chief Executive Officer said, “Our businesses in both Asia-Pacific and Latin America delivered an even more robust performance with accelerated volume and sales growth from the fourth quarter. Volume, sales and profit growth in Engineered Composites continues into the first quarter from the prior year, assisted by improved oil field services, maintaining our above-market growth in this important business. Our EMEA segment experienced a shift to volume growth for the first time since mid-2015, and we are cautiously optimistic about the health of our key markets in the region. Finally, in USCAN, we believe our underlying business is on track for gradual recovery, despite hurricane Harvey’s approximately $1.5 million impact on the quarter’s operating income. Although our industry continues to be challenged with raw material inflation, our aggressive pricing initiatives led to four out of our five operating segments posting operating profit gains in the quarter. We believe we are on track to regain desired margins over time.”

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