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OM Group Reports Strong Q3 Sales

Published: 06 November 2008
 by Staff
CLEVELAND -- OM Group, Inc. announced strong results for Q3 and the nine months ending September 30, 2008. Net sales for Q3 2008 rose 70% to $448.6 million compared with $264.6 million in the corresponding period of 2007.

OM Group's coatings and electronic technologies businesses (Electrochemicals), acquired in the Q4 2007, added $72.3 million to net sales. Product price increases contributed $79.9 million to the Q3 growth.

Net income for Q3 2008 was $56.3 million, or $1.85 per diluted share, up from 2007 Q3 of $38.1 million, or $1.26 per diluted share. Included in the 2008 period is a non-recurring income tax benefit of $25.1 million, or $0.83 per diluted share, related to an election to take foreign tax credits on prior-year U.S. tax returns.  

Gross profit increased to $86.3 million in Q3 2008 versus $73.1 million in Q3 2007 quarter. The increase is attributable primarily to contribution from acquisitions and greater volume, partially offset by higher raw material costs.

Net sales for the nine months ended September 30, 2008 were $1,440.3 million versus $712.1 million for the comparable period in 2007. Gross profit rose to $349.0 million in the first nine months of 2008 compared with $229.1 million in the first nine months of 2007.  

“We have tremendous financial flexibility, given our clean balance sheet and enviable cash position, which will help us navigate these challenging economic conditions,” said Joseph M. Scaminace, chairman and chief executive officer. “The company's long-range strategy remains steadfastly focused on growth through tactical and transformational acquisitions as well as partnerships, in line with our stated strategic objectives.”

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