BOSTON (Thomson Financial) - A. Schulman Inc. Wednesday said third-quarter
adjusted income rose to $11.4 million, or 42 cents a share, topping the mean
estimate of analysts polled by Thomson Reuters of 41 cents a share.
In the same period a year ago, the company reported adjusted income of $1.1
million, or 37 cents a share.
Revenue for the Akron, Ohio-based company rose 9.6% to $511.8 million from
$467 million a year earlier. A. Schulman said cost initiatives in plant
operations and sales and administrative expense reductions helped to offset some
of the sales decline in North America.
For fiscal 2008, A. Schulman continues to expect net income to exceed $36
million excluding unusual items. "[This] would represent a marked improvement
over fiscal 2007," the company said.
Shares closed Tuesday at $23.30.
Casey Logan
cl/pc
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