Fairlawn polymer company A. Schulman Inc. returned to profitability for its third quarter following a loss a year ago and reaffirmed its earnings outlook for the year.
The company reported net income of $15.5 million, or 53 cents per share, on revenue of $650.4 million for the quarter ending May 31. That compares to a loss of $9.9 million, or 34 cents per share, on revenue of $560.9 million a year ago. Adjusted earnings were 79 cents per share compared with 72 cents a year ago.
The company reported after the stock market closed Tuesday.
“We are encouraged by the continued improvement in our adjusted margins which validates our strategy to provide superior value to a vast array of market leading customers,” Bernard Rzepka, president and chief executive officer, said in a statement. “We continue to anticipate full-year fiscal 2016 adjusted earnings to be in the range of $2.40 to $2.45 per diluted share.”
Rzepka said the company is positioning itself for accelerating earnings growth in fiscal 2017 and beyond.
Company executives will discuss third quarter results in a conference call with analysts at 10 this Wednesday morning. The public can listen in by going to www.aschulman.com.