UPDATE 1-KMG Chemicals Q4 profit falls
Oct 13 (Reuters) - Speciality chemicals maker KMG Chemicals
quarterly profit fell, hurt partly by a rapid increase
in raw material costs in its electronic chemical segment.For the fourth quarter, the company posted a net income of
$1.2 million, or 10 cents per share, compared with $3.4 million,
or 30 cents per share, a year ago.Net sales for the fourth quarter rose 19 percent to $74.2
million.Analysts, on average, were expecting earnings of 11 cents a
share on revenue of $73.5 million, according to Thomson Reuters
I/B/E/S.”Absent a global recession, we believe we will see organic
growth in our Electronic Chemicals business in 2012 and beyond,”
chief executive Neal Butler said in a statement.Shares of the Houston, Texas-based company, valued at about
$160.3 million, closed at $14.81 on Nasdaq on Wednesday.
