Fairlawn polymer company A. Schulman Inc. on Wednesday reported higher full-year earnings on less income compared to a year ago.
The resin maker and plastic compounder said it earned $50.9 million, or $1.72 a share, on revenue of $2.1 billion for the fiscal year that ended on Aug. 31. A year ago, the company reported earning $41 million, or $1.32 a share, on revenue of $2.2 billion.
Schulman said that after adjusting for certain items, it had net income of $61 million, or $2.06 per share, for 2012 compared with $58 million, or $1.86 per share, for fiscal 2011.
For the fourth quarter, Schulman earned $11.2 million, or 38 cents per share, on revenue of $524.4 million. That compares to $5.9 million, or 19 cents per share, on revenue of $578.1 million for the fourth quarter a year ago.
The company reported its finances after the stock market closed Wednesday. It plans to hold a conference call with industry analysts at 10 a.m. today. The conference will be webcast at www.aschulman.com.
The company also said it expects a strong 2013 fiscal year with full-year net income in the range of $2.14 to $2.19 per share. It expects pressure in its current first quarter but stronger performance for the balance of the year.
“The outstanding performance of the Americas and Asia Pacific regions, coupled with the dedicated efforts of our European team, allowed us to overcome the major challenge of the European economy. ... We continue to improve net income, operating profit per pound, cash flow from operations and earnings per share,” Joseph M. Gingo, chairman, president and chief executive officer, said in a statement. “This marks the third consecutive year of adjusted earnings growth.”
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.