OM Group Announces Record 2008 First-Quarter Results
by OM Group 08 May 21:48
— Positive End-Market Demand and Acquisitions Drive Growth —
— Transformation Strategy and Integration on Track —
CLEVELAND, May 8 /PRNewswire-FirstCall/ — OM Group, Inc. (NYSE: OMG) today announced record net sales and operating profit for its first quarter ended March 31, 2008.
Net sales were $480.8 million compared with $216.2 million in the corresponding period of 2007. Revenue more than doubled, due primarily to higher selling prices reflecting higher cobalt prices, strong organic growth in such key end markets as batteries and powder metallurgy, as well as to contributions from the newly acquired coatings business and the electronic technologies of Rockwood Specialties Group, Inc., which added $67.0 million in the first quarter of 2008.
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