OM Group Q3 Profit Rises - Quick Facts

(RTTNews) - OM Group Inc. (OMG) reported that its third-quarter net income attributable to common stockholders increased to $12.18 million or $0.38 per share, from $5.51 million or $0.17 per share in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

For the latest-quarter, the company reported adjusted EBITDA of $32 million, excluding $2 million of charges related to cost-reduction initiatives and the results of its divested Advanced Materials cobalt business. The Company also reported income from continuing operations of $0.39 per share, or $0.47 per share excluding the special charges and the divested business.

Net sales for the quarter declined to $265.93 million from $371.37 million in the prior year quarter. Two analysts had consensus revenue estimate of $256.25 million for the quarter.

The company continues to expect 2013 adjusted EBITDA levels at the lower end of its original forecast of $120-140 million, primarily due to the second quarter divestiture of its UPC product lines, which were expected to contribute approximately $10 million of EBITDA in 2013. The divestiture resulted in the business being treated as a discontinued operation for the full year. The Company's forecast excludes Advanced Materials, UPC and charges related to divestitures and cost-reduction initiatives.