Lower prices, output hit OMG's earnings
Nov 08, 2005 | 02:02 PM
Lower cobalt prices and nickel production helped slash OM Group Inc.'s net income by 88.7 percent to $3.4 million in the third quarter despite relatively steady sales of nearly $306.6 million compared with the same period last year.OM GROUP INC.(in thousands except per share) 200520043rd qtr. ended Sept. 30Net sales$306,586$311,902Net income3,36729,790Per share0.121.049 months ended Sept. 30Net sales$973,227$992,270Net income27,24695,723Per share0.953.35The Cleveland-based metals and specialty chemicals producer, which has been at the center of talk that it could be a takeover target, posted nine-month net income of $27.2 million, down 71.5 percent from a year earlier on a 1.9-percent decline in sales to $973.2 million.....
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