ATMI Inc. (ATMI) Wednesday reported a decline in profit for the first quarter, due mainly to lower revenues.
The Danbury, Connecticut-based company reported a first-quarter net profit of $3.86 million or $0.12 per share, compared to $8.01 million or $0.25 per share last year. On average, six analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped 8 percent to $92.57 million from $100.72 million in the prior-year quarter. Four analysts had a consensus revenue estimate of $97.19 million for the quarter.
Chief Financial Officer Tim Carlson said, "We had $2.3 million of SDS integration, transition and operational spending during the quarter and anticipate completing the China business transition during the second quarter. Once completed, we anticipate incremental revenues of $7 million to $8 million per quarter and $0.08 to $0.09 of incremental quarterly earnings per diluted share as compared to our pre-transaction run-rate."
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