logo
Share SHARE
FONT-SIZE Plus   Neg

Material Sciences Q4 Profit Surges On Tax Benefit

Material Sciences Corp. (MASC) Friday said its profit for the fourth quarter increased, due mainly to a huge income tax benefit.

The Elk Grove Village, Illinois-based company reported a fourth-quarter net profit of $17.56 million or $1.65 per share, compared to $2.39 million or $0.18 per share last year. Profit included an income tax benefit of $15.60 million.

Adjusted net income for the quarter dropped to $2.04 million from $2.33 million last year.

Total revenues for the quarter grew 1.1 percent to $32.27 million from $31.92 million in the prior-year quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Sobeys Inc. is cutting 800 jobs across Canada as part of the grocery store chain's efforts to cut costs and streamline its organization. Sobeys is Canada's second-largest grocery chain behind Loblaw Companies Ltd. The job cuts come as Sobeys, like others in the industry, grapple with stiff competition from rivals, higher costs and technological change. This year's holiday shopping season has got off to a strong start. Online shoppers spent $1.52 billion on Thanksgiving Day, with smartphones accounting for 46 percent of all traffic to U.S. retail websites, according to Adobe Analytics data. The $1.52 billion in online spend by Thanksgiving evening represents 16.8 percent growth from last year, according to the data. Shares of thyssenKrupp AG were gaining around 2 percent in the morning trading in Germany after the steel giant Thursday said it expects clearly positive net income and significantly higher adjusted EBIT, a key earnings metric, in fiscal 2018. This was after reporting higher adjusted EBIT, sales and order intake in its fiscal 2017, despite a net loss due to charges.
comments powered by Disqus
Follow RTT