Thursday, biocides company Arch Chemicals Inc. (ARJ) reported a profit in its fourth quarter, compared to a loss a year ago, helped by higher revenue. Looking ahead, the company issued fiscal 2010 financial outlook.
The Norwalk, Connecticut-based company reported fourth-quarter net income of $2.7 million or $0.11 per share, compared to a loss of $18.9 million or $0.75 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Sales were $333.5 million compared to $307.5 million last year. Two analysts had a revenue consensus of $313.90 million for the fourth quarter.
Segment wise, sales for treatment products rose to $290.4 million from $260.5 million in the year-ago period. Performance products segment sales declined to $43.1 million from $47.0 million in the year ago period.
For the full year of 2009, Arch Chemicals reported net income of $47.1 million or $1.88 per share, compared to net income of $37.0 million or $1.49 per share. Excluding the severance charge, net income was $1.91 per share compared to $2.49 per share for 2008.
Revenue in 2009 declined to $1.39 billion from $1.49 billion in 2008.
Analysts were looking for earnings of $1.70 per share on revenues of $1.37 billion for fiscal 2009.
Looking ahead for fiscal 2010, the company expects sales to increase by approximately 8% to 10% as a result of strong organic growth from the biocides businesses. Earnings per share are forecast to be in the $1.90 to $2.10 range.
Analysts currently expect earnings of $1.93 on revenues of $1.43 billion for fiscal 2010.
ARJ closed Thursday's regular trading at $28.53, up $0.51 or 1.82% on a volume of 158 thousand shares.
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