Taminco Corp. (TAM) reported that its first-quarter ended March 31, 2013 net income was $8 million or $0.16 per share.
The successor's net loss for the Three Months ended Mach 2012 was $43 million or $0.88 per share, and net sales were $139 million.
The predecessor's net loss for January 1 through February 14, 2012 was $54 million or $0.05 per share, and net sales were $144 million.
For the first-quarter ended March 31, 2013, the company reported net sales of $310 million, an improvement of $27 million, or 10%, compared to $283 million in the corresponding period of 2012. This increase was primarily due to volume growth, product mix, and pricing, on the back of growing demand and the contribution from the recent investments in derivatives in the U.S. Demand was primarily driven by sales growth in most important end-markets: personal & home care, agriculture, energy, animal nutrition, and water treatment.
"The year is off to a positive start. Performance was strong across most of our businesses given the nature of our end-markets, but we did feel some softness at the end of the quarter largely due to adverse weather which negatively affected our Crop Protection business. Regarding the outlook for the full year, we expect Adjusted EBITDA for FY '13 to reach another record level as we expect continued execution and contributions from our recent capital projects and growth from our strong end-markets," said Taminco Chief Executive Officer Laurent Lenoir.
In April 2013, the company completed its initial public offering of about 15.79 million shares. The company has granted the underwriters a 30-day option to purchase up to 2.37 million additional shares at the IPO price less underwriting discounts and commissions.
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