Appliance industry plastics and resins supplier A. Schulman, Inc. (Akron, OH) said net income for the fiscal 2011 second quarter ended Feb. 28, 2011, was $7.1 million, compared to a net loss of $6.8 million for 2Q 2010.
Net sales for fiscal 2Q 2011 were $508.3 million, up 53.6% from $331.0 million in 2Q 2010. The majority of the increase came from the acquisition of ICO, Inc., completed in the third quarter of fiscal 2010. Volume reached 497 million pounds, up 58% from 315 million pounds reported last year. A. Schulman said that, had it owned ICO at the beginning of fiscal 2010, sales growth would have been 22% and volume growth would have been 6%.
Gross profit for the quarter was $66.6 million, compared to $51.3 million last year.
For the fiscal 2011 year-to-date the company reported net income of $16.4 million, up from $10.3 million in the same period in fiscal 2010. Sales volume increased 44.7% for the six-month period compared with the prior-year period, primarily due to the ICO acquisition. Had it owned ICO at the beginning of fiscal 2010, sales would have increased 16% and volume would have increased 4%.
Based upon year-to-date results, A. Schulman reaffirmed its fiscal 2011 net income guidance in the range of $57 million to $62 million.
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