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A. Schulman, Inc., supplier of plastic compounds and resins to the appliance and other industries, reported net income was $13.6 million in the first quarter of its fiscal year 2012, up from $9.2 million, in the first quarter of the previous fiscal year. 1Q net sales were $517.3 million, up 4.4% from $495.4 million in 1Q fiscal 2011. Gross profit for the quarter was $69.5 million, up from $69.1 million last year. First-quarter operating income was $22.3 million up from $17.1 million.
"We saw improvement in our Americas region which is a direct result of our strategy to shift our product mix away from commodity products and focus on more profitable markets," said Joseph M. Gingo, chairman, president, and CEO. "As we build U.S. presence in our masterbatch, niche engineered plastics, and specialty powders business, we expect to see further improvements in the region. Despite the overall economic softness in Europe, the majority of our European business is directed at the northern section of the Euro Zone, which has proven to be stronger and more resilient during this economic downturn."
The company expects 2Q fiscal 2012 to see declining demand in Europe and to produce volume declines. EMEA and Americas segments' ongoing restructuring and efficiency efforts should help.
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