HOUSTON (AP) — KMG Chemicals saw its third-quarter net income jump 54 percent, buoyed by higher prices and a plant consolidation.
The specialty chemicals supplier earned $4 million, or 34 cents per share, compared with $2.6 million, or 23 cents per share, a year earlier.
Revenue for the three months ended April 30 climbed 6 percent to $65.6 million from $61.9 million as it raised prices in its electronic chemicals and wood treating chemicals segments.
Revenue for the electronic chemicals division increased 2.4 percent in the quarter, while wood treating chemicals revenue rose 16.1 percent.
CEO Neal Butler said the Houston company will continue to look for more ways to consolidate within its segments. He anticipates that the electronic chemicals unit will be stable in the fourth quarter, with demand for its wood treating division relatively unchanged.
Shares of KMG Chemicals Inc. rose a penny in after-hours trading to $17.27.
