HOUSTON (AP) — KMG Chemicals' fiscal fourth-quarter net income more than tripled, as it lowered expenses and saw sales strengthen in its electronic chemical division.
The Houston company earned $3.9 million, or 33 cents per share, for the three months ended in July 31. That's up sharply from $1.2 million, or 10 cents per share, in the year-earlier period.
Earnings from continuing operations surged to 34 cents per share from 9 cents per share.
Revenue declined 5 percent to $67.6 million from $70.9 million.
Sales in its wood treating chemicals segment fell on lower shipment volumes as competition increased. Electronic chemical unit sales climbed 9 percent on steady demand for its high purity electronic chemicals.
The cost of sales dropped 13 percent in the quarter, while distribution expenses and interest expense also declined.
For the year, the specialty chemicals supplier earned $13.8 million, or $1.20 per share. In the prior fiscal year it earned $9.7 million, or 85 cents per share.
Earnings from continuing operations were $1.24 per share.
Annual revenue rose 7 percent to $272.7 million from $255.6 million.
KMG Chemicals Inc. said Friday that it expects first-quarter earnings to be comparable to the year-ago period's 31 cents per share.
Shares of KMG Chemicals closed Thursday at $17.68, up about 2 percent since the start of the year.
