OMG Reports 2001 Third Quarter Results
November 7, 2001
OM Group, Inc. (OMG) recently reported increases in net income and earnings per diluted share for its third quarter ended September 30, 2001. The company reported net sales for the period of $833.3 million compared to $233.4 million a year ago, while net income increased to $20.5 million, or $.84 per diluted share, from $18.6 million, or $.77 per diluted share, in the 2000 third quarter. For the nine months ended September 30, 2001, net income increased to $60.3 million, or $2.47 per diluted share, from $52.2 million, or $2.15 per diluted share for the same period in 2000. Net sales were $1.286 billion compared to the $655.2 million reported in 2000. OMG's 2001 third quarter increases in sales, net income and earnings per share were achieved primarily through its precious metal chemistry and metal management operations, resulting from the acquisition of Degussa Metals Catalysts Cerdec on August 10, 2001. Strength in these areas offset a decline in the company's base metal chemistry business due to weak global economic conditions and lower metal prices.