Aceto Corp. (ACET) Stock Off 17% on Third Quarter Earnings
Shares of Aceto Corp. (ACET) closed down -3.95 or -17.17 percent to $19.06 per share in active trading on Friday, after the company announced third quarter earnings which failed to meet analyst expectations. The stock was down significantly on Friday after the company reported its profit had dropped almost thirty percent for the quarter compared to the same quarter one year ago.
Port Washington, New York based Aceto Corp. was incorporated in 1947, is a world leader in the marketing, sale and distribution of pharmaceutical and other chemical products such as Performance Chemicals, which are used in specialty chemicals and for agricultural protection products. The company operates in nine countries and distributes more than 1,100 chemical compounds used primarily as raw materials or finished products in the pharmaceutical, agricultural and the coatings and industrial chemical industries. The company, which reported earnings after the close of trading on Thursday, said its profit had been $5.4 million, or $0.19 per share, significantly lower than $0.28 per share last year, a -32.1 percent decline over the same period one year ago. Net sales were $124.8 million, versus $150.9 million in the same period last year, off -17.3 percent. Gross profit came in at $25.0 million, versus $31.5 million in 2013â s third quarter, down -20.8 percent, while net income was off -29.5 percent at $5.4 million, versus $7.6 million in the same period one year ago. Analysts were expecting the company to earn $0.28 per share on revenue of $136.7 million. Acetoâ s Chief Executive Officer, Sal Guccione said that, â
Published on May 12, 2014
By Jay Hawk