Schulman Profit Drops, But Tops Street - Update

(RTTNews) - Resin maker A. Schulman Inc (SHLM), Tuesday reported a lower profit for the first quarter, despite higher revenues hurt mostly by the absence of income from discontinued operations. Nevertheless, earnings for the quarter came in ahead of analysts' estimates, with revenues falling short.

Akron, Ohio-based A. Schulman's first-quarter profit dropped to $13.2 million or $0.45 per share from $15.1 million or $0.52 per share in the year-ago quarter.

Income from continuing operations for the quarter rose to $13.2 million or $0.45 per share from $12.4 million or $0.43 per share a year ago. Adjusted earnings from continuing operations rose to $0.63 per share from $0.57 per share a year ago. Analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.

The company's sales for the first quarter grew 5 percent to $615.05 million from $585.40 million a year ago. Analysts had a consensus revenue estimate of $644.40 million for the quarter.

Sales in the Europe, Middle East and Africa segment dropped 5.4 percent from last year, Americas surged 30.3 percent, and Asia Pacific climbed 14.1 percent A. Schulman supplies plastic compounds and resins for packaging, automotive, consumer products, and industrial applications.

Looking forward, the company reaffirmed its fiscal year 2015 adjusted earnings guidance of $2.60 to $2.65 per share. Analysts currently expect earnings of $2.61 per share for the fiscal year 2015.

SHLM closed Tuesday's trading at $36.31, down $1.48 or 3.92%, on the Nasdaq.