Global economic expansion powers growth at OM Group in Q1 2011
May 11, 2011
The OM Group (OMG) based in Cleveland, Ohio, reports an increase of 9% in net sales in Q1 2011 to $331.3 million compared with the same period in 2010, with net income for the first quarter at $30.7 million. The increase was said to be driven by sustained growth across all three of the company’s operating segments, including Battery Technologies, Advanced Materials (cobalt powder), and Specialty Chemicals.
The company reported that global economic expansion is powering growth in many sectors which it serves such as semiconductors, memory disks and printed circuit board and materials used in rechargeable batteries, hard metal cutting tools for automotive and industrial production, and specialty batteries for defense and aerospace applications.
“We are pleased to report that we are picking up in 2011 where we left off in 2010, as demand remains strong across most of our global end markets,” said Joseph Scaminace, chairman and chief executive officer. “Equally important is the fact that we continue to translate our strong top-line results into profitable bottom-line growth and positive cash flow from operations. This financial strength gives us the flexibility to continue to fund our growth for both the near and longer term.”
OM Group’s Powder Metallurgy team recorded another record quarter in Q1 due to a combination of gains in market share and very strong global tooling demand. Cobalt sales volumes were up 22% sequentially and up 19% compared with the same period in 2010.
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