OM Group Inc. (NYSE: OMG) reported Thursday that the company turned a fourth-quarter profit despite a nearly 19 percent drop in revenue, according to Associated Press.
The company cited its lower cost structure, improving operations and lower selling prices for cobalt-containing products.
The company said it earned $14.3 million, or 47 cents per share, for the three months ended Dec. 31, compared with a year-ago loss of $32.7 million, or $1.08 a share.
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Adjusted for special items, income from continuing operations was 66 cents per diluted share in the quarter.
Revenue in the quarter dropped to $241.4 million, compared to $296.6 million a year earlier.
Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting a fourth-quarter profit of 52 cents a share on revenue of $275.4 million.
Full-year loss came to $17.9 million, or 59 cents per share, compared with a profit of $135.0 million, or $4.48 per share, in 2008. Twelve-month revenue came to $871.7 million, compared with $1.74 billion in 2008.
Analysts are expecting full-year 2010 earnings per share of $2.25 on revenue of $1.2 billion.
Company shares rose 68 cents, or 2 percent, to $34.49 in afternoon trading.
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