OM Group Reports Third-Quarter Revenue and Earnings Growth
- Net income climbs to $24.2 million from $11.4 million last year -
- Income from continuing operations improves to $0.76 per share -
CLEVELAND, Nov. 4, 2010 /PRNewswire-FirstCall/ -- OM Group, Inc. (NYSE: OMG) today announced financial results for the third quarter ended September 30, 2010.
Net sales increased 26 percent to $297.2 million on a year-over-year comparison, due to the Battery Technologies acquisition, higher selling prices, mix and cobalt volume in Advanced Materials and volume growth in Specialty Chemicals. Net income was $24.2 million, or $0.79 per diluted share, compared with $11.4 million, or $0.38 per diluted share, during the third quarter of 2009. Income from continuing operations was $0.76 per diluted share compared with $0.32 per diluted share last year.
“Our third-quarter results demonstrate the positive organic growth in both sales and earnings we can harness from favorable end market trends,” said Joseph M. Scaminace, chairman and chief executive officer. “This organic growth, combined with the solid financial contributions of our acquired Battery Technologies business and our ability to continue to control costs has allowed us to continue to generate profitable growth for our shareholders. Furthermore, by maintaining our balance sheet strength, we ensure we have the financial flexibility needed to fund our strategic expansion and enhance our long-term value creation.”
Gross profit and operating profit grew 74 percent and 243 percent, respectively. Improvement was driven by positive price and mix and cobalt volumes in Advanced Materials, volume growth in Specialty Chemicals, the acquisition in Battery Technologies and lower restructuring expense in Specialty Chemicals. Partially offsetting these were lower price and mix in Specialty Chemicals and higher manufacturing and distribution expense in Advanced Materials. As a percent of sales, gross profit and operating profit improved to 25.0 percent and 11.7 percent, respectively.
Selling, general and administrative expenses were up 23 percent, but lower as a percent of sales, compared with the same period in 2009 due to the Battery Technologies acquisition and an increase related to performance-based employee incentive compensation.
During the third quarter, cash provided by operating activities was $65.8 million compared with $36.9 million last year, and total debt was reduced by $20 million to $120 million. Cash balance at the end of the quarter was $446.8 million.
BUSINESS SEGMENT RESULTS (all comparisons with the third quarter of 2009)
Advanced Materials
- Net sales were $148.5 million, up 17 percent
- Excluding metal resale and by-product sales, product volumes were flat as growth in powder metallurgy, ceramics and chemicals was offset by slight decreases in battery materials
- Operating profit was $28.3 million (19.1 percent of sales), up 77 percent
- Average quarterly reference price of low grade cobalt was $18.10 per pound, up from $17.30
Specialty Chemicals
- Net sales were $113.3 million, up 4 percent
- Demand was higher in electronic technologies end markets while volumes fell in Advanced Organics due to the closure of the Manchester, England facility
- Operating profit was $12.4 million (10.9 percent of sales), up $10.7 million due mostly to higher restructuring expense in 2009
Battery Technologies
- Net sales were $35.7 million
- Operating profit was $3.1 million
- Note: This segment is comprised of EaglePicher Technologies, which was acquired on January 29, 2010. Comparison to previous year not provided.
OUTLOOK
“We have seen growth across nearly all our end markets through the first nine months of 2010 as we have benefited from the global economic recovery,” commented Scaminace. “Although we anticipate markets will follow typical seasonal trends during the fourth quarter, we expect continued growth across our portfolio of businesses in 2011. This is based on our view that long-term demand trends are favorable across the end markets we serve, particularly within our growth platforms of portable power and electronic chemicals. We also expect to benefit from organic growth from market share gains and new product introductions.”
In the near term, Scaminace noted that Advanced Materials volumes should be flat in the fourth quarter compared with the third quarter as growth in battery materials will be offset by seasonal softness in powder metallurgy, chemicals and ceramics. Specialty Chemicals is expected to be down in the fourth quarter with seasonal declines in the electronic technologies and Advanced Organics markets. Battery Technologies is seeing stable demand from its principal markets, with some decline in the fourth quarter due to timing of deliveries.
“I remain extremely confident in OM Group’s ability to achieve the long-term strategic vision we have articulated,” Scaminace concluded. “We are growing within sectors that are not reliant upon volatile metal prices. We have reduced our cost structure, including restructuring our Advanced Organics business. And our recent acquisitions are performing well. Coupled with our strong and flexible balance sheet, we continue to make progress toward our objective to create meaningful market value for our customers, employees and shareholders.”
For purposes of this release, discussions related to income (loss) from continuing operations or net income (loss) pertain to amounts attributable to OM Group, Inc. common shareholders.
PRESENTATION OF NON-GAAP FINANCIAL INFORMATION
The Company is including certain non-GAAP financial measures, including Income (loss) from continuing operations attributable to OM Group, Inc. and Earnings per share common share – assuming dilution, both as adjusted for special items. “Income (loss) from continuing operations attributable to OM Group, Inc. – as adjusted for special items” is a non-GAAP measure used in this release. It is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release. The Company believes that the non-GAAP financial measure facilitates a comparative assessment of the Company's operating performance and will enhance investors' understanding of the performance of the Company's operations during 2010 and of the comparability of the 2010 results to the results of the relevant prior period. Such non-GAAP financial measures are unique to the Company and may not be employed by other companies. The non-GAAP financial information should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.
WEBCAST INFORMATION
OM Group has scheduled a conference call and live audio broadcast on the Web for 10 a.m. Eastern time today. Investors may access the live audio broadcast by logging on to http://investor.omgi.com. A copy of management’s presentation materials will be available on OMG’s website at the time of the call. The company recommends visiting the website at least 15 minutes prior to the webcast to download and install any necessary software. A webcast audio replay will be available on the “Investor Relations - Presentations” page of the company’s website three hours after the call.
ABOUT OM GROUP, INC.
OM Group, Inc. is a leading global solutions provider of specialty chemicals, advanced materials, electrochemical energy storage and unique technologies crucial to enabling our customers to meet increasingly stringent market and application requirements. The company serves a wide variety of sectors, including rechargeable batteries, electronic devices, cutting tools, petrochemical catalysts, electronics manufacturing, industrial coatings, defense, aerospace, and medical devices. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia and Africa. For more information, visit the company's Web site at http://www.omgi.com.
FORWARD-LOOKING STATEMENTS
The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the potential impact that global economic and financial market crisis may have on our business and operations, including future goodwill impairments; the direction and pace of our strategic transformation, including identification of and the ability to finance potential acquisitions; the operation of our critical business facilities without interruption; the speed and sustainability of price changes in cobalt; the potential for lower of cost or market write-downs of the carrying value of inventory necessitated by decreases in the market price of cobalt or the selling prices of the Company's finished products; the availability of competitively priced supplies of raw materials, particularly cobalt; the demand for metal-based specialty chemicals and products in the Company's markets; the impact of environmental regulations on our operating facilities and the impact of new or changes to current environmental, health and safety laws on our products and their use by our customers; the effect of fluctuations in currency exchange rates on the Company's international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the effect of changes in domestic or international tax laws; and the general level of global economic activity and demand for the Company's products.
OM Group, Inc. and Subsidiaries |
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
September 30, |
December 31, |
||||
(In thousands) |
2010 |
2009 |
|||
ASSETS |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ 446,756 |
$ 355,383 |
|||
Accounts receivable, less allowances |
158,877 |
123,641 |
|||
Inventories |
284,163 |
287,096 |
|||
Refundable and prepaid income taxes |
48,154 |
44,474 |
|||
Other current assets |
44,879 |
32,394 |
|||
Total current assets |
982,829 |
842,988 |
|||
Property, plant and equipment, net |
256,260 |
227,115 |
|||
Goodwill |
301,874 |
234,189 |
|||
Intangible assets |
153,866 |
79,229 |
|||
Notes receivable from joint venture partner, less allowance |
13,915 |
13,915 |
|||
Other non-current assets |
52,875 |
46,700 |
|||
Total assets |
$ 1,761,619 |
$ 1,444,136 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities |
|||||
Current portion of long-term debt |
$ 30,000 |
$ - |
|||
Accounts payable |
175,585 |
139,173 |
|||
Accrued income taxes |
17,946 |
7,522 |
|||
Accrued employee costs |
31,257 |
18,168 |
|||
Other current liabilities |
44,798 |
24,099 |
|||
Total current liabilities |
299,586 |
188,962 |
|||
Long-term debt |
90,000 |
- |
|||
Deferred income taxes |
32,504 |
27,453 |
|||
Uncertain tax positions |
14,961 |
15,733 |
|||
Pension liability |
55,160 |
15,799 |
|||
Other non-current liabilities |
24,808 |
20,057 |
|||
EQUITY: |
|||||
Total OM Group, Inc. stockholders' equity |
1,204,935 |
1,131,305 |
|||
Noncontrolling interest |
39,665 |
44,827 |
|||
Total equity |
1,244,600 |
1,176,132 |
|||
Total liabilities and equity |
$ 1,761,619 |
$ 1,444,136 |
|||
OM Group, Inc. and Subsidiaries |
|||||||||
Unaudited Condensed Statements of Consolidated Operations |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
||||||||
(In thousands, except per share data) |
2010 |
2009 |
2010 |
2009 |
|||||
Net sales |
$ 297,222 |
$ 235,239 |
$ 903,518 |
$ 630,297 |
|||||
Cost of products sold (excluding restructuring charges) |
221,835 |
181,183 |
687,512 |
515,192 |
|||||
Restructuring charges |
1,106 |
11,377 |
1,913 |
11,377 |
|||||
Gross profit |
74,281 |
42,679 |
214,093 |
103,728 |
|||||
Selling, general and administrative expenses |
39,473 |
32,103 |
116,901 |
100,542 |
|||||
Goodwill impairment, net |
- |
(125) |
- |
37,504 |
|||||
Restructuring charges (reversals) |
(37) |
551 |
141 |
551 |
|||||
Gain on termination of retiree medical plan |
- |
- |
(4,693) |
||||||
Operating profit (loss) |
34,845 |
10,150 |
97,051 |
(30,176) |
|||||
Other income (expense): |
|||||||||
Interest expense |
(1,481) |
(76) |
(3,794) |
(608) |
|||||
Interest income |
255 |
193 |
641 |
726 |
|||||
Foreign exchange gain (loss) |
(688) |
(215) |
(8,088) |
650 |
|||||
Other expense, net |
183 |
(25) |
(210) |
(235) |
|||||
(1,731) |
(123) |
(11,451) |
533 |
||||||
Income (loss) from continuing operations before income tax expense |
33,114 |
10,027 |
85,600 |
(29,643) |
|||||
Income tax expense |
(9,159) |
(921) |
(31,791) |
(6,650) |
|||||
Income (loss) from continuing operations, net of tax |
23,955 |
9,106 |
53,809 |
(36,293) |
|||||
Income from discontinued operations, net of tax |
1,003 |
1,846 |
622 |
1,785 |
|||||
Consolidated net income (loss) |
24,958 |
10,952 |
54,431 |
(34,508) |
|||||
Net (income) loss attributable to the noncontrolling interest |
(757) |
473 |
5,159 |
2,325 |
|||||
Net income (loss) attributable to OM Group, Inc. |
$ 24,201 |
$ 11,425 |
$ 59,590 |
$ (32,183) |
|||||
Earnings per common share - basic: |
|||||||||
Income (loss) from continuing operations attributable to OM Group, Inc. |
|||||||||
common shareholders |
$ 0.76 |
$ 0.32 |
$ 1.94 |
$ (1.12) |
|||||
Income from discontinued operations attributable to OM Group, Inc. |
|||||||||
common shareholders |
0.03 |
0.06 |
0.02 |
0.06 |
|||||
Net income (loss) attributable to OM Group, Inc. common |
|||||||||
shareholders |
$ 0.79 |
$ 0.38 |
$ 1.96 |
$ (1.06) |
|||||
Earnings per common share - assuming dilution: |
|||||||||
Income (loss) from continuing operations attributable to OM Group, Inc. |
|||||||||
common shareholders |
$ 0.76 |
$ 0.32 |
$ 1.93 |
$ (1.12) |
|||||
Income from discontinued operations attributable to OM Group, Inc. |
|||||||||
common shareholders |
0.03 |
0.06 |
0.02 |
0.06 |
|||||
Net income (loss) attributable to OM Group, Inc. common |
|||||||||
shareholders |
$ 0.79 |
$ 0.38 |
$ 1.95 |
$ (1.06) |
|||||
Weighted average shares outstanding - basic |
30,474 |
30,265 |
30,417 |
30,236 |
|||||
Weighted average shares outstanding - assuming dilution |
30,560 |
30,436 |
30,535 |
30,236 |
|||||
Amounts attributable to OM Group, Inc. common shareholders: |
|||||||||
Income (loss) from continuing operations, net of tax |
$ 23,198 |
$ 9,579 |
$ 58,968 |
$ (33,968) |
|||||
Income from discontinued operations, net of tax |
1,003 |
1,846 |
622 |
1,785 |
|||||
Net income (loss) |
$ 24,201 |
$ 11,425 |
$ 59,590 |
$ (32,183) |
|||||
OM Group, Inc. and Subsidiaries |
|||||||||
Unaudited Condensed Statements of Consolidated Cash Flows |
|||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||
(In thousands) |
2010 |
2009 |
2010 |
2009 |
|||||
Operating activities |
|||||||||
Consolidated net income (loss) |
$ 24,958 |
$ 10,952 |
$ 54,431 |
$ (34,508) |
|||||
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: |
|||||||||
Income from discontinued operations |
(1,003) |
(1,846) |
(622) |
(1,785) |
|||||
Depreciation and amortization |
13,340 |
14,355 |
40,186 |
41,110 |
|||||
Share-based compensation expense |
1,372 |
1,458 |
4,151 |
4,586 |
|||||
Tax deficiency (excess tax benefit) on exercise/vesting of share awards |
- |
2 |
(93) |
424 |
|||||
Foreign exchange (gain) loss |
688 |
215 |
8,088 |
(650) |
|||||
Goodwill impairment charges, net |
- |
(125) |
- |
37,504 |
|||||
Restructuring charges |
1,069 |
11,928 |
2,054 |
11,928 |
|||||
Gain on termination of retiree medical plan |
- |
- |
- |
(4,693) |
|||||
Other non-cash items |
(3,416) |
(1,146) |
576 |
5,051 |
|||||
Changes in operating assets and liabilities, excluding the effect of business acquisitions |
|||||||||
Accounts receivable |
9,090 |
(14,386) |
(22,654) |
4,183 |
|||||
Inventories |
(17,755) |
3,388 |
30,393 |
40,804 |
|||||
Accounts payable |
26,183 |
17,528 |
30,127 |
11,111 |
|||||
Other, net |
11,274 |
(5,401) |
15,037 |
(10,509) |
|||||
Net cash provided by operating activities |
65,800 |
36,922 |
161,674 |
104,556 |
|||||
Investing activities |
|||||||||
Expenditures for property, plant and equipment |
(5,201) |
(6,765) |
(16,003) |
(22,128) |
|||||
Acquisitions |
- |
- |
(171,979) |
- |
|||||
Other, net |
(427) |
(60) |
(777) |
(2,451) |
|||||
Net cash used for investing activities |
(5,628) |
(6,825) |
(188,759) |
(24,579) |
|||||
Financing activities |
|||||||||
Payments of long-term debt and revolving line of credit |
(20,000) |
- |
(125,000) |
(26,141) |
|||||
Proceeds from the revolving line of credit |
- |
- |
245,000 |
- |
|||||
Debt issuance costs |
- |
- |
(2,596) |
- |
|||||
(Tax deficiency) excess tax benefit on exercise/vesting of share awards |
- |
(2) |
93 |
(424) |
|||||
Proceeds from exercise of stock options |
- |
11 |
3,802 |
11 |
|||||
Payment related to surrendered shares |
- |
(11) |
(1,209) |
(535) |
|||||
Net cash provided by (used for) financing activities |
(20,000) |
(2) |
120,090 |
(27,089) |
|||||
Effect of exchange rate changes on cash |
5,183 |
2,106 |
(1,599) |
2,801 |
|||||
Cash and cash equivalents |
|||||||||
Increase in cash and cash equivalents from continuing operations |
45,355 |
32,201 |
91,406 |
55,689 |
|||||
Discontinued operations - net cash used for operating activities |
(35) |
- |
(33) |
- |
|||||
Balance at the beginning of the period |
401,436 |
268,273 |
355,383 |
244,785 |
|||||
Balance at the end of the period |
$ 446,756 |
$ 300,474 |
$ 446,756 |
$ 300,474 |
|||||
OM Group, Inc. and Subsidiaries |
||||||||||
Unaudited Segment Information |
||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||
(In thousands) |
2010 |
2009 |
2010 |
2009 |
||||||
Net Sales |
||||||||||
Advanced Materials |
$148,455 |
$126,668 |
$468,685 |
$339,650 |
||||||
Specialty Chemicals |
113,337 |
109,400 |
352,786 |
292,664 |
||||||
Battery Technologies (a) |
35,720 |
- |
82,723 |
- |
||||||
Intersegment items |
(290) |
(829) |
(676) |
(2,017) |
||||||
$297,222 |
$235,239 |
$903,518 |
$630,297 |
|||||||
Operating profit (loss) |
||||||||||
Advanced Materials |
$ 28,332 |
$ 15,984 |
$ 74,925 |
$ 27,386 |
||||||
Specialty Chemicals (b) (c) |
12,409 |
1,710 |
47,961 |
(38,097) |
||||||
Battery Technologies (a) |
3,068 |
- |
1,974 |
- |
||||||
Corporate (d) |
(8,964) |
(7,544) |
(27,809) |
(19,465) |
||||||
$ 34,845 |
$ 10,150 |
$ 97,051 |
$ (30,176) |
|||||||
(a) |
includes activity since the acquisition of EaglePicher Technologies on January 29, 2010. |
|||||||||
(b) |
includes a $37.5 million non-cash goodwill impairment charge in the nine months ended September 30, 2009 |
|||||||||
(c) |
includes a $1.1 million and $2.1 million restructuring charge in the three and nine months ended September 30, 2010, respectively, and an $11.9 million restructuring charge in the three and nine months ended September 30, 2009. |
|||||||||
(d) |
includes $2.2 million of fees related to the EaglePicher Technologies acquisition in the nine months ended September 30, 2010 and a $4.7 million gain on the termination of the Company's retiree medical plan in the nine months ended September 30, 2009. |
|||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2010 |
2009 |
2010 |
2009 |
|||||||||
Volumes |
||||||||||||
Advanced Materials |
||||||||||||
Product sales volume - metric tons* |
3,672 |
3,682 |
10,778 |
9,803 |
||||||||
Other Volume (cobalt metal resale and by-product sales) |
2,422 |
3,353 |
8,307 |
10,581 |
||||||||
Cobalt refining volume - metric tons |
2,578 |
2,429 |
6,851 |
6,618 |
||||||||
*excludes cobalt metal resale and by-product sales. |
||||||||||||
Specialty Chemicals |
||||||||||||
Advanced Organics sales volume - metric tons |
5,293 |
5,897 |
17,423 |
16,784 |
||||||||
Electronic Chemicals sales volume - gallons (thousands) |
2,716 |
2,387 |
8,330 |
6,274 |
||||||||
Ultra Pure Chemicals sales volume - gallons (thousands) |
1,500 |
1,205 |
4,325 |
3,334 |
||||||||
Photomasks - number of masks |
7,751 |
6,645 |
22,201 |
20,076 |
||||||||
OM Group, Inc. and Subsidiaries |
||||||
Non-GAAP Financial Measure |
||||||
Three months ended |
Three months ended |
|||||
September 30, 2010 |
September 30, 2009 |
|||||
(in thousands, except per share data) |
$ |
Diluted EPS |
$ |
Diluted EPS |
||
Net income attributable to OM Group, Inc. - as reported |
$ 24,201 |
$ 0.79 |
$ 11,425 |
$ 0.38 |
||
Less: |
||||||
Income (loss) from discontinued operations, net of tax |
1,003 |
0.03 |
1,846 |
0.06 |
||
Income from continuing operations attributable |
||||||
to OM Group, Inc. - as reported |
$ 23,198 |
$ 0.76 |
$ 9,579 |
$ 0.32 |
||
Special items -- income (expense): |
||||||
Discrete tax items - OMG portion |
329 |
0.01 |
1,680 |
0.06 |
||
EaglePicher - deferred revenue (sales) valuation, net of tax |
(138) |
- |
- |
- |
||
Restructuring charges, net of tax |
(1,069) |
(0.04) |
(10,028) |
(0.33) |
||
Goodwill impairment charge |
- |
- |
125 |
- |
||
Income from continuing operations attributable |
||||||
to OM Group, Inc. - as adjusted for special items |
$ 24,076 |
$ 0.79 |
$ 17,802 |
$ 0.58 |
||
Weighted average shares outstanding - diluted |
30,560 |
30,436 |
||||
Nine months ended |
Nine months ended |
|||||
September 30, 2010 |
September 30, 2009 |
|||||
(in thousands, except per share data) |
$ |
Diluted EPS |
$ |
Diluted EPS |
||
Net income (loss) attributable to OM Group, Inc. - as reported |
$ 59,590 |
$ 1.95 |
$ (32,183) |
$ (1.06) |
||
Less: |
||||||
Income (loss) from discontinued operations, net of tax |
622 |
0.02 |
1,785 |
$ 0.06 |
||
Income (loss) from continuing operations attributable |
||||||
to OM Group, Inc. - as reported |
$ 58,968 |
$ 1.93 |
$ (33,968) |
$ (1.12) |
||
Special items -- income (expense): |
||||||
Discrete tax items - OMG portion |
(2,105) |
(0.07) |
(1,679) |
(0.06) |
||
EaglePicher - inventory (COGS) and deferred revenue (sales) valuation, net of tax |
(2,748) |
(0.09) |
- |
- |
||
Restructuring charges, net of tax |
(1,956) |
(0.06) |
(10,028) |
(0.33) |
||
Goodwill impairment charge |
- |
- |
(37,504) |
(1.24) |
||
Intangible asset impairment charge |
- |
- |
(1,229) |
(0.04) |
||
Gain on termination of retiree medical plan |
- |
- |
4,693 |
0.16 |
||
Income from continuing operations attributable |
||||||
to OM Group, Inc. - as adjusted for special items |
$ 65,777 |
$ 2.15 |
$ 11,779 |
$ 0.39 |
||
Weighted average shares outstanding - diluted |
30,535 |
30,364 |
||||
Presentation of Non-GAAP Financial Information |
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The Company is including certain non-GAAP financial measures, including Income (loss) from continuing operations attributable to OM Group, Inc. and Earnings per share common share – assuming dilution, both as adjusted for special items. "Income (loss) from continuing operations attributable to OM Group, Inc. - as adjusted for special items" is a non-GAAP financial measure that the Company's management uses as an important metric in evaluating the performance of the Company's business. The table above presents a reconciliation of the Company's GAAP results, as reported (both net income (loss) attributable to OM Group, Inc. and income (loss) from continuing operations attributable to OM Group, Inc.), to its non-GAAP results after adjusting for the special items shown. The Company believes that the non-GAAP financial measure presented in the table above facilitates a comparative assessment of the Company's operating performance and will enhance investors' understanding of the performance of the Company's operations during 2010 and of the comparability of the 2010 results to the results of the relevant prior period. Such non-GAAP financial measures are unique to the Company and may not be employed by other companies. The non-GAAP financial information set forth in the table above should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. |
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SOURCE OM Group, Inc.
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