OM Group Trading Lower on Downbeat Q4 Earnings
OM Group (NYSE: OMG) is trading lower on the session following its Q4 earnings announcement yesterday. The company reported EPS of $0.73 vs $0.91 estimate and revenues of $438.60 million vs $459.10 million.
Joseph Scaminace, chairman and chief executive officer said: “In many ways, 2011 was a breakthrough year for OM Group. We continued to grow our business profitably, achieving adjusted EBITDA of $224 million, and delivered our sixth consecutive year of positive cash flow from operations. Through the creation of our Magnetic Technologies platform and our market-driven initiatives, we now have greater opportunity to expand in targeted higher-growth, higher-margin applications for mobile energy storage, electronic devices, renewable energy and transportation."
OM Group is currently trading at $26.29, a loss of $0.59 or 2.19%.
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