Amcol 3Q profit falls on tough comps to prior year
HOFFMAN ESTATES, Ill. (AP) — Mineral producer Amcol International posted a 6 percent decline in net income for the third quarter, partially as a result of tough comparisons to a prior-year period boosted by the sale of some assets.
The Hoffman Estates, Ill., company earned $18.8 million, or 58 cents per share, down from $20.1 million, or 62 cents per share, in the year-ago period.
The prior-year period included gains of 7 cents per share on the sale of a Belgian joint venture investment and 3 cents per share from the favorable settlement of tax audits.
Revenue rose 2 percent to $253.3 million from $248.1 million. Excluding the effects of unfavorable exchange rates, the company said its revenue rose 4.7 percent.
Amcol International Corp., like other companies that do significant business outside the U.S., can be hurt by a rising dollar because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar.
The company said its results also were hurt by weak results from its lining technologies product line, which continues to struggle with increasing competition and declining demand.