Taminco posts 1Q profit and shares trade higher
NEW YORK (AP) — Chemicals maker Taminco Corp. said Tuesday it turned a profit in the first quarter before it completed its initial public offering.
Taminco produces alkylamines and alkylamine derivatives, which are used in manufacturing products for the agriculture, water treatment, personal & home care, animal nutrition and oil and gas markets. The Allentown, Pa., company said total sales volumes grew 7 percent in the first quarter.
Taminco said it earned $8 million, or 16 cents per share, over the three months ended March 31. It took a loss of $43 million, or 88 cents per share, in the year-ago quarter. Revenue climbed to $310 million from $139 million.
The company said sales of functional and specialty amines improved, but bad weather hurt its crop business at the end of the quarter.
The company's initial public offering of 15.8 million shares sold $15 each on April 17. Taminco had expected the shares to start in the $18 to $20 filing range. The stock has gained 3.7 percent since the IPO, and in Tuesday morning trading the stock rose 71 cents, or 4.6 percent, to $16.26.