Specialty chemical company Aceto Corp (Nasdaq:ACET) nearly tripled its fiscal first quarter profits on Friday, as sales improved across all of its business segments.
For the first fiscal quarter of 2011, the company posted net income of $2.8 million, or $0.11 per diluted share, up from $1.0 million, or $0.04 per diluted share, in the same period a year earlier.
Net sales were $87.7 million, an increase of 24% from the year ago quarter, helped by 32% growth in the specialty chemicals segment due to increased sales of chemicals used in surface coatings, as well as agricultural, dye, pigment and other intermediates.
Sales in the health sciences division improved 13%, as the company boosted its domestic generics and pharmaceutical product groups.
The crop protection segment also increased sales by 90% during the third quarter, a result of the introduction of glyphosate, which the company began selling in the third quarter of fiscal 2010.
At quarter-end, the company had cash and equivalents of $40.1 million.
With business operations in ten countries, Aceto distributes more than 1000 chemical compounds used either as principal raw materials or as finished products in the pharmaceutical, agricultural, surface coating/ink and general chemical consuming industries.