Aceto Corp.’s fiscal third-quarter profit surged 41%, mainly driven by its pharmaceutical ingredients business.
For the quarter ended March 31, net income rose to $7.59 million from $5.38 million a year ago. Third-quarter sales rose 24% to $150.9 million from $121.4 million a year earlier. Performance chemicals sales were essentially flat with the comparable quarter while its pharmaceutical ingredients segment posted 52.2% year-over-year growth.
"We are pleased with the quarter's performance, but do not expect a repeat in the fiscal 2013 fourth quarter,” said Sal Guccione, CEO. “Our current expectations are for a quarter much more in line with recent historical performance, with our usual caveat that results could vary on a quarterly basis due to the nature of our business and timing of our orders. As a result of our strong fiscal third quarter earnings, we increased our cash position, decreased our borrowings and further improved our balance sheet. We remain committed to investing in our internal growth initiatives and to pursuing strategic acquisitions," Guccione added.