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Chemicals maker Aceto reports 1Q profit surge
Aceto Corp. on Thursday reported a 135 percent increase in profits for the July-through-September period as drugmakers used more chemical compounds from the Port Washington company.
Aceto said it earned $11 million in the quarter ended Sept. 30, compared with $5 million a year earlier.
Sales climbed nearly 16 percent to $129 million in the first three months of the company’s 2014 fiscal year.
Chief executive Sal Guccione said, “Our record results were driven primarily by the human health and pharmaceutical ingredients segments.”
The earnings report was released after the stock markets closed for the day. In after-hours trading, Aceto shares were up $1.08, or more than 6 percent, to $17.40 in Nasdaq trading.