Few Clouds 37° Good Evening
Few Clouds 37° Good Evening

Aceto Corp. profits soar 93 percent

The headquarters of Aceto Corp. in Port Washington

The headquarters of Aceto Corp. in Port Washington on Oct. 21, 2011. Photo Credit: Barry Sloan

Aceto Corp. Thursday night said its profit soared 93 percent in the July-September period compared with the same time a year ago, on strong sales of its generic drugs and pharmaceutical ingredients.

The Port Washington-based manufacturer of drugs and chemicals reported a profit of $9 million in its fiscal first quarter, compared with $5 million a year earlier.

Sales rose 2 percent in the same period to $134 million.

Chief executive Sal Guccione said the company has been delivering strong profit growth "on a substantial improvement in operating profitability."

He also said Aceto's move to become a larger player in the pharmaceutical industry "continued nicely in the quarter." Drugs now represent 72 percent of the company's sales, up from 67 percent a year ago.

Guccione said Aceto plans to introduce six to 10 generic drugs in the fiscal year that ends June 30, 2016.

More news