Aceto reports 24% increase in profits

Aceto Corp. Thursday reported its profit increased 24 percent in the January to March period compared with a year earlier on higher sales of generic drugs and pharmaceutical ingredients.

The Port Washington-based manufacturer said its profit was $10.4 million for its fiscal third quarter compared with $8.4 million a year earlier.

Sales rose to $158 million in the quarter, an 8 percent increase, year over year.

Aceto CEO Sal Guccione said the company is on track to end its 2016 fiscal year with “a low, single-digit increase in net sales, and a high single-digit to low double-digit increase in net income” compared with 2015.

He also said the company’s Rising Pharmaceuticals business is facing increased competition, while sales of chemicals are being impacted by the devaluation of China’s currency.