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Business

Aceto reports 25 percent boost in profits

Aceto Corp. on Thursday reported a 25 percent increase in profit for the October to December period compared with a year ago on higher sales of its generic drugs.

The Port Washington-based manufacturer of drugs and chemicals said its profit for the three months ended Dec. 31 was $8.3 million, up from $6.6 million a year earlier.

Sales climbed to $132 million in the quarter, a gain of 6.4 percent.

CEO Sal Guccione said Aceto’s performance for the fiscal year that ends June 30 would be lower than expected because of weak sales of chemicals due to the devaluation of China’s currency, among other issues.

The earnings announcement came after the stock market close. Aceto shares closed up 49 cents Thursday to $22.98 on the Nasdaq market; the stock’s price was unchanged in after-hours trading.

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