Morton International said first-quarter net earnings fell 21 percent, to $26 million, or 54 cents a share, from $33 million, or 69 cents a share, in the year-earlier period.
Chicago-based Morton International said sales rose 10 percent, to $354.8 million from $321.6 million.
”While disappointed in this year`s first-quarter results, we remain optimistic about the year and future growth opportunities for Morton International,” said Charles S. Locke. ”Quarterly comparisons should improve throughout the year as higher raw material costs, which are negatively affecting specialty chemical margins, become a less significant factor.”
He noted that last year`s first quarter was particularly strong and included the recognition of income relating to certain real estate
transactions.
