GenTek Reports Higher 3Q Profit Despite Sales Drop
PARSIPPANY, N.J. (AP) ¿ Chemical and industrial products company GenTek Inc. said Wednesday its third-quarter profit grew, boosted by strong results in its performance chemicals segment.
The company earned $22.3 million, or $2.18 per share, up from a profit of $7.3 million, or 70 cents per share, in the same period a year earlier.
Revenue fell 17 percent to $140.8 million from $169.1 million.
The cost of sales fell 33 percent to $93 million.The company said its performance chemicals business continues to benefit from selling price increases implemented over the course of 2008 and moderating raw material costs. Shares rose 3 cents to $38 in afternoon trading.
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