OM Group Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2013. The company reported adjusted EBITDA of $35 million or $0.15 of EPS, excluding the results of its Advanced Materials cobalt business and charges related to cost-reduction initiatives. The company recognized a non-cash loss on the sale of $112 million, or $3.49 per diluted share. Excluding the loss on sale, first quarter results of Advanced Materials and charges of $4 million related to cost-reduction initiatives in its other businesses, the company reported adjusted diluted earnings per share from continuing operations of $0.15. On a GAAP basis, the company reported a loss from continuing operations of $3.43 per diluted share. The company ended the quarter with $115 million of cash and $93 million of debt. First quarter 2013 sales were $364 million were 22% lower than $466.18 million in the prior year comparable quarter, primarily due to lower cobalt prices in the Advanced Materials business and lower rare-earth pricing effects in the Magnetic Technologies business. Excluding the Advanced Materials business and the effects of rare-earth pricing, net sales in the 2013 first quarter were $278 million, 3% lower than the first quarter of 2012 but 8% higher sequentially than the fourth quarter of 2012. Operating profit was $14,040,000 against $34,436,000 for the same period of last year. Loss from continuing operations before income tax expense was $108,808,000 or $3.43 per diluted share against income of $17,064,000 or $0.38 per diluted share for the same period of last year. Net loss attributable to the company common stockholders was $109,713,000 or $3.44 per diluted share against income of $11,949,000 or $0.37 per diluted share for the same period of last year. Net cash used for operating activities was $18,334,000 against $13,575,000 for the same period of last year. Expenditures for property, plant and equipment was $14,389,000 against $10,818,000 for the same period of last year. Reported EBITDA of $37 million in the first quarter of 2013. The $35 million of adjusted EBITDA was a bit stronger than expected for a couple of reasons, notably timing of shipments within Magnetic Technologies and Battery Technologies businesses and some deferred spending and other one-time benefits. The company announced that the EBITDA expectation for the full year 2013 remains at $120 to $140 million, despite the recent announcement to divest ultra pure chemicals subsidiaries by June of this year. The company's forecast excludes Advanced Materials and charges related to cost reduction initiatives.

OM Group Inc., Q1 2013 Earnings Call, May 02, 2013

OM Group Inc. announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on May 02, 2013