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Technology KMG Chemicals reports $64.8M profit for fiscal year

KMG Chemicals reports $64.8M profit for fiscal year

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 Associated Press•October 2, 2018

FORT WORTH, Texas (AP) _ KMG Chemicals Inc. (KMG) on Oct. 1 reported fiscal fourth-quarter profit of $18 million.

The Fort Worth-based company said it had profit of $1.13 per share. Earnings, adjusted for one-time gains and costs, were $1.26 per share.

The chemical maker posted revenue of $122.4 million in the period.

For the year, the company reported profit of $64.8 million, or $4.29 per share. Revenue was reported as $465.6 million.

KMG shares have climbed 15 percent since the beginning of the year. The stock has climbed 38 percent in the last 12 months.

On August 15, 2018, Cabot Microelectronics Corp. and KMG Chemicals announced a definitive agreement under which Cabot Microelectronics will acquire KMG Chemicals in a cash and stock transaction with a total enterprise value of approximately $1.6 billion. Under the terms of the agreement, KMG shareholders will be entitled to receive, per KMG share, $55.65 in cash and 0.2000 of a share of Cabot Microelectronics common stock.

Completion of the transaction is subject to approval by KMG’s shareholders and other customary closing conditions. The transaction is expected to close by the end of the year.

“Fiscal 2018 was a year of progress, growth and continued strong performance for KMG,” said Chris Fraser, KMG chairman and CEO. “We again achieved record financial results, with fiscal 2018 sales exceeding the top end of our upwardly revised guidance range and fiscal 2018 adjusted EBITDA at the high end of our forecast. We also achieved record earnings per share of $4.29 on a GAAP basis. Throughout the year, we further strengthened our diverse and market-leading businesses and continued to enhance our efficiency across our global operations.”

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KMG at https://www.zacks.com/ap/KMG

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