A. Schulman announced earnings for the fiscal 2017 second quarter and first half of fiscal 2017 ending February 28, 2017.
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On a GAAP basis, the company reported earnings per diluted share of $0.11, compared with a loss of $0.01 in the prior year period.
Adjusted earnings per diluted share were $0.31, flat on a year-over-year basis.
For the first half of fiscal 2017, A. Schulman reported earnings per diluted share of $0.14 on a GAAP basis, compared with $0.17 a year ago.
Adjusted earnings per diluted share during this period was $0.80, compared with $0.82 in the first half of fiscal 2016.
Consolidated net sales for the second quarter were $568.7 million, compared with $591.8 million in the second quarter of fiscal 2016.
Year-to-date, the company reported consolidated net sales of $1,168.7 million in fiscal 2017, compared with consolidated net sales of $1,241 million in the first half of fiscal 2016.
Excluding the negative impact of foreign currency translation in the second quarter and first half of fiscal 2017 of $12.6 million and $21.9 million, respectively, net sales declined 1.8% in the second quarter and 4.1% in the first half compared with a year ago, primarily due to lower volumes in the EMEA and USCAN segments.
Gross profit on a GAAP basis in the second quarter of fiscal 2017 was $89.2 million, compared with $89.8 million in the prior year period.
For the first half of fiscal 2017, gross profit on a GAAP basis was $190.2 million, compared with $194.8 million a year ago.
Segment gross margin was 15.9% in the second quarter and 16.4% in the first half of fiscal 2017, which is relatively flat with the comparable fiscal 2016 periods.
GAAP operating income in the second quarter was $21.3 million, compared with $16.0 million in the prior year period.
Adjusted operating income margin was 4.8% in the second quarter of fiscal 2017, compared with 4.9% in the second quarter of fiscal 2016.
On a year-to-date basis, the adjusted operating margin was 5.3%, compared with 5.4% in the prior year.
A. Schulman reported fiscal second quarter net income of $3.2 million, compared with a loss of $0.3 million in the year-ago period. Year-to-date, reported net income was $4.2 million compared to $4.9 million in the prior six-month period.
On an adjusted basis, the net income comparison for the second quarter was $9.3 million versus $9.2 million in the prior year period.
Year-to-date adjusted net income was $23.7 million, compared with $24.1 million in the prior year period.
Fiscal 2017 second quarter adjusted EBITDA was $46.7 million, compared with $49.7 million in the prior year period.
Year-to-date, adjusted EBITDA was $101.3 million, compared with $108.1 million in the first six months of fiscal 2016. ■