Q1 revenues rise 29% at Ico
US producer of custom polymer powders and film concentrates Ico, Inc. has posted improved revenues for its first quarter ended December 31.
Revenues were $110.9 million for the three-month period, a $24.6 million, or 29%, increase compared with the same quarter of the previous year. The increase in revenues was due to growth in volume, changes in product mix and prices and the effect of stronger foreign currencies.
Gross profit increased $4.6 million, or 32%, to $19.1 million, while net income rose $1 million, or 39%, year-on-year.
However, revenues fell $12.7 million or 10% compared with the previous quarter as a result of lower volumes sold, partially offset by the effect of stronger foreign currencies.
With 19 locations in 10 countries, Ico produces custom polymer powders for rotational moulding and other polymer related businesses, such as the textile, metal coating and masterbatch markets.
