TOR Minerals International, Inc. announced its financial results for the second quarter ended June 30, 2017. The company reported sales increased 9 per cent to $10.7 million for the second quarter as compared to $9.9 million during the same period of 2016. The increase in revenue was mainly due to continued growth in specialty alumina sales.
“Specialty alumina sales primarily benefited from strong growth in Europe and growth of OPTILOAD to both existing and new customers in the U.S,” according to the company’s press release.
{alcircleadd}The company’s revenue of specialty aluminas stood at $6 million for the second quarter as compared to $5 million in the same period of 2016.
Dr. Olaf Karasch, Chief Executive Officer, said, “We saw continued strength in our Specialty Alumina business and are well positioned to continue double-digit growth in our largest product category. While flat in terms of revenue comparisons, our TiO2 business saw improving trends in Europe and Asia.”
{googleAdsense}
Net income was $352,000 or $0.10 per diluted share in 2Q17, versus net income of $87,000, or $0.03 per diluted share in 2Q16.
TOR Minerals International, headquartered in Texas, is a manufacturer and marketer of specialty mineral and pigment products for high performance applications.
This news is also available on our App 'AlCircle News' Android | iOS