GenTek swings to 1Q profit without year-ago costs

Chemical and industrial products company GenTek Inc. said it swung to a first-quarter profit compared with the year-ago period that included a hefty loss from discontinued operations.

The company earned $1.4 million, or 13 cents per share, compared with a year-ago loss of $3.3 million, or 28 cents per share. Revenue fell 2 percent to $151.4 million from $154.9 million.

Excluding the discontinued operations, the company said it earned 38 cents per share a year prior.

"North American automotive trends continue to negatively impact our short term operating results," said President and Chief Executive William E. Redmond Jr., in a statement. "However, we expect the continued expansion of our global footprint in valve actuation systems revenue and operations into Europe and South America to materially change these trends beginning in 2009."

Shares of GenTek fell 55 cents to close at $31.66.