Aceto Corp., which distributes chemicals and generic drugs, said its profit climbed 90 percent in the fiscal fourth quarter due to better sales of Health Sciences products and weed killers.
For the three months ended June 30, Aceto reported a profit of $8 million, or 32 cents per share, up from $4.2 million, or 17 cents per share, a year earlier. Revenue grew 20 percent, to $104.7 million from $87.2 million. The company said its strongest growth came from the Health Sciences business.
Health Sciences revenue rose 34.9 percent as sales increased in the U.S. and overseas. Crop Protection sales grew 19.5 percent on better sales of herbicides used on peanuts and potatoes, while sales of Chemicals and Colorants edged up slightly.
Overall, Aceto's profit margins widened to 23.1 percent from 18.9 percent as expenses increased slower than sales.
In morning trading, the stock rose 30 cents, or 3.5 percent, to $8.81.
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