Croda's Profit Rises on Strong Consumer Care Sales
British specialty chemical maker Croda International said increased fourth-quarter sales at its consumer care business helped it report a 6.6% rise in full-year profit.
Croda, which makes chemicals used in personal care and home care products as well as in lubricants and coatings, said underlying sales grew 5.7% in the fourth quarter.
Sales at its consumer care business, which brings in most of the company's revenue, grew 1.4% to 136.3 million pounds.
Sales for the full year grew 2.3% to 1.05 billion pounds ($1.59 billion), said the company that counts Procter & Gamble, Unilever, L'Oreal and Estee Lauder among it customers.
Consumer care sales rose 2.6% to 586.4 million pounds.
Pretax profit rose to 253.2 million pounds from 237.5 million pounds a year earlier.
Analysts on average expected 251.6 million pounds in pretax profit and 1.07 billion pounds in revenue, according to Thomson Reuters I/B/E/S.
Croda raised its final dividend to 32.75 pence per share from 30.25 pence a year earlier.
