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Renewable Energy Stock Trading Alert; OM Group (NYSE:OMG) Moves on First Quarter Results

May 02, 2013 --

Renewable Energy Stock Trading Alert; OM Group (NYSE:OMG) Moves on First Quarter Results

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Point Roberts, WA - May 2, 2013 (Investorideas.com renewable energy newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in investing ideas in leading sectors including renewable energy stocks issues a trading alert for OM Group Inc. (NYSE :OMG) trading up at $26.44, gaining 3.30 or 14.26% at 10:41AM EDT following first quarter news.

OM Group, Inc. (OMG) reported financial results for the first quarter ended March 31, 2013. The Company reported adjusted EBITDA of $35 million, excluding the results of its Advanced Materials cobalt business and charges related to cost-reduction initiatives. As announced on March 29, 2013, the Company completed the sale of its cobalt business, and it subsequently used the proceeds along with cash on-hand to repay $374 million of its debt. The Company recognized a non-cash loss on the sale of $112 million, or $3.49 per diluted share. Excluding the loss on sale, first quarter results of Advanced Materials and charges of $4 million related to cost-reduction initiatives in its other businesses, the Company reported adjusted diluted earnings per share from continuing operations of $0.15. On a GAAP basis, the Company reported a loss from continuing operations of $3.43 per diluted share.


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OM Group is a technology-based industrial growth company serving attractive global markets, including automotive systems, electronic devices, aerospace, industrial and renewable energy. Its business platforms use innovative technologies and expertise to address customers' complex applications and demanding requirements. For more information, visit the Company's website at www.omgi.com.

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