Ameron International's Performance Coatings & Finishes Group had higher sales in 2004 than in 2003; however, profits declined due to the continued weakness in U.S. and European chemical and industrial markets. Sales in the fourth quarter were higher in 2004, compared to 2003. Consistent with the trends throughout 2004, fourth-quarter profits declined due to margin pressures associated with the weak market conditions and escalating raw material costs. A group-wide profit-enhancement program has been initiated to recover higher raw material costs through increased pricing and to implement operating-cost reductions. The markets served by the Performance Coatings & Finishes Group are not forecasted to improve in the near term.
Ameron Reports Higher Sales, Lower Profits for Coatings
PASADENA, Calif. - Ameron reported record sales from consolidated operations in the fiscal year ending November 30, 2004, of $605.9 million, compared to $600.5 million in 2003. In addition to record sales from consolidated operations, Ameron's primary joint ventures had sales of almost $280 million in 2004, compared to approximately $228 million in 2003.