SOUTHFIELD — Detrex Corp., the Southfield-based specialty chemical maker (OTC: DTRX) reported revenue of $10.9 million in the first quarter, up from $10.2 million a year earlier.
Net income was $712,951 or 41 cents a share, up from $541,945 or 31 cents a share a year earlier.
The company said the 7.4 percent revenue improvement was the
result of gains in several product lines and improved sales of a
product that tends to fluctuate in volume from month to month. Strong revenue growth in the domestic market and portions of Asia
contributed to the sales improvement. Earnings were up for the
quarter driven largely by the increased volume.
Said president and CEO Tom Mark: “We are pleased that the
investments we have made in Elco’s capabilities over the past few
years are beginning to generate a return in improved sales and
earnings. In the year to come we will continue to emphasize growth
while we evaluate and embrace strategic opportunities to generate
shareholder value.”
Detrex, through subsidiary Elco Corp., manufactures specialty
chemicals including additives for industrial petroleum products and
high purity hydrochloric acid.