SOUTHFIELD — Detrex Corp. (OTC: DTRX), the Southfield specialty chemical manufacturer, reported 2016 first quarter net income of $234,317, or 14 cents a share, down from $712,951, or 41 cents a share a year earlier.
Revenue was $8.9 million, down from $10.9 million a year earlier, but up from $8.2 million in the fourth quarter.
Company officials said weak sales in the last two quarters reflect poor industrial demand specifically from the metalworking and energy markets. The weakness has been particularly pronounced in the Americas. The earnings were impacted by lower sales volume, partially offset by reduced manufacturing costs.
The company also announced that it will pay a second quarter dividend of $0.25 per share on June 22 to shareholders of record on June 8.
President and CEO Tom Mark said the company “is demonstrating resilience in a very challenging industrial market. Our products continue to generate market interest and gain approval from a wide variety of customers, and we believe that (Detrex subsidiary) Elco is poised for a rebound when economic conditions improve. In the meantime, we remain in the process of evaluating strategic opportunities to generate shareholder value and will keep you informed of our progress.”
More at www.detrex.com.