Distribution firm Nexeo Solutions posted improved financial results in its 2017 fiscal year, both in plastics and in its overall business.
Houston-based Nexeo rang up sales of more than $3.6 billion for the year ended Sept. 30, according to a Dec. 6 news release. That's up almost 7 percent vs. its fiscal 2016 total of just over $3.4 billion. The 2016 amount combines successor and predecessor company totals.
Nexeo also showed a $14.4 million profit for the year after losing $22.2 million in fiscal 2016. The firm's operating income also grew almost 90 percent to $67.4 million.
Plastics sales for Nexeo grew almost 6 percent in fiscal 2017 to more than $1.8 billion. Plastics accounted for almost 51 percent of the firm's sales for the year. Most of the remainder of Nexeo's sales came from chemicals.
Company officials said the firm's plastics sales volume in pounds was up almost 11 percent for the three months ended Sept. 30.
“We continue to execute well on our strategy,” president and CEO David Bradley said in the release. “And with the macro-industrial environment showing signs of improvement, we have good momentum in the business as we enter fiscal year 2018.”
Nexeo's per-share stock price was up almost 6 percent to just under $8 per share in late trading Dec. 7. The price began the year around $9.40 but was down almost 15 percent, based on the Dec. 7 price.
Nexeo is one of North America's largest distributors of plastics materials, distributing resins, compounds and concentrates for more than 20 suppliers.