Arch Chemicals Inc. in Norwalk posted a 42 percent jump in second-quarter profit on Wednesday as demand for its products increased around the world, and it boosted its annual forecast above expectations, Reuters reports.
Arch makes biocide chemicals that go into a wide range of consumer products, including anti-dandruff shampoo, wood sealants and pool water cleaners.
Chemical sales typically are a leading indicator of economic vitality.
For the period that ended June 30, the company posted net income of $43.5 million, or $1.73 per share, compared with $30.7 million, or $1.24 per share, in the year-ago period.
Analysts expected earnings of $1.59 per share, according to Thomson Reuters I/B/E/S.
Revenue at Arch rose 17 percent to $441.4 million.
For the year, Arch now expects earnings of $2.25 to $2.40 per share, up from a previous forecast of $1.90 to $2.10 per share. Analysts expect annual earnings of $2.24 per share.
For the third quarter, Arch expects adjusted earnings of 30 cents to 40 cents per share. Analysts expect 34 cents per share for the period.
“I am very encouraged by the strong global demand improvement we experienced for our biocides products in the first half, and our expectation is that these positive trends will continue,” Chief Executive Officer Michael E. Campbell said in a statement.
At 11 a.m., Arch was up 23 cents at $34.96.
