SHREWSBURY, N.J.--Citing solid fiber sales, higher selling prices and lower costs at its domestic and European fiber operations, Wellman Inc. reported third-quarter earnings more than doubled to $17.3 million, or 52 cents a share, from $7 million, or 21 cents, a year ago.
In the quarter ended Sept. 30, sales gained 10.8 percent to $233 million from $210.2 million.
The company said the strong third-quarter results reflected higher polyester fiber sales and selling prices, and lower costs. The volume and price improvements resulted from worldwide demand.
Thomas M. Duff, president and chief executive officer, said, "Strong demand enabled Wellman to initiate additional domestic polyester fiber increases in September 1994, which may help reduce the impact of significant increases in chemical feedstock costs expected in the fourth quarter of 1994." In the nine months, earnings rose 7.5 percent to $44.7 million, or $1.34 a share, from $41.6 million, or $1.27, before an accounting charge. After the $9 million charge, earnings for the year-ago period were reduced to $32.6 million, or $1.
Sales increased 8.4 percent to $685.3 million from $632.1 million. Wellman manufactures and markets Fortrel brand polyester textile fibers, recycled polyester and nylon staple fibers.
--Fairchild News Service

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