AEP Industries (AEPI) Swings to Q1 Profit

AEP Industries (NASDAQ: AEPI) reported Q1 EPS of $0.09, versus ($0.67) reported last year. Revenue for the quarter came in at $275.4 million, versus $272.5 million reported last year.

Brendan Barba, Chairman, President and Chief Executive Officer of the Company, said, "We believe that the improvement in our gross profit in the fiscal first quarter reflects the beginnings of a more reasonable resin price environment. Although disappointing, the reduction in sales volume was expected due to customers' need to destock inventory in an environment of declining costs. We expect customer destocking activities to continue if resin prices further decline. This development would jeopardize our stated guidance that we would achieve a 3% volume gain in fiscal 2015. We remain confident in the steps we have taken to position the Company for future growth."

For earnings history and earnings-related data on AEP Industries (AEPI) click here.

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