VSM Versum Materials Inc

By WSJ Staff

Versum Materials Inc. (VSM), which last month agreed to be acquired by Germany's Merck KGaA (MRK.XE), said net profit fell 18% in the fiscal second quarter from a year earlier.

The Tempe, Ariz., provider of chip-making materials said early Tuesday its net income came in at $50.4 million in the period ended March 31, compared with $61.6 million a year earlier. Earnings per share were $0.46.

On an adjusted basis, net income was $62.4 million, down 4% from a year earlier, and earnings per share came in at $0.57.

Adjusted earnings before interest, taxes, depreciation and amortization were $110.1 million, flat versus a year earlier.

Sales fell 4% to $326.2 million.

Versum said it wouldn't provide financial guidance or hold an earnings conference call in light of its agreement with Merck, the pharmaceutical and chemical company based in Darmstadt, Germany.

On April 12, Merck said it reached a deal to buy Versum for $53 a share in cash, valuing the purchase at $6.56 billion. The agreement scuttled a deal Versum had reached in January to combine with Entegris Inc. (ENTG).

Versum and Merck are continuing to work toward closing the deal in the second half of this year, the U.S. company said Tuesday. The transaction is subject to the approval of Versum stockholders, regulatory clearances and the satisfaction of other customary closing conditions, the company said.

--Donato Paolo Mancini contributed to this article.

(END) Dow Jones Newswires

May 07, 2019 04:48 ET (08:48 GMT)

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