23 July 2002 16:10 [Source: ICIS news]
HOUSTON (CNI)--Catalysts and specialty chemicals producer Engelhard said Tuesday second quarter net earnings were flat at $60.1m (Euro60.1m) on improved margins and cost cutting.
For the quarter ended 30 June, the Iselin, New Jersey-based company posted earnings/share (eps) of 46 cents, up a penny from the second quarter last year.
Engelhard said the second quarter included an after-tax benefit of 5 cent/share from insurance settlements and two charges amounting to 4 cent/share from a manufacturing consolidation plan and the write down of an investment.
Sales slid to 33% to $1bn, the company said, on lower prices for platinum group metals.
Said the company in a statement: "Contributions from new
products and ongoing productivity initiatives resulted in improved
margins in spite of weak core market volumes."
Barry Perry, chairman and chief executive officer of Engelhard, said the diversity of the company's market portfolio and its focus on productivity "are enabling us to deliver results without the benefit of significant economic recovery."
He added: "Even though most of the markets we serve remain weak,
we still expect to deliver earnings for the full year in the
$1.75-1.90 range which is consistent with analysts' estimates
established at the beginning of the year."
Net earnings for the first six months totalled $112m or 85 cent/share compared with $107m or 81 cent/share in the 2001 first half.
Net sales for the first half were $2bn versus $3.1bn for the
same period last year.
Engelhard is a surface and materials science company that develops technologies to improve customers' products and processes.
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