21 April 2005 23:10 [Source: ICIS news]
HOUSTON (CNI)--Specialty chemicals producer Rohm and Haas (R&H) Thursday reported a 39% increase in its 2005 first quarter earnings on higher product prices.
Philadelphia, Pennsylvania-based R&H said 2005 first quarter earnings were $159m (Euro122m) or 70 cents/share, up from $114m or 1 cents/share from the year-ago quarter.
The first quarter results include a 5 cents/share after tax loss for the early retirement of $400m in debt, R&H said.
R&H reported 2005 first quarter sales of more than $2bn, a 10% increase over the same period of 2004, due primarily to higher selling prices.
Said R&H chairman and chief executive Raj Gupta: “We are successfully implementing price increases to recover the extraordinary run-up in raw material and energy costs, while maintaining tight control over operating costs.”
R&H said sales in its coatings business of $624m represent a 10% increase over the same period in 2004, while performance chemicals sales were $404m, up 7% over the year-ago quarter.
Monomers sales of $477m were up substantially from $298m in the 2004 first quarter. Electronic materials sales were unchanged. Adhesives and sealants sales were up 10% to $193m in the 2005 first quarter.
Gupta said the company expects modest volume growth for the remainder of the year.
“Rohm and Haas remains focused on improving its sales mix through the introduction of new and improved products, implementing selective price increases to offset continuing escalations in raw materials and energy costs, improving the efficiency of manufacturing operations and streamlining its processes,’ Gupta said. “As a result, we expect full year sales growth in the 10- to 12% range, yielding annual sales of over $8bn and full year 2005 earnings in the $2.65 to $2.90 per share range.”
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections