26 April 2006 15:05 [Source: ICIS news]
HOUSTON (ICIS news)--Engelhard said on Wednesday that its earnings before income taxes and interest were $94.3m (Euro75.8m) in the first period, up from $78.4m for the same quarter last year.
Net sales were $1.45bn, up 43% from $1.01bn in the first quarter of 2005. Net earnings were $68.9bn, compared with $57.9bn a year ago.
Engelhard has been the target of a hostile takeover bid from the German chemical company BASF. Also on Wednesday, Engelhard announced a stock repurchase plan.
“Our strong first-quarter performance demonstrates that the significant investments we made in recent years in both organic growth initiatives and strategic acquisitions are indeed paying off. Our results from the current and last quarters reflect that our past actions have positioned Engelhard to generate strong earnings growth over the next several years,” said Barry Perry, chairman and chief executive.
The company said its operating earnings from its process technologies business rose 38% to $26m, driven by continued demand for technologies for petroleum refining and growth in most chemical catalyst markets. Revenues increased 16% to $17m in the first quarter.
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