US housing hurts Rohm and Haas Q1 - Citigroup

23 April 2007 16:51  [Source: ICIS news]

TORONTO (ICIS news)--The weakness in the US housing market took its toll on Rohm and Haas’ first-quarter results, Citigroup said on Monday.

 

The analysts said that weak US housing harmed Rohm and Haas’ first-quarter results in its paints, building materials and monomer businesses.

 

Earnings before interest, tax, depreciation and amortisation (EBITDA) in the monomers segment were down 39% from the 2006 first quarter, paint and coatings' EBITDA dropped 12% and packing and building materials' EBITDA was down 17%.

 

However, overall Rohm and Haas’ first-quarter was “decent”, supported by better performance in the salt and electronics materials businesses, Citigroup said

 

EBITDA in the salt business was up 45% and 6% in electronic materials, the analysts said.

 

The sharp improvement in salt came against a warm 2006 winter, which hurt 2006 first-quarter salt results, Citigroup said.

 

Citigroup added: “As with other companies, European results are turning out to be stronger than US, and Asia continues to be robust. Rohm and Haas should benefit from its global position going forward given a declining US dollar.”

By: Stefan Baumgarten
+1 713 525 2653

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