22 October 2008 14:32 [Source: ICIS news]
TORONTO (ICIS news)--Rohm and Haas’ third-quarter net income rose 1.6% to $131m (€100m) from $129m a year earlier while sales rose 12% despite the worsening economic climate, the US chemicals producer said on Wednesday.
Net earnings from continuing operations remained unchanged at $129m but overall pre-tax earnings from the company's business segments were down 21% to $132m as all segments reported double-digit declines.
“The economic and operating environment deteriorated further this quarter, yet we were able to deliver a respectable financial performance in the face of these challenges," said CEO Raj Gupta.
"Our coordinated and prompt response to rapidly changing conditions and our timely pricing and cost reduction actions gained significant traction in the quarter allowing us to largely offset rising raw material and energy costs," he said.
Sales for the three months ended 30 September were $2.47bn, the 12% increase in sales reflecting pricing actions, favourable currency effects, acquisitions and growth in developing economies.
These positive drivers were partially offset by lower demand in North America and ?xml:namespace>
The quarter’s results included a number of special items and charges to account for costs associated with Rohm’s planned $18.8bn merger with Dow Chemical, the US Gulf coast hurricanes, and impairment and restructuring measures.
"Our confidence in a bright future for Rohm and Haas remains high, and we fully expect to deliver outstanding results for all our stakeholders as we look forward to the merger with Dow Chemical,” Gupta added.
($1 = €0.76)
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