Rockwood Q3 net income soars to $40.5m on strong demand

26 October 2010 12:26  [Source: ICIS news]

LONDON (ICIS)--Rockwood’s net income for the third quarter soared to $40.5m (€29.2m) from $10.2m in same period last year on the back of strong demand, the US-based specialty chemicals company said on Tuesday.

Net sales for the 2010 quarter came in at $860.9m, up 9.5% compared with $786.2m for the same period last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 11.9% to $169.1m.

“Our third quarter results reflect continued strong global demand for Rockwood’s specialty chemicals and advanced materials and strong volume growth in all markets, except those related to construction in the United States,” said Seifi Ghasemi, chairman and CEO.

He added that the company’s adjusted EBITDA margins were 19.6%, “reflecting our ongoing focus on cost control and disciplined approach to pricing”.

“We continue to be positive about the demand for our specialty chemicals and advanced materials. Therefore, we are optimistic about our results for the remainder of 2010. We currently expect continued positive demand growth into 2011,” said Ghasemi.

($1 = €0.72)

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By: Hilde Ovrebekk
+44 20 8652 3214

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