27 April 2011 13:22 [Source: ICIS news]
LONDON (ICIS)--Rockwood Holdings’ 2011 first-quarter net income almost doubled from the same period last year, driven by organic sales growth and product price rises, the US-based specialty chemicals company said on Wednesday.
Net income for the quarter ended 31 March was $63.3m (€43m), while net sales grew by 17% to $914m.
“Rockwood’s exceptionally strong first-quarter profits resulted from organic sales growth in all segments, as well as price increases that offset raw material and other cost increases,” said Rockwood CEO Seifi Ghasemi.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 32% year on year to $206.6m.
Excluding net special charges, diluted earnings per share (EPS) more than doubled to $0.88 from $0.41 in the first quarter of 2010.
“We remain optimistic about the prospects for our business as demand for Rockwood’s products continues to be strong,” said Ghasemi.
“We expect to increase sales, maintain strong margins and improve earnings per share, while reducing debt in line with our long-term objectives,” he added.
($1 = €0.68)
For more on Rockwood visit ICIS company intelligence
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