US Rockwood almost doubles Q1 net profit on strong sales, pricing

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


By: Graeme Paterson
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index