25 October 2011 11:57 [Source: ICIS news]
LONDON (ICIS)--WR Grace’s third-quarter net income increased by 48.1% to $81.3m (€58.5m) year on year on rising sales revenues and volumes, the ?xml:namespace>
Net sales were up by 26.7% from the same period last year to $864.2m, thanks to improved pricing, favourable exchange rates and higher volumes. Sales in the emerging regions during the third quarter grew 13.7% year on year, Grace added.
Adjusted earnings before interest and tax (EBIT) in the third quarter this year stood at $141.9m, an increase of 55.3% compared with $91.4m in the same period of 2010, primarily a result of the increase in sales and improved gross margin, the company said.
“Our earnings growth reflects the high value of our products and the success of our business teams in responding to changing customer requirements and changes in our operating environment,” said Fred Festa, Grace’s chairman, president and CEO.
Looking ahead, he said the company expects 2011 sales to be around $3.18bn–3.20bn, compared with $3.20bn–3.30bn reported in the company’s outlook on 26 July 2011.
Grace expects 2011 adjusted EBIT to be between $465m–$480m.
“We are focused on finishing 2011 strong, and are well-positioned for the challenges of 2012,” Festa said.
($1 = €0.72)
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