US WR Grace Q3 net profit falls 8.1% on slightly lower sales

23 October 2013 11:52  [Source: ICIS news]

LONDON (ICIS)--WR Grace’s third-quarter net income fell by 8.1% year on year to $69.4m (€50.7m) on slightly lower sales, which decreased 0.7% to $771.3m, the US-based catalysts and specialty materials producer said on Wednesday.

The company’s adjusted operating profit increased to $130.7m from $129.1m in the same quarter last year, while gross profit was flat at $284.7m.

Diluted earnings per share fell to 89 cents from 99 cents in the same quarter in 2012.

“Materials Technologies and Construction Products delivered strong quarters with double-digit increases in operating income," said CEO and chairman Fred Festa.

The Catalysts Technologies business unit's operating income was slightly better than expected, Festa said, adding that new catalyst technologies had been well received by customers.

The slight fall in sales revenue was due to lower pricing (-1.2%) and unfavourable currency translation (-0.4%), which were partially offset by higher sales volumes (+0.9%), the company said.

WR Grace reaffirmed its full-year 2013 outlook, with adjusted operating profit in the range of $560m-570m and adjusted earnings before interest, tax and depreciation (EBITDA) at $685m-$695m.

($1 = €0.73)

By: Graeme Paterson
+44 20 8652 3214

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