G. R. Grace Q1 Profit Down, But Adj. EPS Tops View - Quick Facts

(RTTNews) - Specialty chemicals company W. R. Grace & Co. (GRA) posted lower first-quarter net income of $50.1 million, or $0.64 per share, versus the prior-year quarter's $59.1 million, or $0.77 per share. On an adjusted basis, earnings per share were $0.77, compared with $0.91 a year earlier. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.74 for the quarter. Analysts' estimates typically exclude one-time items.

However, quarterly sales of $744.5 million rose 4.9 percent year-over-year compared with $709.9 million, because of increased sales volumes and improved base pricing offset unfavorable currency translation and lower rare earth surcharges, the company said. Meanwhile, the acquisitions contributed 4.2 percent to sales volume growth. Seven analysts projected sales of $739.13 million for the period.

Commenting on its businesses' performance, Grace's Chairman and Chief Executive, Fred Festa said: "Catalysts Technologies grew with new products and the polypropylene acquisition, which more than offset lower demand in Europe. Materials Technologies grew with strong demand in engineered materials, and Construction Products experienced strong growth, except in North America where severe weather reduced construction activity in the quarter."