Rockwood Holdings Q2 Profit Plummets, Misses View - Quick Facts

(RTTNews) - Specialty chemicals firm Rockwood Holdings, Inc. (ROC) reported a sharp plunge in second-quarter 2013 net income attributable to shareholders to $32.3 million, or $0.41 per share, from $224.9 million, or $2.81 per share in the prior-year quarter. The company said the recent quarter's net profit included other net charges of $25.5 million, mainly related to the non-core business sales process, particularly Advanced Ceramics and Clay-based Additives; while the last year's earnings included other net benefits of $125.8 million, chiefly related to the reversal of a majority of its federal tax valuation allowance.

Excluding these other net charges and benefits, adjusted net income stood at $57.8 million, or $0.73 per share, in the 2013 second quarter. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.76 for the quarter. Analysts' estimates typically exclude one-time items.

However, including discontinued operations, quarterly net sales reached $972.3 million, higher than the prior-year figure of $905.6 million, whereas 7 analysts estimated revenues of $955.94 million for the quarter.

Commenting on the outlook, Rockwood's Chairman and Chief Executive said, "For the second half of the year, we expect our Lithium and Surface Treatment businesses to continue to show growth and maintain strong margins. Further, we believe that our Titanium Dioxide business will achieve a turn-around with Adjusted EBITDA margins trending in excess of 10%."