Chemtura’s Earnings Rise on Higher Volumes and Selling Prices

摘要

Chemtura reported third-quarter earnings from continuing operations of $12 million, up 20% over the same period last year, on sales up 17%, to $710 million. The company cites higher sales volumes and selling prices, partially offset by unfavorable foreign currency exchange rates and the recent sale of its sodium sulfonate business to an affiliate of private equity firm Sun Capital Partners (Boca Raton, FL). On a managed basis, which excludes certain bankruptcy- and restructuring-related losses and gains, earnings rose 31%, to $21 million. Chemtura expects to exit bankruptcy some time in November. On a managed basis, operating profits in Chemtura’s consumer performance products and industrial performance products divisions fell in the third quarter as a result of higher raw material, energy, and other costs. Profits in Chemtura AgroSolutions and industrial engineered products units rose on higher sales and lower manufacturing costs. Sales rose in all divisions except consumer performance products, which was hurt by lower sales in its North American recreational water products business and its household product line.