Grace's Profit Doubles, Firm Raises 2010 Earnings Estimate

摘要

W.R. Grace's second-quarter net income more than doubled, to $51 million (69 cts/share), on sales up 4%, to $685 million excluding a refining catalyst joint venture deconsolidated in December 2009. Sales rose on higher volumes and improved selling prices in the catalysts division, which offset unfavorable currency exchange rates. Adjusted Ebit jumped 22%, to $91 million on improved volumes, and lower energy and raw material costs. Meanwhile, Grace has lowered its full-year 2010 sales estimates because the value of the euro declined significantly compared with the U.S. dollar during the second quarter.