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W.R. Grace first-quarter net income improves to $12.9 million
By Caroline Salls
Pittsburgh, April 23 - W.R. Grace & Co. reported a $12.9 million net income for the quarter ended March 31 on $759.2 million in net sales, according to a company news release.
The figures showed improvement over a $4.8 million net income posted for the quarter ended March 31, 2007 on $715.6 million in net sales.
According to the release, the increase in sales can be attributed to improved pricing in both operating segments and favorable currency translation, partially offset by lower volumes in U.S. construction markets and by order patterns.
Meanwhile, Grace said the net incomes for both the 2007 and 2008 first quarters were negatively affected by Chapter 11 expenses, litigation and other matters not related to core operations.
"We are pleased with our execution in a challenging environment," chairman, president and chief executive officer Fred Festa said in the release.
"Our diverse product portfolio and global reach allowed us to deliver positive results. We benefited from productivity gains and price increases but experienced increasing raw material costs and lower volumes, particularly in the U.S. construction market.
"We do not see any substantial recovery coming in the U.S. construction markets in 2008, and as a result we are reviewing costs throughout the company."
Cash and cash equivalents at March 31, 2008 were $460.8 million, compared with $479.3 million on March 31, 2007.
W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-01139.
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