Rockwood 4Q adj. profit meets Wall Street's view
PRINCETON, N.J. (AP) — Rockwood Holdings' net income dropped 66 percent in the fourth quarter, weighed down by increased charges and expenses.
For the three months ended Dec. 31, the chemicals maker earned $21.2 million, or 26 cents per share. That's down from $62.9 million, or 79 cents per share, in the prior-year period.
Restructuring and other severance costs rose to $21.6 million from $5 million, while interest expense increased to $30.2 million from $22.1 million.
Stripping out the charges, earnings from continuing operations were 47 cents per share, which met Wall Street expectations.
Revenue climbed 2 percent to $829 million from $814.4 million, benefiting from higher sales from its lithium, advanced ceramics and titanium dioxide pigments businesses.
Wall Street predicted $798.2 million in revenue for the Princeton, N.J. company.
Rockwood Holdings Inc. said Tuesday that it earned $383.5 million, or $4.80 per share, for the year. That compares with $411.3 million, or $5.15 per share, in the previous year.
Adjusted earnings from continuing operations were $3.89 per share.
Annual revenue fell 4 percent to $3.51 billion from $3.67 billion.