Specialty chemicals firm Rockwood Holdings, Inc. (ROC: Quote) Tuesday reported lower earnings for the fourth quarter, primarily owing to higher cost of sales that offset the rise in revenue, with higher expenses further exacerbating the gap. Also, adjusted earnings per share was just shy of the Street estimates.
For the quarter, the company posted net income of $21.2 million, down from $62.9 million a year ago. On a per share basis, earnings totaled $0.26 versus $0.79 last year.
On an adjusted basis, net income from continuing operations totaled $38.0 million or $0.47 per share, just missing the $0.48 per share consensus estimate of nine analysts polled by Thomson Reuters estimated that figure. Analyst estimates typically exclude one-time items.
Net sales for the period was $829 million, up from $814.4 million last year and analyst expectations of $790.85 million.
Cost of products sold for the period amounted to $604.6 million, up from $523.3 million a year before.
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by RTT Staff Writer
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