W. R. Grace & Co. (GRA) announced preliminary 2013 first quarter net income of $52 million to $53 million, or $0.68 to $0.69 per share. Preliminary Adjusted EBIT is $104 million to $105 million and preliminary adjusted earnings per share are $0.80 to $0.81 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.88 per share for the first-quarter. Analysts' estimates typically exclude special items.
For the first quarter, Preliminary segment operating income of the Grace Catalysts Technologies business segment is about $77 million. Preliminary sales for Catalysts Technologies are about $266 million.
Catalysts Technologies' preliminary sales and earnings are below company expectations primarily due to the loss of expected sales at four large customers from customer operational issues and customer inventory reductions (approximately $7 million in earnings) and the delay of expected sales at five large customers, primarily of our ART joint venture (approximately $5 million in earnings).
The Venezuelan government changed the official exchange rate of the bolivar to the U.S. dollar from 4.3 to 6.3 during the first quarter. As a result, Grace recorded a currency transaction loss of approximately $8 million before taxes in its 2013 first quarter earnings, of which approximately $2 million is included in Adjusted EBIT.
Grace expects 2013 Adjusted EBIT to be in the range of $540 million to $560 million, an increase of 4 to 8 percent compared with 2012 Adjusted EBIT of $517.4 million. The company expects 2013 Adjusted EBITDA to be in the range of $665 million to $685 million.
European economic conditions are weaker than expected, affecting the sales growth of all three business segments.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.