W. R. Grace & Co. (GRA), a producer of specialty chemicals and materials Monday said its net income for the fourth quarter increased from the same quarter a year ago, primarily helped by lower expenses.
The Columbia, Maryland-based company's net income for the fourth-quarter increased to $43.4 million or $0.60 per share from $37.2 million or $0.52 per share in the same quarter a year ago despite the negative impact of chapter 11 expenses.
Chapter 11 expenses are related to the company's petitions filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in order to resolve Grace's asbestos-related liabilities.
Excluding Chapter 11 expenses, the loss on noncore activities, and their tax effects, net income for the fourth quarter would have been $25.0 million, 8.8% lower than $27.4 million calculated on the same basis for the prior year quarter.
Net sales for the fourth quarter decreased 4.4% to $768.4 million from $803.7 million in the corresponding quarter last year, due primarily to a decline in volumes and unfavorable currency translation, partially offset by an increase in selling prices in both operating segments.
Selling, general and administrative expenses for the fourth quarter decreased to $147.8 million from $168.8 million in the same quarter a year ago, while research and development expenses declined to $19.3 million from $21.7 million in the comparable quarter last year. Interest expenses and related financing costs for the fourth quarter also decreased to $11.4 million from $15.0 million in the same quarter a year ago.
For the full year, net income increased to $121.5 million or $1.68 per share from $88.8 million or $1.24 per share a year ago.
Net sales for the full year increased to $3.317 bilion from $3.115 bilion last year.
GRA closed regular trading session on Friday at $5.77 on a volume of 1.472 million shares.
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