W. R. Grace & Co. (GRA) reported first-quarter net income to shareholders of $52.9 million, or $0.69 per share, compared to $60.9 million, or $0.80 per share last year. Adjusted profit per share was $0.81 compared to $0.88 prior-year.
Net sales were $709.9 million, compared to $754.4 million last year. The company said the sales decline was due to lower pricing and unfavorable currency translation, as sales volumes were unchanged. Gross profit decreased 4.8 percent from prior-year quarter primarily due to lower sales. Gross margin increased 50 basis points to 37.2 percent.
On average, eight analysts polled by Thomson Reuters expected the company to report profit of $0.80 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $733.57 million for the quarter.
For comments and feedback: editorial@rttnews.com