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W.R. Grace profit beats estimates on higher pricing
(Reuters) - Chemical maker W.R. Grace & Co (GRA.N) reported a better-than-expected quarterly profit as it raised prices to offset higher raw materials and manufacturing costs.
Sales from emerging markets, which contribute more than a third of W.R. Grace's total sales, grew 13 percent in the second quarter, the company said.
Revenue at its construction products business rose 6 percent for April-June, propelled by strong sales in Asia, Latin America and the Middle East.
Revenue at its biggest business, which includes specialty catalysts and additives used in refinery and plastics industries, fell 2 percent.
Total revenue remained almost flat at $826.7 million.
Net income fell 9 percent to $69.3 million, or 90 cents per share.
Excluding items, the company earned $1.14 a share.
Analysts on average had expected the company to earn $1.11 cents per share on revenue of $816.2 million, according to Thomson Reuters I/B/E/S.
The Columbia, Maryland-based company's shares, which have gained about 67 percent of its value in the last nine months, closed at $50.50 on Tuesday on the New York Stock Exchange. (Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Don Sebastian)
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