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Grace cuts 2013 outlook, warns on weak catalyst results
9:14 AM MDT | April 10, 2013 | Rebecca Coons
W.R. Grace cut its earnings outlook for 2013 and reported preliminary earnings below analysts’ estimates, as destocking and operational issues amid catalyst customers and weaker-than-expected economic conditions in Europe stifled demand. The company announced preliminary net income of $52–53 million for the quarter ended 31 March, down 13–14.6% from year-ago quarter. Preliminary adjusted earnings of 80–81 cts/share missed analysts’ consensus estimate of 88 cts/share, as reported by Thomson Reuters (New York). Preliminary segment...
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