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Rockwood falls short of estimates on weak TiO2 results
11:46 AM MDT | August 5, 2013 | Vincent Valk
Rockwood today reported second-quarter net income down 85.6% year-on-year (YOY), to $32.3 million, or 41 cts/share, on net sales up 7.8%, to $822.3 million. Results include $25.5 million in charges related to divestiture processes in this quarter and a $125.8-million one-time tax gain in the year-ago quarter. Excluding these items, adjusted net income fell 41.7%, to $57.8 million, or 73 cts/share, short of analysts’ consensus estimate of 76 cts/share, as reported by Thomson Reuters (New York). Weak results in the titanium dioxide (TiO2) pigments...
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