Rockwood reports lower third-quarter profits

Rockwood Holdings reported net income of $61.6 million for its fiscal third quarter, down 23% from the year-ago period, on unfavorable currency translation and a sharp falloff in titanium dioxide (TiO2) demand. Adjusted earnings of 84 cts/share narrowly beat analysts’ consensus estimate of 83 cts/share, as reported by Thomson Reuters (New York). Net sales slipped 8%, to $862.8 million, and adjusted Ebitda fell 20%, to $181.9 million.  “As compared to the third quarter of 2011, our results were negatively impacted by foreign currency...

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