Grace's Profit Doubles; Raises 2010 Earnings Estimate, but Lowers Sales Outlook

W.R. Grace’s second-quarter net income more than doubled, to $51 million (69 cts/share), on sales up 4%, to $685 million excluding a refining catalyst joint venture disconsolidated in December 2009. Sales rose on higher volumes and improved selling prices in the catalysts division, which offset unfavorable currency exchange rates. Adjusted Ebit jumped 22%, to $91 million on improved volumes, and lower energy and raw material costs.  Operating income from the Davison Catalysts division rose 30%, to $106.5 million, on sales up 7%, to $454 million...

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