Grace Returns to Profit on Higher Volumes, Lower Costs

 W.R. Grace reported first-quarter net income of $56.3 million (76 cts/share) compared to a $38.9-million loss in the year-ago period. Sales fell 10%, to $615 million including revenues from its ART joint venture, which was de-consolidated in December 2009. Sales rose 5% excluding the jv, because of higher volumes and selling prices, as well as favorable currency exchange rates. Grace Davison's operating income more than doubled to $88 million, on sales up 10%, to $418 million because of higher sales volumes, lower costs and better operational productivity...

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