Grace Reports Earnings Down 9%, Beats Analyst Estimates

W.R. Grace reported second-quarter 2012 net income to be down 9%, to $63.9 million, compared with the year-ago quarter, as higher raw material costs and unfavorable currency conversions offset improved pricing and productivity. Earnings per share of $1.14 beat analyst estimates of $1.11/share. Net revenues were $826.7 million, down 18% from the year-ago quarter. The company says it now expects third-quarter 2012 to be worse than the second and fourth quarters, and cannot detail timing costs related to its upcoming exit from Chapter 11 bankruptcy protection due to...

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