Grace reports lower profits, narrows 2012 guidance

W.R. Grace’s third-quarter net income slid 7%, to $81.3 million, compared to the same year-ago quarter, as higher volumes were offset by lower surcharges for rare earth metals. Adjusted earnings of $1.04/share beat analysts’ estimates of $1.01/share, as reported by Thomson Reuters (New York). Sales fell 10%, to $776.6 million. Sales of catalysts and additives were down 19%, to $298.9 million, primarily because of a 22.3% drop in rare earth surcharges. Segment operating income decreased 18%, to $92 million. Sales of fluid catalytic...

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