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Rockwood nets big one-time gain on ceramics sale; adjusted earnings fall
11:04 AM MST | November 12, 2013 | Vincent Valk
Rockwood has reported third-quarter adjusted net income of $48.2 million, or 63 cts/share, down 31.5% year-on-year (YOY), on sales up 3.2%, to $890.1 million. Actual net income totaled $1.11 billion, however, including $1.06 billion in proceeds from the sale of the advanced ceramics business, which closed during the quarter. Adjusted earnings beat analysts’ consensus estimate of 50 cts/share, as reported by Thomson Reuters (New York). Rockwood’s adjusted earnings fell primarily because of lower titanium dioxide (TiO2) selling prices. However, in...
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