W. R. Grace Swings To Q4 Profit, Guides 2014 Revenues In Line - Quick Facts

(RTTNews) - W. R. Grace & Co. (GRA), which emerged from bankruptcy on Monday, announced fourth-quarter net income of $29.7 million or $0.38 per share, compared to a net loss of $184.3 million or $2.44 per share in the prior-year quarter.

Excluding charges, adjusted earnings for the quarter was $1.09 per share, compared to $1.21 per share in the year-ago quarter.

On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the quarter declined 2.6 percent to $776.7 million from $797.8 in the same quarter last year. Six Wall Street analysts had a consensus revenue estimate of $798.99 million for the quarter.

The company noted that acquisition growth of 1.3 percent and improved base pricing of 0.4 percent were offset by lower sales volumes of 2.5 percent, lower rare earth surcharges of 1.7 percent and unfavorable currency translation of 0.1 percent.

The company's board of directors also authorized a share repurchase program of up to $500 million expected to be completed over the next 12-24 months at the discretion of management.

Looking ahead to fiscal 2014, the company expects consolidated sales in the range of $3.3 billion to $3.4 billion, with organic growth of 5 to 8 percent. Street is currently looking for full-year 2014 revenues of $3.39 billion.