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Engelhard Reports Third-Quarter Results

Published on 2005-10-25. Author : SpecialChem

ISELIN, NJ -- Engelhard Corporation (NYSE: EC) reported net earnings from continuing operations for the third quarter ended September 30 of $59 million, or 48 cents per share. The Company reported earnings from continuing operations of 48 cents per share for the same period in 2004.

Third-quarter revenues were $1.2 billion versus $1.0 billion the prior-year period.

"The company's earnings results were in line with expectations in the quarter," said Barry W. Perry, chairman and chief executive officer. "A balanced performance across our enterprise delivered strong revenue growth, enabling us to overcome weakness in certain served markets and the overall impact of a severe hurricane season."

"For the full year, we expect to deliver solid top-line growth and higher earnings per share versus the prior year," he said.

Third-Quarter Operating Results

Revenues from Environmental Technologies rose 19% to $255 million. Operating earnings of $33 million were down 2% versus the prior year. Third-quarter earnings performance resulted from growth in emission-control technologies for certain mobile-source markets and improved productivity, offset by unfavorable volume and mix in light-duty vehicles.

Revenues from Process Technologies increased 13% to $167 million. Operating earnings grew 12% to $23 million, driven primarily by strong demand for technologies for petroleum refining and improved results from chemical-process markets.

Revenues from Appearance and Performance Technologies increased 9% to $188 million. Operating earnings of $17 million were down 12% versus the prior year as the positive impact of recent acquisitions in cosmetics and personal care was offset by the continuing negative impact of higher natural gas prices.

Revenues from Materials Services were $578 million, compared with $447 million in last year's third quarter. Operating earnings of $6 million were down $1 million versus a year ago.

Earnings from equity investments were $9 million in the third quarter as the company's Asian joint ventures continued to deliver solid performance.

Engelhard Corporation is a surface and materials science company that develops technologies to improve customers' products and processes. A Fortune 500 company, Engelhard is a world-leading provider of technologies for environmental, process, appearance and performance applications.

Forward-looking statements: This document contains forward-looking statements in management's comments. There are a number of factors that could cause Engelhard's actual results to vary materially from those projected in the forward-looking statements. For a more thorough discussion of these factors, please refer to page 30 of Engelhard's 2004 Form 10-K, dated March 11, 2005.

Source: Engelhard Corporation


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