Last $100.28 USD
Change Today +1.13 / 1.14%
Volume 620.1K
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wr grace & co (GRA) Key Developments

Grace Catalysts Technologies Reports Unaudited Earnings Results for the Fourth Quarter of 2014

Grace Catalysts Technologies reported unaudited earnings results for the fourth quarter of 2014. For the quarter, the company's sales were $319.8 million, an increase of 9.2% compared with the prior-year quarter. The increase was due to higher sales volumes and improved pricing, partially offset by unfavorable currency translation. Operating income increased 37.4% to $108.7 million primarily due to higher gross profit.

Grace Materials Technologies Reports Unaudited Earnings Results for the Fourth Quarter of 2014

Grace Materials Technologies reported unaudited earnings results for the fourth quarter of 2014. For the quarter, the company's sales were $205.6 million, a decrease of 4.3% compared with the prior-year quarter. The decrease was due to unfavorable currency translation and lower sales volumes, which more than offset improved pricing. Operating income decreased 10.0% to $41.3 million.

W.R. Grace & Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014 ; Provides Earnings Guidance for the Year 2015

W.R. Grace & Co. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $15.5 million, or $0.21 per diluted share. Net income for the prior-year quarter was $29.7 million, or $0.38 per diluted share. Adjusted EBIT increased 21% to $167.9 million, and fourth quarter Adjusted EPS increased 26% to $1.37 per diluted share. Net Sales were $804.1 million increased 3.5% compared with the prior-year quarter, due to higher sales volumes (+5.4%) and improved pricing (+1.4%), partially offset by unfavorable currency translation (-3.3%). Adjusted EBIT of $167.9 million increased 21.1% from the prior-year quarter primarily due to an increase in segment operating income, including the benefit of acquisitions. Income before income taxes was $5.6 million against $15.7 million for the same period a year ago. Adjusted EPS (non-GAAP) was $1.37 against $1.09 for the same period a year ago. Adjusted EBITDA was $202.7 million against $169.9 million for the same period a year ago. Net income for the year ended December 31, 2014, was $276.3 million, or $3.63 per diluted share, compared with $256.1 million, or $3.30 per diluted share for the prior year. Adjusted EBIT increased 14% to $626.2 million, and full-year Adjusted EPS increased 1% to $4.43 per diluted share. The company's sales increased 6.0% to $3.24 billion as higher sales volumes (+6.7%) and favorable pricing (+0.4%) more than offset unfavorable currency translation (-1.1%). The company adjusted EBIT was $626.2 million increased 13.7% compared with the prior-year period due to an increase in segment operating income, including the benefit of acquisitions, and a gain related to the termination of certain retiree benefit plans. Net cash used for operating activities was $1.47 billion compared with net cash provided by operating activities of $515.9 million in the prior year. The year-over-year change in cash flow primarily was due to payments of $1.95 billion as a result of the companyâ s emergence from Chapter 11 and settlement of the deferred payment obligation to the asbestos personal injury trust. Adjusted Free Cash Flow was $452.2 million for the year ended December 31, 2014, compared with $429.7 million in the prior year. Income before income taxes was $334.3 million against $360.6 million for the same period a year ago. Adjusted EPS (non-GAAP) was $4.43 against $4.39 for the same period a year ago. Adjusted EBITDA was $763.3 million against $673.9 million for the same period a year ago. Capital expenditures were $171.2 million against $156.2 million for the same period a year ago. The company expects 2015 Adjusted EBIT to be in the range of $675 million to $705 million on a constant currency basis, an increase of 8% to 13% compared with 2014. The company expects 2015 Adjusted EBITDA to be in the range of $815 million to $845 million on a constant currency basis, an increase of 7% to 11% compared with 2014. The company expects Adjusted EPS to be in the range of $5.05 to $5.45 per share on a constant currency basis, an increase of 14% to 23% over 2014. The company expects a currency headwind to Adjusted EBIT of about $50 million and to Adjusted EPS of about $0.45 per share. The company expects 2015 Adjusted Free Cash Flow to be at least $430 million, including a favorable impact to 2015 cash flow by at least $120 million, or at least $1.65 per share due to Grace's low cash tax rate compared with its expected effective tax rate of 35%.

W.R. Grace Seeks Acquisitions Through New Grace

W.R. Grace & Co. (NYSE:GRA) intends to split into "New Grace" and "New GCP" and believes that New Grace will seek to make strategic bolt-on acquisitions in its core segments as well as acquisitions to expand its high margin, high-performance specialty chemicals and performance materials portfolio.

W.R. Grace & Co. Approves Amended and Restated By-Laws

On January 22, 2015, the Board of Directors of W.R. Grace & Co. approved Amended and Restated By-laws of the Corporation that include amendments to Article II, Section 2.8 and Article III, Section 3.2 of the Corporation's By-laws effective immediately. As provided in these amendments, directors of the Corporation shall be elected by the majority of the votes cast with respect to the director; provided that if the number of nominees exceeds the number of directors to be elected, the directors shall be elected by a plurality of votes cast. The Corporation previously determined the election of directors based on a plurality of the votes cast in the respective election. The majority of the votes cast" means that the number of shares voted for" a director must exceed the number of votes cast against" that director. If a director is not elected, the director shall offer to resign from the Board of Directors. The Nominating and Corporate Governance Committee will make a recommendation to the Board of Directors on whether to accept or reject the resignation, or whether other action should be taken. The Board of Directors will consider and act on the Nominating and Corporate Governance Committee's recommendation and publicly disclose its decision and the rationale behind it within 90 days from the date of the certification of the election results. The director who offers his or her resignation will not participate in the decisions of the Nominating and Corporate Governance Committee or the Board of Directors. Each director shall hold office until a successor is elected and qualified or until such director's earlier resignation or removal.

 

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