Adjusted earnings per share are expected to be in the range of $0.40 to $0.65 per diluted share in 2012. The expected reduction of 2012 adjusted earnings compared with the prior-year adjusted earnings is driven by lower income expectations in the Electronic Materials segment. The size of the range is driven primarily by uncertainties related to demand for electronic materials products.
While the Company expects lower segment income from the Electronic Materials segment, total income from all other segments is expected to grow by 10 to 15 percent in 2012.
Adjusted earnings per share is equal to income (loss) before taxes, plus restructuring and impairment charges, charges related to debt refinancing and other special charges, adjusted for a normalized tax rate that is consistent with the Company’s expected future effective tax rate excluding discrete items, and divided by the average number of common shares outstanding. The Company’s expected future effective tax rate is lower than the U.S. statutory rate because of expected earnings in foreign jurisdictions with lower tax rates. We believe this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance.Conference Call The Company will host a conference call to discuss its 2011 fourth-quarter and full-year financial results, its outlook for general business conditions and its current outlook for 2012 on Wednesday, February 29, 2012, at 10:00 a.m. Eastern time. To participate in the call, dial 800-750-5845 if calling from the United States or Canada, or dial 212-231-2929 if calling from outside North America. Please call approximately 10 minutes before the conference call is scheduled to begin. An audio replay of the call will be available from noon Eastern time on February 29 through noon Eastern time on March 7. To access the replay, dial 800-633-8284 if calling from the United States or Canada, or dial 402-977-9140 if calling from outside North America. Use the program ID #21579704 to access the audio replay.