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Chemtura Reports First Quarter 2012 Financial Results

Stock quotes in this article: CHMT

Chemtura Corporation (NYSE: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced financial results for the first quarter ended March 31, 2012. We also filed with the Securities and Exchange Commission our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. For the first quarter of 2012, Chemtura reported net sales of $708 million and net earnings attributable to Chemtura on a GAAP basis of $22 million, or $0.22 per share. Net earnings attributable to Chemtura on a managed basis were $19 million, or $0.19 per share.

First Quarter 2012 Financial Results

The discussion below includes financial information on both a GAAP and non-GAAP managed basis. We present managed basis financial information as management uses this information internally to evaluate and direct the performance of our operations and believes that managed basis financial information provides useful information to investors. A reconciliation of GAAP and managed basis financial information is provided in the supplemental schedules included in this release.

The following is a summary of first quarter 2012 financial results on a GAAP basis :

         
(In millions, except per share data)     First Quarter
     

 2012 

 

 2011 

  % change
Net sales     $ 708   $ 699   1 %
Operating income     $ 41   $ 32   28 %
Net earnings attributable to Chemtura     $ 22   $ 7   NM  
Net earnings attributable to Chemtura - per share     $ 0.22   $ 0.07   NM  
       

NM - Not meaningful

 

The following is a summary of first quarter 2012 financial results on a managed basis:

         
(In millions, except per share data)     First Quarter
     

 2012 

 

 2011 

  % change
Net sales     $ 708   $ 699   1 %
Operating income     $ 44   $ 35   26 %
Net earnings attributable to Chemtura     $ 19   $ 14   36 %
Net earnings attributable to Chemtura - per share     $ 0.19   $ 0.14   36 %
       

CEO Remarks

“With demand from many of our industrial applications still weaker than a year ago, we are pleased to again deliver year-on-year improvement in profitability this quarter,” commented Craig A. Rogerson, Chairman, President and CEO of Chemtura. “Performance this quarter was led by our Industrial Engineered Products and Chemtura AgroSolutions segments. The inventory correction across the broader electronics industry that drove our demand lower in the latter part of 2011 abated as the first quarter progressed and demand from our electronics customers increased. This contributed to the performance of Industrial Engineered Products. We now wait to see how the underlying electronics industry demand evolves in the coming months to see how strong this recovery may be. Chemtura AgroSolutions saw the benefit from the introduction of new products and registrations as well as improved distribution channels with growth in revenues in all regions except Southern Asia. North America also had the benefit of a mild winter and a warm start to spring. European sales also grew despite the harshest winter in a number of years.”

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