Sales of polyolefin and chemical catalysts increased compared with the prior-year quarter as a double-digit increase in sales volumes and price partially was offset by unfavorable currency translation. Sales increased approximately 25 percent sequentially driven by strong polyethylene catalyst demand and continued growth of new polypropylene catalyst products.Segment gross profit was $132.9 million, a decrease of 3.7 percent compared with the prior-year quarter. Segment gross margin was 40.4 percent compared with 41.2 percent in the prior-year quarter and 42.0 percent in the 2012 first quarter. The decrease in gross margin primarily was due to unabsorbed manufacturing costs resulting from the scheduled maintenance turnarounds at two of Grace’s major manufacturing facilities. In anticipation of these turnarounds, the company built inventory in the 2012 first quarter that was liquidated during the second quarter.
Grace Reports Second Quarter 2012 Adjusted EPS Of $1.14 And Affirms 2012 Earnings Outlook
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