This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rockwood Reports Second Quarter Results

Stocks in this article: ROC

The highlights from continuing operations for the second quarter and six months ended June 30, 2012 are as follows:

  • Net sales were $905.6 million for the second quarter of 2012, down 9.4% compared to $1,000.0 million for the same period in the prior year. Net sales were $1,815.1 million for the six months ended June 30, 2012, down 5.2% compared to $1,914.0 million for the same period in the prior year.
  • Adjusted EBITDA was $221.1 million for the second quarter of 2012, down 5.4% compared to $233.6 million for the same period in the prior year. Adjusted EBITDA was $456.0 million for the six months ended June 30, 2012, up 3.6% compared to $440.2 million for the same period in the prior year.
  • On a constant-currency basis, net sales decreased 1.9% and Adjusted EBITDA increased 2.9% for the second quarter of 2012 compared to the same period in the prior year. For the six months ended June 30, 2012, net sales and Adjusted EBITDA increased 0.2% and 9.8%, respectively, compared to the same period in the prior year.
  • Net income attributable to Rockwood for the second quarter of 2012 was $224.9 million, including income of $125.8 million related to other items, primarily related to the reversal of $139.0 million of our federal valuation allowance on net federal deferred tax assets. Net income attributable to Rockwood for the second quarter of 2011 was $88.9 million, including other charges of $4.7 million.Net income attributable to Rockwood for the six months ended June 30, 2012 was $300.7 million, including income of $103.0 million related to other items. Net income attributable to Rockwood for the six months ended June 30, 2011 was $152.2 million, including other charges of $11.6 million.
  • Diluted earnings per share for the second quarter of 2012 were $2.81, including income of $1.57 related to other items. Excluding other items, diluted earnings per share were $1.24 in the second quarter of 2012. Diluted earnings per share for the second quarter of 2011 were $1.11, including other charges of $0.06. Excluding other charges, diluted earnings per share were $1.17 in the second quarter of 2011.Diluted earnings per share for the six months ended June 30, 2012 were $3.76, including income of $1.29 related to other items. Excluding other items, diluted earnings per share were $2.47 for the six months ended June 30, 2012. Diluted earnings per share for the six months ended June 30, 2011 were $1.91, including other charges of $0.14. Excluding other charges, diluted earnings per share were $2.05 for the six months ended June 30, 2011.
  • We announced in June 2012 that our titanium dioxide pigments venture entered into a new facility agreement in the amount of €430 million. The proceeds were used to repay outstanding term loans under the previous facility agreement, to pay a dividend to the venture partners (including Rockwood) and for general corporate purposes.

Looking ahead, Mr. Ghasemi concluded, “We expect that volumes in our lithium, surface treatment and advanced ceramics businesses will remain steady for the balance of the year. As we have said for the last two years, we do not expect any pickup in volumes in Performance Additives which has significant exposure to the construction market. For the first half of 2012, our titanium dioxide business performed well as we have improved our Adjusted EBITDA margins. Despite the current slowdown in demand, we remain confident about the future prospects of our titanium dioxide business in the mid- to long-term as we do not expect any significant change in the fundamental drivers of this business.”

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs