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Chemtura Reports Second Quarter 2012 Financial Results

Stocks in this article: CHMT

Regulatory News:

Chemtura Corporation, (NYSE / Euronext Paris: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced financial results for the second quarter ended June 30, 2012. We also filed with the Securities and Exchange Commission our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. For the second quarter of 2012, Chemtura reported net sales of $845 million and net earnings attributable to Chemtura on a GAAP basis of $50 million, or $0.50 per share. Net earnings attributable to Chemtura on a managed basis were $60 million, or $0.61 per share.

Second 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 second quarter 2012 financial results on a GAAP basis :

(In millions, except per share data)   Second Quarter
    2012   2011   % change
Net sales   $ 845   $ 876   (4%)
Operating income   $ 69   $ 87   (21%)
Net earnings attributable to Chemtura   $ 50   $ 69   (28%)
Net earnings attributable to Chemtura - per share   $ 0.50   $ 0.69   (28%)

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

(In millions, except per share data)   Second Quarter
    2012   2011   % change
Net sales   $ 845   $ 876   (4%)
Operating income   $ 95   $ 88   8%
Net earnings attributable to Chemtura   $ 60   $ 51   18%
Net earnings attributable to Chemtura - per share   $ 0.61   $ 0.51   20%

CEO Remarks

“Consistent with our commitments, we again delivered year-on-year improvement this quarter despite the lackluster economic environment with managed basis net earnings per share increasing by 20%,” commented Craig A. Rogerson, Chairman, President and CEO of Chemtura. “This quarter Chemtura AgroSolutions led our performance improvement, demonstrating the powerful impact of our focus on innovation. New products and registrations expanded margins, SG&A declined through the actions we took at the end of last year and bad debt expense declined resulting in the second strongest quarter ever for this segment.”

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