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Chemtura Reports Second Quarter 2012 Financial Results

Stocks in this article: CHMT

Mr. Rogerson continued, “Our Industrial segments faced a tough comparable with the global economy having not yet recovered from the softening in the second half of 2011. With contributions from our investments in new product and application development, the benefit from raw material costs starting to moderate and by a relentless focus on cost, we were able to offset much of the impact of the lower unit sales volumes. While our Consumer Products business saw the anticipated sales volume growth develop, it was not fully evident due to a drop-off in North American demand in June and poor weather conditions in Europe. The benefit of the increased volume was primarily offset by a creep in raw material costs.”


Looking to the second half of 2012, Mr. Rogerson observed, “We expect to continue to deliver year-on-year improvement in the next two quarters. Chemtura AgroSolutions will continue to benefit from innovation as well as the improvements in its regional distribution channels. The underlying recovery of our Consumer Products segment should become more evident. Our Industrial segments remain committed to again offset the uncertain macroeconomic conditions through the growth from new applications and a continued focus on execution.”

Mr. Rogerson concluded, “We continue to make active portfolio management a priority. We are working on opportunities to monetize portfolio assets as well as “bolt-on” investment opportunities in our areas of strategic focus. As a result, we may execute on one or more of these transactions in the second half of 2012 although there are many factors that may influence whether or not we are successful. Meanwhile, we continue to view our share repurchase program as an effective use of our capital, purchasing approximately 700,000 shares in the second quarter of 2012. On July 31, 2012, our Board of Directors also authorized an increase in our share repurchase program from $50 million to up to $100 million and extended the program until November 2013 reflecting our continued confidence in the long-term prospects of Chemtura.”

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