Net cash provided by operating activities for the year ended December 31, 2012, was $453.6 million compared with $219.4 million in the prior year. The improved cash flow was due to reduced working capital requirements and lower pension contributions.
Adjusted Free Cash Flow was $421.2 million for the year ended December 31, 2012, compared with $278.4 million in the prior year.
2013 OutlookAs of February 6, 2013, Grace expects 2013 Adjusted EBIT to be in the range of $560 million to $580 million, an increase of 8 to 12 percent compared with 2012 Adjusted EBIT of $517.4 million. The company expects 2013 Adjusted EBITDA to be in the range of $685 million to $705 million. The following assumptions are components of Grace’s 2013 outlook:
- Consolidated sales in the range of $3.2–$3.3 billion with organic growth of 6–8 percent offset by headwinds of approximately $120 million due to lower rare earth- related pricing and unfavorable currency;
- Gross margin in the range of 36–38 percent;
- Adjusted EBIT margin improvement of approximately 100 basis points;
- Capital expenditures in the range of $180–200 million;
- Adjusted Free Cash Flow greater than $400 million;
- A book effective tax rate of 34.0 percent and a cash tax rate of 14.0 percent; and
- Diluted shares outstanding at year end of approximately 78 million.
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