Rockwood Holdings, Inc. (NYSE: ROC) today reported net income from continuing operations of $21.2 million, or $0.26 per share for the fourth quarter of 2012, which included other net charges of $16.8 million, as compared to $63.0 million, or $0.79 per share for the same period in the prior year, which included other net charges of $9.7 million. Excluding these other net charges, adjusted net income from continuing operations was $38.0 million, or $0.47 per share, in the fourth quarter of 2012 compared to $72.7 million, or $0.91 per share, for the same period in the prior year. For the full year, reported net income from continuing operations was $383.5 million, or $4.80 per share, which included other net benefits of $72.5 million, as compared to $291.1 million, or $3.64 per share for the prior year, which included other net charges of $30.1 million. Reported net income for the full year of 2012 was favorably impacted by an income tax benefit related to the reversal of a majority of our federal valuation allowance. Excluding these items, adjusted net income from continuing operations was $311.0 million, or $3.89 per share in 2012, versus $321.2 million, or $4.02 per share in 2011. Year on year performance was down on weak results from Titanium Dioxide Pigments, and to a lesser extent, Performance Additives, which was partially offset by improved results from Lithium, Surface Treatment and our Advanced Ceramics medical business. Seifi Ghasemi, Chairman and Chief Executive Officer, commented, “Our two core businesses, Lithium and Surface Treatment, as well as Advanced Ceramics, had a satisfactory performance in the fourth quarter, each with higher Adjusted EBITDA versus last year. The results for our Performance Additives segment were negatively impacted by lower oil and natural gas drilling activity in North America. Our TiO2 business did not perform well due to lower prices and higher raw material costs. As a result of our continued focus on cash, we generated $87 million of free cash in the fourth quarter and nearly $170 million in the second half of 2012.”
As insurgencies proliferate, investors and targets are fishing in the same small pool of candidates. Experienced executives are the ideal recruits -- and companies may have an advantage over activists.
Huntsman (HUN) stock is up after the chemical company announced that the European Commission approved its acquisition of the performance additives and titanium dioxide business from Rockwood Holdings (ROC).