W.R. Grace earnings drop as sales rise in third quarter
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- Rick Seltzer
- Staff reporter- Baltimore Business Journal
- Email | Twitter
W.R. Grace & Co. profits dipped 3.2 percent in the third quarter even as sales rose.
The Columbia chemical maker reported net income of $74.5 million, or 99 cents per share Wednesday. That was down from $77 million, or 99 cents per share in the same quarter a year ago.
Net sales at W.R. Grace (NYSE: GRA) rose 11 percent in the third quarter, however. They were up to $856.4 million from $771.3 million a year ago.
Net profits still dropped as the company reported higher expenses during the quarter. Grace also spent $101 million in a share repurchase program during the period.
The third quarter results were in line with analysts' estimates.
"We had a very good quarter," company CEO Fred Festa said in a statement. "All three businesses achieved solid sales growth and strong margins."
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