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Rohm & Haas Reports Q1 Results
Written by Tracy Heffner
Monday, 23 April 2007
PHILADELPHIA – Rohm & Haas Co. reported first quarter 2007 sales of $2,160 million, a 5% increase over the same period in 2006, reflecting stronger salt sales, stronger sales in the Performance Materials Group and a continuation of growth in the Electronic Materials business. The company reported first quarter 2007 earnings from continuing operations of $190 million compared to record earnings of $207 million for the first quarter of 2006.
Chairman, Preident and CEO Raj Gupta reported that the company made steady progress in implementing its Vision 2010 reorganization strategy. As a result of reorganization, 2006 comparative information has been reclassified to reflect the company's new reporting structure. In addition, 2006 results have been reclassified to reflect changes to the company's shared service allocation and monomer transfer pricing policies.
Overall sales for the Specialty Materials Group increased 1%. Earnings dropped 26% over the same period in 2006, due in part to higher unplanned operating costs, lower third- party monomer selling prices and significantly lower demand in the U.S.
Sales for Electronic Materials were $385 million in the quarter, up 3% over the same period last year, in line with expectations. All businesses reported stronger demand, with the majority of the growth coming from Asia. The company's advanced technology product lines were up 5% compared with the same period last year. Circuit Board Technologies sales grew a modest 1% in the quarter, reflecting solid gains in Asia, which offset weaker demand in the U.S.
Semiconductor Technologies sales were up 4% over the same period in 2006, reflecting strength in chemical mechanical planarization (CMP) pads and slurries, as well as advanced photoresists and ancillary products. Solid growth in Asia and Europe offset weaker demand in North America for semiconductor materials.
Earnings of $60 million were up 13% from the same period in 2006, reflecting increased demand as well as good operational performance.
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