Rohm and Haas Q4 Earnings Crash
Published: 10 February 2009
by Staff
Sales fell 13% to just over $2 billion for the quarter ended December 31, on declining demand of the company’s paints, coatings and electronic materials. Year-over-year, sales increased 8% to $9.58 billion.
Gross profit dropped 18% to $523 million for the quarter and 2% to $2.4 billion for the year. The company has taken steps to reduce costs, including plant closures and layoffs.
“We took proactive steps throughout 2008 to remain competitive despite the challenges of a slowing economy, and our performance reflects these efforts,” said Raj L. Gupta, chairman and CEO. “As market conditions continue to weaken, we are implementing additional actions to navigate these difficult times, while remaining focused on positioning our businesses for success when markets recover.”
Sales for the Electronic Materials Group were $371 million in the fourth quarter down 23%, reflecting a decline in demand for semiconductor and electronic devices. Adjusted pre-tax earnings for this Group were $28 million, down 72% from 2007. Circuit Board Technologies sales were down 21% and reflected substantially reduced customer orders due to low production levels.
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