Grace News

Media Relations
Caitlin Leopold
+1 410.531.8870
Investor Relations
Jason Hershiser
+1 410.531.8835

Grace Reports Fourth Quarter and Full-Year 2020 Results; Delivers Strong Finish to the Year and Provides 2021 Outlook

Fourth Quarter 2020 Highlights
Net sales of $470.2 million were up 12.1% sequentially versus the third quarter and down 6.8% versus the prior year
Delivered strong sequential improvement in gross margin (+120 bps) and Adjusted Gross Margin (+130 bps); both sales and gross margin are nearing pre-pandemic levels
Diluted EPS of $(0.66), down $0.24 versus the prior year; Adjusted EPS of $0.88 was down 32.8% versus the prior year but increased 57.1% sequentially from the third quarter
Adjusted EBIT of $96.2 million increased 38.2% sequentially versus the third quarter but was down 27.6% compared to the prior year
Full-Year 2020 Highlights
2020 results reflect the economic impacts of the COVID-19 pandemic; 4Q20 was our strongest quarter of the year; our business fundamentals remain intact and we exited 2020 with positive momentum
Net sales of $1.73 billion were down 11.7% versus the prior year; lower sales volumes were partially offset by improved pricing across all businesses
Diluted EPS of $(0.03) compared to $1.89 a year ago, and Adjusted EPS of $2.64 compared to $4.38 a year ago
Strong operating cash flow of $349.6 million and Adjusted Free Cash Flow of $236.9 million reflecting strong execution of cash and cost management actions in response to the pandemic
Full-Year 2021 Outlook
Sales growth of 7% to 11%, reflecting a strong recovery in our end markets, especially in the second half of the year
Adjusted EBIT of $400 to $430 million, up 28% to 38%
Adjusted EPS of $3.63 to $3.93, up 38% to 49%
Adjusted Free Cash Flow of $240 to $260 million
Increased cash dividend per share 10% to $1.32 per share

(See Analysis of Operations and Notes for information on Non-GAAP financial measures; all results based on year-over-year comparison unless otherwise noted. We are unable to estimate the annual mark-to-market pension adjustment or future net income or diluted EPS.)
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The following information was filed by W R Grace Co (GRA) on Tuesday, February 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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