Grace News

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Rich Badmington
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Jeremy Rohen
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Grace Reports Third Quarter 2019 Results
Third Quarter Highlights (all results based on year-over-year comparison unless otherwise noted)
Third quarter results consistent with July 25, 2019 outlook, reflecting the impact of previously disclosed discrete items
Net sales down 4.9% (down 3.7% on constant currency) on lower sales volumes, partially offset by improved pricing
Diluted EPS of $0.80, up $0.56 or 233.3%
Adjusted EPS of $0.98, down $0.13 or 11.7%
Full-year 2019 earnings outlook incorporates the impact of the Middle East feedstock disruptions (as disclosed on October 1, 2019). Adjusted EPS expected to be in the range of $4.32 to $4.38 down from $4.35 to $4.43
COLUMBIA, Md., - October 24, 2019 - W. R. Grace & Co. (NYSE: GRA) today announced financial results for the third quarter of 2019, summarized in the table below, and has incorporated the impact of the Middle East feedstock disruptions as disclosed on October 1, 2019 into its full-year 2019 outlook.
"The recent discrete events impacting our second half earnings do not change the fundamental earnings power of our businesses," said Hudson La Force, Grace’s President and Chief Executive Officer. "Our earnings in the quarter were better than we expected 90 days ago, reflecting the speed and impact of cost reductions and other actions we took to mitigate these events. We remain confident in our long-term growth goals and expect to deliver our cash commitments even in a dynamic operating environment. For 2020, we expect modest sales growth and an 8% to 11% adjusted earnings increase assuming a slow growth demand environment."
Update on Discrete Items
2Q19 Discrete Items
In our second quarter 2019 earnings announcement we highlighted three discrete items (the "discrete items") expected to impact second half and full-year 2019 results:
Refining Technologies: an FCC catalysts customer's bankruptcy following an explosion and fire;
Specialty Catalysts: a customer-specific inventory correction in the second half of 2019; and
Materials Technologies: an equipment failure in one of our silicas manufacturing lines (operations fully restored by mid-July).
The expected full-year 2019 impact to sales of the discrete items is approximately 2%. The expected impact to pre-tax income is $15.0 to $17.0 million. The impact to 3Q19 was approximately $15.5 million, in-line with our expectations.

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The following information was filed by W R Grace Co (GRA) on Thursday, October 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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