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Grace News


Media Relations
Rich Badmington
+1 410.531.4370
rich.badmington@grace.com
Investor Relations
Jeremy Rohen
+1 410.531.8234
jeremy.rohen@grace.com
 

Grace Reports First Quarter 2020 Results; Provides COVID-19 Update; Highlights Strong Financial Position and Cash Flow
First Quarter 2020 Highlights
Net sales of $421.5 million, down 10.2%, or down 9.2% on constant currency, including estimated 4.3%, or $20 million, COVID-19 impact
Diluted EPS of $0.63, up $0.26 primarily due to 1Q19 pretax charge for estimated costs related to legacy liabilities which did not repeat in 1Q20
Adjusted EPS of $0.71, down $0.22 including estimated $0.10 COVID-19 net impact; high end of February 4, 2020 outlook range
COVID-19 Update
Fully implemented pandemic response plan to ensure health and safety of our employees, including significant new safety protocols throughout our global operations
Focused on business continuity for our customers; no material impact to global manufacturing operations and supply chain
Decisive actions to adjust operations, including reducing full year 2020 capital spending by $35-$40 million, working capital by $35-$40 million, and operating costs by $25-$30 million
Strong Financial Position and Cash Flow
Strong financial position and resilient cash flows; over $600 million of available liquidity, including over $190 million cash-on-hand, as of March 31, 2020
Fully committed to maintaining dividend; declared 2Q20 quarterly cash dividend of $0.30 per share
Temporarily suspended share repurchases; repurchased $40.4 million of common stock during 1Q20
(See Analysis of Operations and Notes for information on Non-GAAP financial measures; all results based on year-over-year comparison unless otherwise noted.)

COLUMBIA, Md., - April 30, 2020 - W. R. Grace & Co. (NYSE: GRA) today announced financial results for the first quarter of 2020.
"Grace is well positioned to meet the operating and financial challenges caused by the global pandemic,” said Hudson La Force, Grace’s President and Chief Executive Officer.

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The following information was filed by W R Grace Co (GRA) on Thursday, April 30, 2020 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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