Grace News

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Rich Badmington
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Jeremy Rohen
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Grace Reports Third Quarter 2020 Results; Delivers Strong Gross Margin Improvement and Cash Flow; Improving Demand Trends Across Many End Markets
Third Quarter 2020 Highlights
Net sales of $419.4 million were down 10.9% versus the prior year; and flat on a sequential basis
Diluted EPS of $0.11, compared to $0.80 a year ago, and Adjusted EPS of $0.56, compared to $0.98 a year ago, both include costs of $0.13 per share related to Hurricane Laura
Delivered strong sequential improvement in gross margin (+880 bps) and Adjusted Gross Margin (+410 bps) versus the prior quarter
Strong year-to-date operating cash flow of $259.1 million, down 4% year-over-year, and Adjusted Free Cash Flow of $170.0 million, up 4% year-over-year
Strong execution of cash and cost management actions in response to the pandemic; on track to deliver targeted full-year cash flow benefit of $125 million
4Q20 Adjusted EPS expected to be in the range of $0.84 to $0.88 on sequential sales growth of 10%-13%; gross margin expected to improve approximately 100 bps from 3Q20
(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.)

COLUMBIA, Md., - October 28, 2020 - W. R. Grace & Co. (NYSE: GRA) today announced financial results for the third quarter of 2020, summarized in the table below. Improving demand trends across many end markets were more than offset by the continued effects of COVID-19 on transportation fuel demand and the impact of Hurricane Laura on our Lake Charles, LA, refining catalysts manufacturing site.
“We are encouraged by improving demand trends in many of our end markets and are well positioned to capture growth as the recovery progresses,” said Hudson La Force, Grace’s President and Chief Executive Officer. “Our team is executing well and delivered solid financial results in the quarter despite the prolonged effects of the pandemic and Hurricane Laura. Adjusted Gross Margin improved 410 basis points sequentially with increased demand resulting in higher production rates. Also, our teams have produced strong results on the cash and cost actions taken to mitigate the financial effects of the pandemic. In total, we expect to deliver $125 million in cash flow improvements from these actions in 2020. As a result, year-to-date Adjusted Free Cash Flow was 4% higher than last year, even though Adjusted EBIT was 37% lower.”

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The following information was filed by W R Grace Co (GRA) on Wednesday, October 28, 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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