Grace reports profits up 23% in 3rd quarter Strong showings noted in packaging, catalysts

November 03, 1995|By BLOOMBERG BUSINESS NEWS

BOCA RATON, Fla. -- W. R. Grace & Co. said yesterday its third-quarter earnings rose 23 percent on the strength of its packaging and catalyst businesses.

Profit from continuing operations rose to $53 million, or 54 cents a share, from $43 million, or 46 cents, a year ago.

Revenue rose 16 percent to $946.4 million from $815.5 million.

The chemical company classified its National Medical Care unit as a discontinued operation prior to the unit's spinoff to shareholders. National Medical Care earned $35.4 million, or 37 cents.

The per-share profit from operations of 91 cents fell short of the average forecast of 96 cents from seven analysts polled by Zacks Investment Research.

In the latest quarter, the company took charges totaling $66.7 million, or 69 cents a share, for restructuring and corporate governance costs and the impairment of certain health-care assets, bringing net income to $21.7 million, or 22 cents.

In the year-ago quarter, profit from discontinued operations of $33 million, or 35 cents a share, made net $76 million, or 81 cents.

Earlier this week, Grace said it would take charges in the third and fourth quarters for a program to cut 800 jobs and save $100 million this year and in 1996.

Nine-month profit from continuing operations rose 43 percent to $133.4 million, or $1.40 a share.

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