Date: 6 June 2002
Speaking at the Sanford Bernstein conference in New York City, Gupta noted that the company's ongoing investment in research and development, along with disciplined portfolio management, would enable the specialty materials company to grow consistently faster than the general economy.He said the current portfolio has the potential to generate between $350 million and $400 million in free cash flow (after capital spending and dividend payments to shareholders), along with a return on net assets in excess of 10 percent, above the company's cost of capital.
"We are committed to delivering unique and differentiating technology to the fastest-growing segments of the markets in which we compete," said Gupta. He said that strong market positions, the ability to bring new products to market and a continued emphasis on efficiency and process improvements would continue to be hallmarks of Rohm and Haas.
Gupta did not update the company's financial performance expectations for the quarter, but said that Rohm and Haas will provide more specific guidance about its second quarter performance in its regular quarterly update, which will be issued in late June.
This release includes forward-looking statements. Actual results could vary materially, due to changes in current expectations. The forward-looking statements contained in this announcement concerning demand for products and services, sales and earnings growth, and actions that may be taken to improve financial performance, involve risks and uncertainties and are subject to change based on various factors, including the impact of raw materials and natural gas, as well as other energy sources, and the ability to achieve price increases to offset such cost increases, development of operational efficiencies, changes in foreign currencies, changes in interest rates, the continued timely development and acceptance of new products and services, the impact of competitive products and pricing, and the impact of tax and other legislation and regulation in the jurisdictions in which the company operates. Further information about these risks can be found in the company's SEC 10-K filing of March 26, 2002 and 10-Q filing of May 15, 2002.
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