Rohm and Haas Reports Second Quarter Earnings

Date: 21 August 2002
Source: ROH

Date: 21 August 2002

Rohm and Haas Company reported second quarter earnings from continuing operations of $110 million (excluding the impact of non-recurring items), or $.49 per share, a 64 percent increase over pro-forma earnings of $67 million, or $.30 per share, for the comparable period in 2001 (excluding the impact of non-recurring items and amortization of goodwill and indefinite-lived intangibles).

Sales of $1,457 million, 3 percent higher than the same period in 2001, reflect market growth in several business segments, the impact of new products and an improved product mix. The $.49 per share second quarter 2002 figure is three cents above financial analysts' expectations, as reported by First Call.
"Our strong second quarter performance demonstrates our ability to generate sales growth in key market segments, despite a volatile external environment," said Raj L. Gupta, chairman and chief executive officer. "We are seeing revenue improvement in many sectors, driven by strong consumer demand. Industrial segments have been slowly recovering. Sales of new products and an improved product mix are tangible examples of the strength of our portfolio and important drivers for continued growth. Operating efficiencies have helped us convert this modest sales growth into a very strong earnings performance," he noted.

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