Hercules swings to 4Q profit |
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Wed, 31 Jan 2007 23:50
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WILMINGTON, Del. (AFX) - Specialty chemical maker Hercules Inc. said Wednesday it swung to a fourth-quarter profit, aided by tax benefits, increased sales volume and stronger pricing.The company reported quarterly earnings of $242.1 million, or $2.14 per share, versus a prior-year loss of $79.2 million, or 73 cents per share. Helping the recent quarter was a $189.5 million benefit for income taxes, compared with a $3.2 million benefit in the prior-year period.Hercules said its earnings from continuing operations in the quarter rose to 31 cents per share from 17 cents per share in the prior-year period. Wall Street, on average, expected quarterly earnings of 25 cents per share, according to an analyst poll by Thomson Financial.Sales fell to $493.9 million from $498.8 million in the prior-year quarter due to Hercules' sale of its majority stake in its FiberVisions unit. Excluding the sale's impact, revenue grew 14 percent, Hercules said. Sales volume grew 11 percent, while pricing rose by 4 percent.Rates of exchange increased sales by 3 percent.Hercules reported full-year earnings of $238.7 million, or $2.14 per share, compared with a prior-year loss of $41.1 million, or 38 cents per share. Revenue fell to $2.04 billion from $2.06 billion.Hercules shares picked up 5 cents at $19.66 in the aftermarket.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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