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Federal tax law change blunts W.R. Grace’s 2017 profit

(The Daily Record / Maximilian Franz)

(The Daily Record / Maximilian Franz)

A one-time charge because of federal tax law changes erased most of W.R. Grace & Co.’s profit in 2017.

The Columbia company showed an annual profit from continuing operations of $11.2 million when it announced results Thursday, down from $107 million in 2016.

Grace took a charge of $143 million in the fourth quarter because of the federal tax law changes. The company’s loss from continuing operations for the quarter was $123 million, or $1.81 per diluted share. That was down from a gain of $17.3 million in the same quarter in 2016.

Fourth quarter net sales of $459.5 million were up 4 percent from the same quarter in 2016.

Full-year diluted earnings per share were 16 cents, compared with $1.52 for the prior-year period.

The company’s board raised the annual cash dividend to 96 cents per common share, up 14 percent from 84 cents. The increase will go into effect with the first quarter dividend of 24 cents per common share, payable March 22 to shareholders of record at the close of business on March 1.

 


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