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W. R. Grace loses money in Q4; 2019 earnings down also
W. R. Grace loses money in Q4; 2019 earnings down also
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W. R. Grace & Co., the Columbia-based supplier of catalysts and engineered materials, lost money in its fourth quarter and had lower earnings for 2019 due to charges it took in the quarter.
Net income fell 141% year-over-year on the loss of $28.3 million in the quarter, down from a gain of $69.1 million in the third quarter of 2018. For 2019, net income fell 24.6% to $126.3 million, down form $167.6 million.
Grace attributed the loss in the fourth quarter to a pension adjustment of $85.9 million, an additional $23 million charge for remediation of a mine site in Libby, Montana and the recording of a $24 million reserve for probable future payments for liabilities on a former attic insulation product that contained asbestos.
The company’s annual cash dividend rose 11 percent to $1.20 per common share.
Hudson La Force, president and CEO of Grace, said in a news release that the company expects slow sales growth in 2020 because of uncertainty in global manufacturing.
