Earnings for the comparable period in 2001 were $.30 per share. Chairman and CEO Raj L. Gupta noted the strengthening in the companys consumer-driven businesses, as well as the adoption of newer technologies for the semiconductor industry as key factors in the companys performance.
Gupta said he expects improvement in year-over-year sales growth of approximately 3 percent, led by Architectural Coatings, Automotive Coatings, Plastics Additives and Electronic Materials. He also noted that the companys ongoing cost reduction efforts and introduction of new, higher-margin products enabled the company to convert sales momentum into significant earnings improvement. The internal efficiencies the company is implementing have helped offset higher raw material costs.
Gupta remained cautious about full-year expectations, saying, While we are seeing improvement in several important sectors, there is still sufficient uncertainty in the external environment, and we see no reason at this time to assume that demand will continue at this rate.
The company reiterated its intention to complete its evaluation of intangible assets in accordance with SFAS 142 no later than June 30, 2002 and expects a non-cash impairment charge to be announced with the second quarter earnings report.
Rohm and Haas will report second quarter earnings before the open of the market on Monday, July 29, 2002.