COLUMBIA, Md. — Chemical maker W.R. Grace & Co. said Wednesday that its net income rose 12 percent in the first quarter, buoyed by higher prices and sales volume growth.
W.R. Grace earned $60.9 million, or 80 cents per share, compared with $54.2 million, or 72 cents per share, in the prior-year period.
Excluding restructuring charges as well as Chapter 11 bankruptcy and asbestos-related costs, earnings climbed to 88 cents per share from 78 cents per share.
This beat the 81 cents per share that analysts polled by Fact Set forecast.
The company's stock gained $2.84, or 5.1 percent, to $58.18 in morning trading. Over the past year, W.R. Grace's shares have traded between $30.25 and $59.20.
W.R. Grace filed to reorganize under Chapter 11 bankruptcy protection in April 2001. In January the U.S. Bankruptcy Court for the District of Delaware reaffirmed the company's reorganization plan after confirming it a year earlier. W.R. Grace said it is not yet sure when it will exit bankruptcy protection.
Revenue increased 8.4 percent to $754.4 million from $695.7 million, led by higher sales in its construction products and catalysts technologies divisions. Sales for those units rose 10 percent and 13.6 percent, respectively. Sales for the materials technologies segment edged up 0.2 percent in the quarter.
The Columbia, Md. company said that sales in emerging regions made up a third of its revenue and rose 14 percent from a year ago.