ROHM AND HAAS CO.
SUFFERED LOSS IN QUARTER
PHILADELPHIA - Rohm and Haas Co. had a fourth-quarter loss of $10.4 million, or 15 cents a share.
Excluding a one-time charge of $37 million, or 56 cents a share, related to downsizing the pharmaceutical company's Philadelphia plant, fourth-quarter earnings were $26.4 million, or 39 cents a share. This is 7 percent below the $28.3 million, or 45 cents a share for the same 1991 period.
Sales of $756 million were 15 percent higher than 1991's fourth quarter. Approximately 90 percent of the revenue gain was attributable to acquisitions completed during the second quarter of 1992.
J. Lawrence Wilson, chairman of the board, said, "We are pleased that the pace of business remained strong during the fourth quarter, despite worsening economic conditions in Europe and Japan and a slow recovery in the United States."
Annual earnings were $170 million, or $2.56 a share. This included the one-time charge of $37 million, or 56 cents a share, related to the Philadelphia plant. Excluding this item, earnings were $207 million, or $3.12 a share, an increase of 27 percent over the $163 million, or $2.45 a share, reported for 1991.
Sales of $3.1 billion were 11 percent higher than reported for 1991.
FERRO POSTS HIGHER
CLEVELAND - Ferro Corp. earned $16.4 million, or 53 cents a share, compared with $12.3 million, or 40 cents a share, in the 1991 fourth quarter.
Sales from continuing businesses were 3 percent greater than the fourth quarter of 1991. Total sales for the fourth quarter were $261.2 million, somewhat lower than the $265.2 million of the year-ago period. Sales were hurt by a slowdown of the European economies.
For the year, Ferro, which produces industrial specialty materials, earned $58.8 million, or $1.90 a share, compared with $4.8 million, or $0.06 a common share in 1991. The 1991 results include the after-tax impact of a restructuring charge amounting to $31.7 million, or $1.11 a share. Net income for 1992 increased 61 percent over 1991 excluding the 1991 restructuring charge.
Consolidated 1992 annual sales of $1.098 billion were 4 percent greater than the $1.057 billion reported for 1991. More significantly, sales from continuing businesses were up 8 percent for the year.
Albert C. Bersticker, president and chief executive, said income gain reflects the continuing benefits of the 1991 restructuring.