Chemtura Slips To Loss In Q3

(RTTNews) - Chemtura Corp. (CHMT) reported third quarter GAAP net loss attributable to the company of $40 million or $0.41 per share, compared to net income of $9 million or $0.09 per share last year.

Net earnings from continuing operations attributable to Chemtura on a managed basis were $10 million, or $0.10 per share.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 4 percent to $569 million from $546 million last year, while three analysts estimated sales of $556.33 million for the quarter. Looking ahead to fourth quarter, the performance of Chemtura AgroSolutions will be seasonally lower than in the third quarter and Industrial Performance Products will deliver year-on-year improvement. Corporate expense will be lower than a year ago. Industrial Engineered Products is expected to improve over its performance in the recent quarter but is unlikely to reach the operating income it delivered in the fourth quarter of 2012.