Rockwood Holdings Q4 Adj. Earnings Increase

(RTTNews) - Rockwood Holdings, Inc. (ROC), a producer of specialty inorganic chemicals, Monday reported a rise in adjusted earnings from continuing operations for the fourth quarter. The company cited improved results in Surface Treatment and Lithium applications and lower interest expense as having helped year-over-year performance. Net sales increased by 7.8 percent during the period.

Fourth-quarter net income, which included a large gain on sale of discontinued operations, increased year-over-year.

Net income attributable to the company's shareholders rose to $499.8 million or $6.69 per share, from $21 million or $0.26 per share, a year earlier, chiefly as the company recorded a a $506.7 million gain on sale of discontinued operations, net of tax, in the fourth quarter of 2013.

Earnings from continuing operations decreased to $14.8 million or $0.20 per share, from $28.3 million or $0.35 per share, a year earlier.

Adjusted earnings from continuing operations were $39.5 million or $0.53 per share, up from $35.6 million or $0.44 per share a year earlier.

Weighted average number of diluted shares outstanding declined to 74,758 from 80,073 in the fourth quarter of last year. The decrease in outstanding shares, due to repurchases in 2013, helped the rise in earnings per share.

For the three months to December, adjusted EBITDA declined to $104.2 million from $141.2 million a year ago.

Net sales for the 3-month period increased to $347 million from $322 million a year earlier.