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SMALL BUSINESS
Rockwood Holdings moves to 3Q profit on cost cuts
AP
PRINCETON, N.J. -Rockwood Holdings Inc. said Monday it posted a profit in the third quarter as lower expenses helped offset weaker sales.
For the three months ended in September, the maker of specialty chemicals and advanced materials earned $10.1 million, or 14 cents per share, compared with a loss in the year-earlier period of $3.3 million, or 4 cents per share.
Excluding one-time items, the company earned 19 cents per share in the latest quarter.
Analysts polled by Thomson Reuters expected earnings per share of 15 cents. Analyst estimates typically exclude one-time items.
Sales fell 10.7 percent to $786.2 million. Analysts expected $752.7 million.
Selling, general and administrative expenses declined to $154.8 million from $170.3 million. Interest expense fell as well.
In morning trading, shares of Rockwood Holdings climbed $1.58, or 7.9 percent, to $21.51. The stock has ranged from $3.36 to $23.49 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 09:59:13
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