Rockwood Holdings moves to 3Q profit on cost cuts

Rockwood Holdings moves to 3rd-quarter profit on lower costs; shares climb

• On 9:55 am EDT, Monday October 26, 2009

PRINCETON, N.J. (AP) -- 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.