Stock Monitor: IKONICS Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 14, 2018 / Active-Investors.com has just released a free earnings report on W.R. Grace & Co. (NYSE: GRA) ("Grace"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GRA. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 08, 2018. The chemical and materials manufacturing Company reported better than expected revenues and earnings results, and also provided guidance for the full fiscal year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, W.R. Grace most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Grace's net sales grew 4% to $459.5 million compared to $440.8 million in Q4 2016. The Company’s revenue numbers beat analysts' estimates by $5.88 million.
During Q4 2017, Grace's adjusted earnings before interest and taxes (EBIT) decreased 3% to $115.1 million compared to $118.9 million in Q4 2016.
During Q4 2017, Grace's loss from continuing operations attributable to common shareholders was $123.0 million, or $1.81 loss per diluted share, compared to an income of $17.3 million, or $0.25 per diluted share, in Q4 2016. The Company's reported quarter results included a charge of $143 million to reflect the estimated impact of the US tax reform. The Company's adjusted earnings rose 3% to $0.98 per diluted share in Q4 2017 versus $0.95 per diluted share in Q4 2016, and were ahead of Wall Street's estimates of $0.97 per share.
For the twelve months ended December 31, 2017, Grace's net sales advanced 7% to $1.72 billion compared to $1.60 billion in FY16.
For FY17, Grace's income from continuing operations attributable to common shareholders was $11.2 million, or $0.16 per diluted share, compared to $107.0 million, or $1.52 per diluted share, in FY16. The Company's adjusted earnings advanced 10% to $3.40 per diluted share in FY17 versus $3.10 per diluted share in FY16.
During Q4 2017, Grace's Catalysts Technologies segment's sales grew 5% to $344.7 million compared to $328.9 million in Q4 2016, driven by higher sales volumes and a favorable currency translation. The segment's gross margin was 42.1% in the reported quarter, down 140 basis points (bps) compared to 43.5% in the prior year's same quarter, primarily due to higher manufacturing costs, including raw materials, and customer and product mix. The Catalysts Technologies segment's operating income grew 1% to $109.3 million in Q4 2017 from $107.7 million in Q4 2016. The increase was primarily due to higher sales volumes and a favorable currency translation. The segment's operating margin was 31.7% in the reported quarter, reflecting a decrease of 100 bps compared to Q4 2016.
For Q4 2017, Grace's Materials Technologies segment's net sales gained 3% to $114.8 million compared to $111.9 million in Q4 2016, primarily due to a growth in silica sales volumes, a favorable currency translation, and an acquisition. The segment's gross margin was 37.0%, down 360 bps versus the prior year's comparable quarter, attributed to higher manufacturing costs, including raw materials, and product and regional mix. The Materials Technologies segment's operating income dropped 13% to $25.2 million in Q4 2017 compared to $29.0 million in Q4 2016, due to a lower gross profit, partially offset by a favorable currency translation and the acquisition. The segment's operating margin was 22.0% in the reported quarter, representing a drop of 390 bps compared to Q4 2016.
Grace's net cash provided by operating activities from continuing operations jumped 19% to $319.2 million in FY17 compared to $267.5 million in FY16. The increase was primarily due to a higher pre-tax income and lower net cash taxes paid, partially offset by a payment of $30 million to satisfy a deferred payment obligation in Q1 2017. The Company's adjusted free cash flow was $274.0 million in FY17, up 16% on a y-o-y basis.
During FY17, the Company spent $65.0 million to repurchase approximately 935,000 shares of its outstanding common stock.
For the full fiscal year 2018, Grace is forecasting sales growth to be in the range of 8% to 10%. The Company is expecting adjusted EBIT to be in the band of $440 million - $450 million, up 6% - 9% on a y-o-y basis, and adjusted earnings per share to be in the range of $3.72 - $3.82, up 9% - 12% compared to FY17. Grace is estimating adjusted free cash flow to be in the band of $210 million - $250 million for FY18, reflecting increased growth and productivity capital spending.
Stock Performance Snapshot
March 13, 2018 - At Tuesday's closing bell, W.R. Grace's stock slightly fell 0.82%, ending the trading session at $66.69.
Volume traded for the day: 604.94 thousand shares.
Stock performance in the last month - up 2.85%
After yesterday's close, W.R. Grace's market cap was at $4.49 billion.
Price to Earnings (P/E) ratio was at 29.51.
The stock has a dividend yield of 1.44%.
The stock is part of the Basic Materials sector, categorized under the Specialty Chemicals industry.
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