CAMBRIDGE, Mass. (AP) _ GCP Applied Technologies Inc. (GCP) on Tuesday reported second-quarter net income of $2.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Cambridge, Massachusetts-based company said it had profit of 4 cents. Earnings, adjusted for restructuring costs and pretax expenses, came to 19 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The specialty construction chemicals maker posted revenue of $262.2 million in the period.
GCP Applied Tech expects full-year earnings in the range of 75 cents to 92 cents per share.
GCP Applied Tech shares have dropped 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $20.43, a drop of 27% in the last 12 months.