Philadelphia, Pennsylvania, USA
March 7, 2011
Chemtura Corporation, (NYSE: CHMT) (the "Company," "Chemtura," "Registrant," "We," "Us" and "Our") reports a net loss from continuing operations attributable to Chemtura on a GAAP basis of $367 million, or $2.25 per share, for the fourth quarter of 2010 and net earnings on a managed basis of $7 million, or $0.04 per share.
Fourth Quarter 2010 Financial Results
The discussion below includes financial information on both a GAAP and managed basis. We present managed basis financial information as management uses this information internally to evaluate and direct the performance of our operations and believes that the managed basis financial information provides useful information to investors. A reconciliation of GAAP and managed basis financial information is provided in the supplemental schedules included in this release.
The following is a summary of fourth quarter financial results on a GAAP basis:
| (In millions, except per share data) |
|
Fourth quarter |
| |
|
|
2010 |
|
|
|
2009 |
|
|
% change |
|
| Net sales |
|
$ |
680 |
|
|
$ |
598 |
|
|
14 |
% |
| Operating loss |
|
$ |
(29 |
) |
|
$ |
(31 |
) |
|
6 |
% |
| Loss from continuing operations, net of tax |
|
$ |
(367 |
) |
|
$ |
(94 |
) |
|
NM |
|
|
Loss from continuing operations, net of tax - per
share
|
|
$ |
(2.25 |
) |
|
$ |
(0.38 |
) |
|
NM |
|
|
NM = Not Meaningful
|
|
|
|
|
|
|
The following is asummary of fourth quarter financial results on a managed basis:
| (In millions, except per share data) |
|
Fourth quarter |
| |
|
|
2010 |
|
|
2009 |
|
% change |
|
| Net sales |
|
$ |
680 |
|
$ |
598 |
|
14 |
% |
| Operating profit |
|
$ |
34 |
|
$ |
45 |
|
(24 |
%) |
| Net earnings attributable to Chemtura |
|
$ |
7 |
|
$ |
15 |
|
(53 |
%) |
| Net earnings attributable to Chemtura - per share |
|
$ |
0.04 |
|
$ |
0.06 |
|
(33 |
%) |
CEO Quote
"Chemtura has successfully emerged from its Chapter 11 reorganization, leaner, fitter and with a much stronger balance sheet, fulfilling the goals we set for this process," commented Craig A. Rogerson, Chairman, President and CEO. "We are focused on innovation, profitable growth, particularly from those regions that offer the highest growth rates, execution with an emphasis on meeting customer needs, and active portfolio management. These strategies, together with cyclical recovery in some of the industries we serve, enabled us to exceed our financial targets for 2010 and lay the foundation for further improvement in 2011."
Mr. Rogerson further noted, "With our focus on innovation, in 2010, we commercialized new products in all of our segments and we expanded our sales to the Asia Pacific region by 52%. As a result, this region grew to 19% of our total revenues in 2010. We focused our portfolio with the divestiture of the PVC Additives business in the second quarter of 2010 and continued to improve operating efficiency through a number of restructuring initiatives, raw material including the launch of our operational improvement plan in El Dorado, Arkansas. We exceeded our financial targets in 2010 despite the difficulties faced by our Chemtura AgroSolutionsTM business and the headwinds of rapidly inflating raw material costs. In the fourth quarter, we improved our execution on recovering raw material cost increases with the net deficit between input cost and selling price increases declining to $5 million, compared to the $15 million we experienced in the third quarter of 2010. This remains an intense area of focus as we enter 2011."
Mr. Rogerson concluded, "All connected with Chemtura enter 2011 invigorated by all we have achieved in 2010 and all the many opportunities we have ahead of us. Our solid operating performance in 2010, which included exceeding our fourth quarter and full year projections, reflected in these financial results lays the foundation for further significant improvement in 2011. Our performance targets for 2011 are appropriately aggressive and we have plans and actions in place to achieve them."
Full report
Topics
Species
