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SECURITY: EC (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Engelhard is a surface and
materials science company that develops technologies to improve customers’
products and processes. Our main focus is on matching unique technologies
to market needs, thereby delivering significant value to customers in a
broad array of end markets. Engelhard is a world-leading provider of technologies
for environmental, process, appearance and performance applications. We
have leading market positions – number one or two in all our major market
segments.
Engelhard
Says Second-Quarter Results to Exceed Analysts' Expectations
ISELIN,
N.J., May 22, 2006 (BUSINESS WIRE) -- Engelhard Corporation (NYSE: EC)
announced today that it expects second-quarter earnings to exceed the current
consensus of analysts' expectations driven by strong performances across
its technology segments and Ventures and Materials Services groups.
The
company said it expects to report second-quarter net earnings per share
in the range of 48 to 52 cents, which includes approximately 11 cents of
expenses and approximately 3 cents of share dilution due to the impact
of BASF's unsolicited tender offer. The current consensus of analysts'
expectations for the quarter is 57 cents.
The
projected second-quarter results reflect year-over-year growth in revenues,
operating earnings and operating margins (excluding substrates) in the
company's technology segments.
"Our
expected solid second-quarter performance, which follows two previous quarters
of strong results, demonstrates that the significant investments we made
in recent years in both organic growth initiatives and strategic acquisitions
are clearly paying off," said Barry W. Perry, chairman and chief executive
officer. "Our earnings over the current and previous two periods reflect
three consecutive quarters of double-digit growth from our technology segments,
which puts us on track to achieve the growth inherent in our business plan."
Engelhard
said it is comfortable with the current range of analysts' estimates for
2006, which is $2.20 to $2.27, excluding the costs associated with BASF's
unsolicited offer. The company expects continued double-digit earnings
growth from its technology segments, strong cash-flow generation and a
13% return on average capital in the current year.
Engelhard
Declares Quarterly Dividend
ISELIN,
N.J.--(BUSINESS WIRE)--Feb. 2, 2006--The board of directors of Engelhard
Corporation (NYSE:EC) today declared a regular quarterly cash dividend
of twelve cents per share on the common stock of the company payable March
31, 2006 to stockholders of record on March 15, 2006
Engelhard
Reports 15% Increase in Fourth-Quarter Earnings Per Share from Continuing
Operations
ISELIN,
N.J.--(BUSINESS WIRE)--Feb. 2, 2006--Engelhard Corporation (NYSE: EC) today
reported income from continuing operations for the fourth quarter ended
December 31 of $65 million, or 54 cents per share, compared with $58 million,
or 47 cents per share, for the same period in 2004. Fourth-quarter 2005
results included a benefit of three cents per share related to tax items,
while the prior-year quarter included a benefit of five cents per share
resulting from the liquidation of the former Engelhard-CLAL joint venture's
assets.
Net
sales grew 26% to $1.3 billion in the fourth quarter of 2005, up from $1.0
billion in the prior-year period.
Full-year
2005 income from continuing operations was $246 million, or $2.02 per share,
compared with $237 million, or $1.89 per share in 2004, which included
three cents per share of net-positive special items. Sales for the full
year 2005 were $4.6 billion compared with $4.1 billion in 2004.
"The
significant investments we made in recent years in both organic growth
initiatives and strategic acquisitions are just beginning to pay off,"
said Barry W. Perry, chairman and chief executive officer. "Our fourth-quarter
results are consistent with our business plans and reflect that our actions
have positioned Engelhard to generate strong earnings growth over the next
several years."
Fourth-Quarter
Operating Results
Operating
earnings from Environmental Technologies were $33 million, while net sales
rose 25% to $270 million. Higher revenues were driven primarily by strength
in the European light-duty diesel market.
"Engelhard
is uniquely positioned to capitalize on the significant increase in demand
projected for sophisticated emission-control technologies as more stringent
regulatory guidelines covering light-, medium-, and heavy-duty diesel emissions
begin to take effect in major industrial markets around the globe," Mr.
Perry said. "Beginning in 2007, the introduction of stricter clean air
regulations in Europe, the U.S. and Asia, including China, is expected
to fuel Environmental Technologies' annual earnings growth in the low-teens
through 2010."
Operating
earnings from Process Technologies increased 19% to $32 million as a result
of continued strong demand for technologies for petroleum refining and
chemical- process markets. Sales rose 13% to $200 million
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