Grace Reports First Quarter 2020 Results; Provides COVID-19 Update; Highlights Strong Financial Position and Cash Flow
W.R. Grace & Co. (GRA)
Last w.r. grace & co. earnings: 4/30 06:00 am
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US:NYSE Investor Relations:
investor.grace.com
Company Research
Source: GlobeNewswire
First Quarter 2020 Highlights Net sales of $421.5 million, down 10.2%, or down 9.2% on constant currency, including estimated 4.3%, or $20 million, COVID-19 impactDiluted EPS of $0.63, up $0.26 primarily due to 1Q19 pretax charge for estimated costs related to legacy liabilities which did not repeat in 1Q20Adjusted EPS of $0.71, down $0.22 including estimated $0.10 COVID-19 net impact; high end of February 4, 2020 outlook range COVID-19 Update Fully implemented pandemic response plan to ensure health and safety of our employees, including significant new safety protocols throughout our global operationsFocused on business continuity for our customers; no material impact to global manufacturing operations and supply chainDecisive actions to adjust operations, including reducing full year 2020 capital spending by $35-$40 million, working capital by $35-$40 million, and operating costs by $25-$30 million Strong Financial Position and Cash Flow Strong financial position and resilient
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