Chemtura reports second quarter sales up 14%

Chemtura Corp., a global specialty chemicals company headquartered in Philadelphia, Penn., U.S.A., reported net sales of US$876 million for the second quarter of 2011, a 14% increase from net sales of US$767 million during the same quarter in 2010. Chemtura’s net earnings on a managed basis for the second quarter of 2011 were US$51 million or US$0.51 per share. Operating profit was down by 29% to US$87 million, however, as opposed to US$122 million in 2010. “Our Industrial segments led the quarter’s performance. They sustained the significant progress made in recovering the continuing increases in raw material costs, which resulted in our year-on-year changes in selling prices exceeding year-on-year changes in raw material costs again this quarter.” said Craig A. Rogerson, chairman, president and CEO. (August 4, 2011)