Engelhard Reports Second-Quarter 2002 Earnings

July 22, 2002 by Jeff Shepard

Engelhard Corp. (Iselin, NJ) reported net earnings for the second quarter ended June 30, 2002, of $60.1 million, or $0.46 per share, on a diluted basis, compared with $59.5 million, or $0.45 per share, for the same period a year ago. The results are in line with the current range of estimates.

The quarter included an after-tax benefit of $0.05 per share stemming from insurance settlements and two charges amounting to $0.04 per share relating to costs associated with a manufacturing consolidation plan and the write-down of an investment. Net earnings for the first six months of the year totaled $112.0 million, or $0.85 per share, compared with $107.0 million, or $0.81 per share, reported for the first half of 2001. Net sales for the first half of 2002 were $2.0 billion, compared with $3.1 billion for the same period last year.