) Petroleum Additives business has declared a price hike for
detergent products (Hybase, Lobase, Calcinate, Barium, Surchem)
by 11 cents per kilo, effective Sep 20, 2013, or as contracts
permit. The price revision came as a compensation for continuous
increases in raw material costs.
A few days ago, Petroleum Additives business declared a price
hike for Diphenylamine (DPA) in all packages by 10 cents per
kilo. The business unit also increased the prices for its natural
fatty acid-based lubricant products by up to 20%, effective Oct
1, 2013, or as contracts allow.
Chemtura Petroleum Additives business unit supplies lubricant
additives, fuel additives, synthetic basestocks and synthetic
finished lubricants that are used in a wide range of applications
and industries including automotives, power generation, aviation
and certain niches in the industrial market as refrigeration and
Chemtura came out with its second-quarter 2013 results on Jul
30. The company reported net income from continuing operations of
$47 million or 47 cents a share compared with a profit of $53
million or 53 cents a share a year ago. Adjusted earnings from
continuing operation of 40 cents per share surpassed the Zacks
Consensus Estimate of 37 cents.
Revenues went down roughly 1% year over year to $735 million
in the quarter and were in line with the Zacks Consensus
Estimate. Lower selling prices and unfavorable foreign currency
translation affected revenues in the quarter.
Chemtura expects its Industrial Performance Products, Consumer
Products and Chemtura AgroSolutions segments to continue their
improved performance trends into the second half of 2013.
Chemtura further expects demand for insulation foam and
electronics applications to improve in 2013.
Chemtura currently carries a Zacks Rank #3 (Hold).
Other companies in the specialty chemicals industry with
favorable Zacks Rank are
Minerals Technologies Inc.
Sensient Technologies Corp.
). All of them retain a Zacks Rank #2 (Buy).
CHEMTURA CORP (CHMT): Free Stock Analysis
FERRO CORP (FOE): Free Stock Analysis Report
MINERAL TECH (MTX): Free Stock Analysis
SENSIENT TECH (SXT): Free Stock Analysis
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