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Stock Market & Financial Investment News

News Breaks
January 24, 2013
18:03 EDTGRAW.R. Grace to record $365M pre-tax charge in Q4
W.R. Grace & Co. said it will record a smaller-than-expected $365M pre-tax charge in the Q4 related to the specialty chemical company's increased asbestos-related liability. The company said the charge is lower than its November estimates of $375M-$475M and it will have no impact on adjusted earnings. The company is looking to emerge from a bankruptcy process that began in 2001, driven by fear of an onslaught of claims for injuries due to W.R. Grace-made asbestos projects. W.R. Grace said Thursday it is adjusting its recorded asbestos-related liability to $2.07B-$1.7B. The company has noted that the adjustment is necessary to reflect increased estimates of the settlement values of the warrant and deferred payment obligation payable to the asbestos personal injury trust under Grace's reorganization plan. W.R. Grace currently estimates the warrant's value to be $490M, the maximum value under the company's settlement agreement with the asbestos trust. The settlement was approved by the bankruptcy court last month. It estimates the deferred payment obligation's value to be $547 million. The company said the increase in estimated value reflects its improved borrowing costs and expected timing of bankruptcy emergence.
News For GRA From The Last 14 Days
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July 31, 2015
12:46 EDTGRAW.R. Grace downgraded to Neutral from Buy at Tigress Financial
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July 29, 2015
06:22 EDTGRAW.R. Grace on track to complete separation into two companies in 1Q16
06:10 EDTGRAW.R. Grace narrows FY15 adjusted EPS to $5.15-$5.25 from $5.05-$5.45
FY15 EPS consensus of $4.67. Narrows FY15 adjusted EBIT to $675M-$685M from $675M-$705M. Narrows FY15 adjusted EBITDA to $815M-$825M from $815M-$845M. The company estimates the currency headwind to Adjusted EBIT to be approximately $60M and to Adjusted EPS to be approximately 55c per share. Backs FY15 adjusted free cash flow of at least $430M, including a favorable impact to 2015 cash flow of approximately $95M, equivalent to $1.30 per share, due to Grace's low cash tax rate.
06:07 EDTGRAW.R. Grace reports Q2 Catalysts Technologies sales $289.3M
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06:06 EDTGRAW.R. Grace reports Q2 adjusted EPS $1.19, consensus $1.17
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