Arch Chemicals (ARJ) Reports Third Quarter 2007 Earnings; Updates Full Year Earnings Outlook
11/2/2007 11:56:15 AM
NORWALK, Conn.--(BUSINESS WIRE)--ARCH CHEMICALS, INC. (NYSE: ARJ - News) announced sales for the third quarter of 2007 of $376.5 million compared to $348.5 million in 2006. Earnings per share from continuing operations for the third quarter were $0.09 for 2007 on $2.3 million of income. Third quarter 2007 operating results include a tax charge of $3.0 million due to an income tax rate change in the United Kingdom (“U.K.”) and $0.8 million, net of tax, for restructuring. Additionally, results were adversely impacted by $8.3 million, or $0.20 per share, due to higher compensation related expense as a result of the mark-to-market impact of the increased stock price during the quarter associated with the Company’s performance-based stock awards and deferred compensation plans. Excluding these items, earnings per share from continuing operations were $0.45 on $11.2 million of income.
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