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WD-40 Co reports 1Q 2003-2004 earnings
FOCUS 2010, with a market of about 19 M lbs/y forecast for 2010. Surfactant usage in household products was about 2.5 M lbs in 2002 and is projected to grow at 2.8%/y between 2000 and 2010. Chemical Market Reporter, 26 Jan 2004 (Website: http://www.chemicalmarketreporter.com)
COMPANY RESULTS P&G delivers at top end of earnings expectations for 2003 The Procter & Gamble Co (P&G) posted double-digit growth in unit volume, sales and earnings for 4Q ended Dec 2003, delivering at the top end of increased earnings expectations. Favourable exchange rates boosted results for the quarter. Unit volume increased 19%, including the impact of the recently completed acquisition of Wella AG. Organic volume, which excludes the impact of acquisitions and divestitures from year-over-year comparisons, increased 9%. Health care led the business segments with unit volume growth of 17%, partly because of the early onset of the ‘flu season. Beauty care (excluding Wella) and fabric and home care also posted strong growth of 10% and 9%, respectively. Developing markets posted strong double-digit unit volume growth. Net sales increased 20% to $13.22 bn. Organic sales increased 6%. Net earnings increased 22% to $1.82 bn. The fabric and home care business segment delivered strong volume, sales and earnings growth. Net sales increased 10% to $3.41 bn. Net earnings increased 11% to $570 M primarily driven by volume, as well as lower manufacturing costs. Beauty care posted excellent results for the quarter with 10% organic volume growth. Net sales increased 50% to $4.49 bn, including a positive 5% foreign exchange impact. Net earnings were $681 M, an increase of 34%, due to strong top line growth, including Wella. P&G 4Q and 2003 financials results, 28 Jan 2004 (The Procter & Gamble Co, 1 or 2, Procter & Gamble Plaza, Cincinnati, OH 45201, USA. Tel: +1 513 983 1100. Website: http://www.pg.com)
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WD-40 Co reports 1Q 2003-2004 earnings WD-40 Co reported net sales for 1Q ended Nov 2003 of $52.5 M, an increase of 2.3% over 1Q ended Nov 2002. Net income for 1Q 2003-2004 was $4.4 M, up 0.8% compared to 1Q 2002-2003. Total sales for 1Q 20032004 were 75.6% from the Americas, 19.3% from Europe and 5.1% from Asia/Pacific. Global sales of lubricants were up 6.4% for 1Q 20032004 while sales of household products X-14, Carpet Fresh, 2000 Flushes and Spot Shot were down 0.3%. For fiscal year ending Aug 2004, WD-40 expects an increase in net sales of 9.4% over the 2003 fiscal year with 11.5% growth in household products and 2.6% in hand cleaners. WD-40 1Q 2003-2004 results, 8 Jan 2004 (WD-40 Co, 1061, Cudahy Place, San Diego, CA 92110, USA. Tel: +1 619 275 1400 Ext 1150. Fax: +1 619 275 5823. Website: http://www.wd40.com)
Albemarle reports 4Q 2003 results Albemarle Corp reported net income, including special items, of $16.8 M for 4Q 2003 ended Dec 2003 (net income of $16.9 M in 4Q 2002) due primarily to the contributions made by the company’s 2003 acquisitions and the favourable effects of foreign exchange of $14.8 M, particularly in Europe and the Asia Pacific. Net sales were up 15.6% to $295 M in 4Q 2003. Net sales for the year ended Dec 2003 were $1.1 bn, up about 9% from sales in 2002. Net income for 2003 amounted to $70.2 M (net income of $74.7 M in 2002). This change in the 12-month results was driven by higher raw material and energy costs, and negative performance in some sectors, including detergents. Revenues from Polymer Chemicals were $170.268 M for 4Q 2003 ($135.221 M in 4Q 2002), and that from Fine Chemicals were $124.856 M ($119.971 M in 4Q 2002). R&D expenses were $4.278 M for 4Q 2003 ($3.569 M in 4Q 2002) and $18.411 M for 2003 ($16.485 M in 2002). Albemarle Corp results for 4Q and year 2003, 29 Jan 2004 (Albemarle Corp, 330, South Fourth Street, PO Box 1335, Richmond, VA 23210, USA. Tel: +1 804 788 6000. Fax: +1 804 388 7686. Website: http://www.albemarle.com)
COMPANY NEWS Henkel makes further acquisitions in USA In addition to its on-going acquisition of Dial, Henkel is expanding further in the USA with the acquisition of Advanced Research Laboratories (ARL) for an estimated $250 M (€201 M). ARL based in Costa Mesa, California had 2002 operating profit of $25 M on turnover of $133 M in the cosmetics and hair care products sector and an operating margin of 19%. ARL with good representation in the USA, Canada and Mexico will become integrated within Henkel’s US subsidiary Schwarzkopf & Dep also based in California. The acquisition will move Henkel up into third position in the US hairstyling market. As a result of these two US acquisitions, the USA in future will account for 23% of Henkel’s turnover, up from 14% previously. La Tribune, 23 Dec 2003, (24.465-2808), 11 (in French) & Ekonom, 29 Jan 2004, 48 (5), 40 (in Czech)
Daqing Oilfield Chemical Industrial Group established On 25 Dec 2003, Daqing Oilfield Chemical Industrial Group, owned by Daqing Petroleum Administration Bureau, was established in Ranghulu District. Total asset value of the group is RMB 1.6 bn and it has a net asset value of RMB 1.1 bn. There are 20 production plants and main products include methanol, formaldehyde, LPG, liquid ammonia, and heavy alkylbenzene sulfonates. China Chemical Reporter, 16 Jan 2004, 15 (2), 6
Bozzetto passes to investors Ruetgers AG is selling Giovanni Bozzetto SpA to BS Private Equity. Bozzetto had sales of €106 M in 2002 and EBITDA of €20 M. The company makes textile chemicals, phosphonates and concrete additives (naphthalene sulfonates). Chemische Rundschau, 16 Dec 2003, (24), 11 (in German)
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COMPANY RESULTS P&G delivers at top end of earnings expectations for 2003 The Procter & Gamble Co (P&G) posted double-digit growth in unit volume, sales and earnings for 4Q ended Dec 2003, delivering at the top end of increased earnings expectations. Favourable exchange rates boosted results for the quarter. Unit volume increased 19%, including the impact of the recently completed acquisition of Wella AG. Organic volume, which excludes the impact of acquisitions and divestitures from year-over-year comparisons, increased 9%. Health care led the business segments with unit volume growth of 17%, partly because of the early onset of the ‘flu season. Beauty care (excluding Wella) and fabric and home care also posted strong growth of 10% and 9%, respectively. Developing markets posted strong double-digit unit volume growth. Net sales increased 20% to $13.22 bn. Organic sales increased 6%. Net earnings increased 22% to $1.82 bn. The fabric and home care business segment delivered strong volume, sales and earnings growth. Net sales increased 10% to $3.41 bn. Net earnings increased 11% to $570 M primarily driven by volume, as well as lower manufacturing costs. Beauty care posted excellent results for the quarter with 10% organic volume growth. Net sales increased 50% to $4.49 bn, including a positive 5% foreign exchange impact. Net earnings were $681 M, an increase of 34%, due to strong top line growth, including Wella. P&G 4Q and 2003 financials results, 28 Jan 2004 (The Procter & Gamble Co, 1 or 2, Procter & Gamble Plaza, Cincinnati, OH 45201, USA. Tel: +1 513 983 1100. Website: http://www.pg.com)
MARCH 2004
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WD-40 Co reports 1Q 2003-2004 earnings WD-40 Co reported net sales for 1Q ended Nov 2003 of $52.5 M, an increase of 2.3% over 1Q ended Nov 2002. Net income for 1Q 2003-2004 was $4.4 M, up 0.8% compared to 1Q 2002-2003. Total sales for 1Q 20032004 were 75.6% from the Americas, 19.3% from Europe and 5.1% from Asia/Pacific. Global sales of lubricants were up 6.4% for 1Q 20032004 while sales of household products X-14, Carpet Fresh, 2000 Flushes and Spot Shot were down 0.3%. For fiscal year ending Aug 2004, WD-40 expects an increase in net sales of 9.4% over the 2003 fiscal year with 11.5% growth in household products and 2.6% in hand cleaners. WD-40 1Q 2003-2004 results, 8 Jan 2004 (WD-40 Co, 1061, Cudahy Place, San Diego, CA 92110, USA. Tel: +1 619 275 1400 Ext 1150. Fax: +1 619 275 5823. Website: http://www.wd40.com)
Albemarle reports 4Q 2003 results Albemarle Corp reported net income, including special items, of $16.8 M for 4Q 2003 ended Dec 2003 (net income of $16.9 M in 4Q 2002) due primarily to the contributions made by the company’s 2003 acquisitions and the favourable effects of foreign exchange of $14.8 M, particularly in Europe and the Asia Pacific. Net sales were up 15.6% to $295 M in 4Q 2003. Net sales for the year ended Dec 2003 were $1.1 bn, up about 9% from sales in 2002. Net income for 2003 amounted to $70.2 M (net income of $74.7 M in 2002). This change in the 12-month results was driven by higher raw material and energy costs, and negative performance in some sectors, including detergents. Revenues from Polymer Chemicals were $170.268 M for 4Q 2003 ($135.221 M in 4Q 2002), and that from Fine Chemicals were $124.856 M ($119.971 M in 4Q 2002). R&D expenses were $4.278 M for 4Q 2003 ($3.569 M in 4Q 2002) and $18.411 M for 2003 ($16.485 M in 2002). Albemarle Corp results for 4Q and year 2003, 29 Jan 2004 (Albemarle Corp, 330, South Fourth Street, PO Box 1335, Richmond, VA 23210, USA. Tel: +1 804 788 6000. Fax: +1 804 388 7686. Website: http://www.albemarle.com)
COMPANY NEWS Henkel makes further acquisitions in USA In addition to its on-going acquisition of Dial, Henkel is expanding further in the USA with the acquisition of Advanced Research Laboratories (ARL) for an estimated $250 M (€201 M). ARL based in Costa Mesa, California had 2002 operating profit of $25 M on turnover of $133 M in the cosmetics and hair care products sector and an operating margin of 19%. ARL with good representation in the USA, Canada and Mexico will become integrated within Henkel’s US subsidiary Schwarzkopf & Dep also based in California. The acquisition will move Henkel up into third position in the US hairstyling market. As a result of these two US acquisitions, the USA in future will account for 23% of Henkel’s turnover, up from 14% previously. La Tribune, 23 Dec 2003, (24.465-2808), 11 (in French) & Ekonom, 29 Jan 2004, 48 (5), 40 (in Czech)
Daqing Oilfield Chemical Industrial Group established On 25 Dec 2003, Daqing Oilfield Chemical Industrial Group, owned by Daqing Petroleum Administration Bureau, was established in Ranghulu District. Total asset value of the group is RMB 1.6 bn and it has a net asset value of RMB 1.1 bn. There are 20 production plants and main products include methanol, formaldehyde, LPG, liquid ammonia, and heavy alkylbenzene sulfonates. China Chemical Reporter, 16 Jan 2004, 15 (2), 6
Bozzetto passes to investors Ruetgers AG is selling Giovanni Bozzetto SpA to BS Private Equity. Bozzetto had sales of €106 M in 2002 and EBITDA of €20 M. The company makes textile chemicals, phosphonates and concrete additives (naphthalene sulfonates). Chemische Rundschau, 16 Dec 2003, (24), 11 (in German)
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