PHILADELPHIA - Rohm and Haas Co. has reported second-quarter 2008 sales of $2,567 million, a 17-percent increase over the same period in 2007, with Electronic Materials and the chemical businesses outside North America delivering strong growth. Real growth of 7 percent, consisting of 4 percent demand and 3 percent from acquisitions, was the largest driver of sales growth in the quarter. In addition, currency and selling price accounted for 6 percent and 4 percent, respectively, of the sales increase. The company reported second-quarter 2008 earnings from continuing operations of $147 million, or $0.75 per share, compared to $161 million, or $0.75 per share, for the second quarter of 2007. This quarter's results include a $0.23 per share gain from the divestiture of the company's stake in UP Chemical Co. as well as a $0.30 per share charge related to the restructuring actions announced last month. Adjusted earnings per share, excluding restructuring, asset impairments and the impact of the divestiture of the company's stake in UP Chemical Co., were $0.82, up 8 percent versus the prior-year period.
"We demonstrated strong sales momentum in the second quarter, particularly in Electronic Materials and the chemicals businesses outside North America," said Raj L. Gupta, Chairman and CEO of Rohm and Haas Co. "We have made good progress against our Vision 2010 strategy for accelerating profitable growth through pricing actions and a realignment of our geographic footprint and support services, despite the challenge of an increasingly difficult economic and business environment."