W. R. Grace & Co., of Columbia, provided an update regarding its preliminary first quarter 2020 financial results, response to the COVID-19 pandemic and strong financial position.
Grace expects the first quarters’ [Diluted Net Income per Common Share] to be at the high end of its Feb. 4, 2020 outlook range of $0.65 to $0.72 per share, which included an unfavorable impact of $0.06 to $0.10 per share from the effects of the COVID-19 pandemic.
The significant economic impact of the rapidly evolving pandemic, including lower manufacturing activity and transportation fuel demand, will negatively affect Grace’s full-year results and outlook. The corporation is evaluating the effect of the pandemic and the policy responses of governments on its financial results for the remainder of the year and will provide an update on our first quarter earnings conference call scheduled for April 30.
“Grace is well positioned to meet the operating and financial challenges of the global pandemic,” said Hudson La Force, president and CEO. “Our first priority is the health and safety of our employees. We have fully implemented our pandemic response plan, including significant new safety protocols throughout our operations. We are also focused on business continuity for our customers. Our manufacturing operations and global supply chain have not been materially impacted at this point. Our businesses are designated as critical infrastructure by the U.S. Department of Homeland Security. Our global manufacturing footprint, strategic flexibility and strong business continuity plans position us to remain a reliable technology supplier to our customers.”