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Home > Fortune 500 Companies > Engelhard Corporation
Engelhard Corporation
Engelhard Corporation is a publicly traded company having a good stock performance result. The company was founded in 1938 and is headquartered in Iselin, New Jersey. Engelhard Corporation is a fortune 500 stock listed company trading under EC.
They engage in the manufacture, development and marketing of technologies based on surface and materials science for industrial customers worldwide.
They reported net earnings for the fourth quarter ended December 31 of 63.7 million dollars, or 50 cents per share, compared with 56.1 million dollars, or 44 cents, for the same period in 2002. Fourth quarter sales were 1.0 billion dollars compared with 911 million dollars a year ago. Full year net earnings were 234.2 million dollars, or 1.84 dollars per share, which included 4.9 million dollars, or 4 cents per share, of net positive special items. Earnings in 2002 were 171 million dollars, or 1.31 per dollars share, which included a charge of 57.7 million dollars, or 44 cents per share. A sale for the year was 3.7 billion dollars compared with 3.8 billion dollars in 2002.
Revenues from Process Technologies increased 13 percent to 167 million dollars. Operating earnings grew 12 percent to 23 million dollars, driven primarily by strong demand for technologies for petroleum refining and improved results from chemical-process markets. Revenues from Appearance and Performance Technologies increased 9 percent to 188 million dollars. Operating earnings of 17 million dollars were down 12 percent versus the prior year as the positive impact of recent acquisitions in cosmetics and personal care was offset by the continuing negative impact of higher natural gas prices.
Interest income was 5.2 million dollars in 2004, 4.0 million dollars in 2003 and 2.0 dollars million in 2002. The Company capitalized interest of 2.4 million dollars in 2004 and 3.0 million dollars in 2003 and 2002. In 2004, the Company opportunistically issued yen denominated debt with a coupon rate of 1.1 percent. This issuance lowered the average borrowing rate. The percentage of variable rate debt to total debt was 76 percent at December 31, 2004 compared to 69 percent at December 31, 2003.
New technology based growth stands and their company’s extensive focus on productivity enabled them to deliver another year of solid financial results.
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