Rohm and Haas' sales up, earnings down

PHILADELPHIA, Pa. (July 30)—Rohm and Haas Co.'s sales rose to almost $1.5 billion for the second quarter ended June 30 from $1.4 billion for the comparable period in 2001, while net earnings fell to $89 million from $242 million. Earnings reported for the 2002 quarter include non-recurring charges of $21 million for plant dismantlement, adjustments for working capital from the sale of the firm's Agriculture Chemicals business last year, an ongoing restructuring program and other non-recurring charges, the company said. Earnings for the 2001 period reflect significant gains for the sale of the agricultural chemicals operation, the firm added. The sales increase was driven by new products, an improved product mix, growth of several business segments and customer demand, according to Chairman and CEO Raj L. Gupta