The W. R. Grace & Co. manufacturing site in Baltimore, Maryland produces products found in a variety of everyday items, ranging from toothpaste to gasoline to bottles and cans. Pictured here is a nighttime shot of the plant.
The W. R. Grace & Co. manufacturing site in Baltimore, Maryland produces products found in a variety of everyday items, ranging from toothpaste to gasoline to bottles and cans. Pictured here is a nighttime shot of the plant. (Steve Hane / W. R. Grace & Co.)

W.R Grace & Co., the Columbia-based chemical company, reported Thursday that its earnings nearly doubled in the quarter ended June 30, but recent events will pinch its results for the rest of the year.

The company said it earned $76.2 million in the April-to-June period, up from $38.8 million a year earlier. Earnings per share leapt to $1.14 each from 58 cents.

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The chemical maker’s revenue also swelled to $513.6 million, up 5.7%.

But Grace shares took a beating Thursday, falling 6.3% to close at $71.20 each on the New York Stock Exchange, as the company warned about its result for the rest of the year.

“Our team delivered a solid quarter of sales and earnings growth,” Grace President and CEO Hudson La Force said in a statement. “I’m disappointed that recent events are impacting our second half earnings, but they do not change the fundamental earnings power of our businesses."

Grace said those events include the explosion of a Philadelphia refinery, which was a large Grace customer, and the subsequent bankruptcy of its owner; an equipment failure that disrupted operations at one of Grace’s silicas manufacturing plants; and the global automotive production slowdown, which prompted another customer to reduce production.

Collectively, those events are expected to reduce its expected sales for the year by 2% and its earnings by about $29 million, Grace said.

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