US-based specialty chemicals company Rohm and Haas has reported second quarter sales of $2,081 million, a 5% increase over the same period in 2005, driven primarily by higher demand. Higher selling prices, necessary to help offset continued high raw material and energy costs, were nearly offset by an unfavourable impact of currencies. Second quarter earnings from continuing operations were $192 million compared with $172 million for the second quarter of 2005.

In terms of regional performance, North American sales of $1,061 million were up 4% over the comparable period in 2005, the result of higher selling prices and flat overall demand. The higher pricing across most of the chemicals businesses reflected efforts to mitigate the impact of higher raw material and energy costs. European sales were $521 million for the quarter, which were flat compared with the same period last year, as the impact of increased demand was largely offset by the unfavourable impact of currencies. Asia-Pacific sales were $418 million, a 15% increase over the same period last year and Latin American sales of $81 million in the quarter were 8% higher than the same period last year, reflecting increased demand, higher selling prices and the favourable impact of currencies.

Sales for the six-month period ended June 30 were $4,139 million, a 4% increase over the comparable period in 2005, driven by broad-based growth in demand. Higher selling prices, necessary to help balance continued high raw material and energy costs were almost offset by an unfavourable impact of currencies.
 

Meanwhile, the company also announced it intends to sell its Automotive Coatings business and has presented its operations as ‘discontinued operations’ for all periods reported. For the quarter, loss from discontinued operations, after-tax, was $26 million.