Hercules says fourth-quarter pro forma net income was $17 million, compared to a loss of $164 million in fourth-quarter 1998. Nonrecurring expenses totaled $44 million pre-tax, and included initiatives under way to improve the performance of the resins, Aqualon, and food gums businesses. Timothy Gerdeman, analyst at Lehman Brothers (Chicago), expects those businesses to be divested. Hercules' pro forma sales rose 9%, to $827 million. Lubrizol's sales rose 6%, to $433 million and net income was $33.5 million, including gains of $4.5 million. Operating income at BFGoodrich's performance materials segment jumped 10%, to $34.8 million, on sales up 1%, to $300.4 million. Sherwin-Williams' net income jumped 17.9%, to $56 million, on sales up 3.2%, to $1.15 billion.
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