19.04.2012 • NewsAlbemarlesales and profitsQ1 2012

Albemarle Profits Up

Chemical maker Albemarle's first quarter earnings rose, and beat Wall Street's expectations, on strong sales of catalysts used by petroleum refiners.

Sales of specialty materials have become a niche industry for Albemarle and its peers, with customers increasingly willing to pay more for them.

For the quarter ended March 31, the company said net income rose to $108 million, or $1.20 per share, from $106.6 million, or $1.15 a share, in the year-ago period.

Analysts, on average, expected earnings of $1.16 per share, according to Thomson Reuters I/B/E/S.

Sales rose 2% to $711.7 million. Analysts expected $730.4 million.

Sales of its catalysts rose 13% to $293.5 million from the same period last year.

Albemarle also said that sales in its fine chemistry unit, which supplies material for the pharmaceutical industry, increased 7% to $190 million.

Sales of polymer solutions fell 12% to $228.1 million.

 

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