Albemarle reports second consecutive record quarter
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Albemarle reports second consecutive record quarter

5:35 PM, 22nd July 2011
Albemarle reports second consecutive record quarter
Mark C Rohr, Chairman and CEO, Albemarle.

· Record quarterly earnings for the second consecutive quarter of $1.23 per share, up 38 per cent over second quarter 2010 results.

· Record quarterly net sales of $742 million, up 25 per cent from prior year second quarter net sales of $592 million.

· Record quarterly net sales and income for polymer solutions and fine chemistry segments.

· EBITDA of $178 million and EBITDA margin of 24 per cent for the quarter.

BATON ROUGE, US: Albemarle Corporation reported second quarter 2011 earnings of $114.2 million or $1.23 per share, compared to second quarter 2010 earnings of $81.8 million or 89 cents per share. The net sales were $742.1 million in the second quarter of 2011 compared to net sales of $592.5 million in the second quarter of 2010.

Earnings for the first half of 2011 were $220.7 million or $2.38 per share, compared to $145.1 million or $1.57 per share, for the first half of 2010. Net sales for the first half of 2011 were $1.44 billion compared to $1.17 billion for the first half of 2010.

“We are pleased to report record sales and earnings for the second consecutive quarter driven by stronger volume and pricing trends. Robust business demand helped establish new earnings records for fine chemistry and polymer solutions. Catalysts volumes are showing signs of continued strengthening as we enter the second half of 2011. Overall, while we will remain alert to any indications of slower global growth going forward, we are optimistic about our prospects for the second half of the year,” said Mark C Rohr, Chairman and CEO, Albemarle.

Polymer solutions delivered net sales of $290.5 million in the second quarter of 2011, a 23 per cent increase over net sales in the second quarter of 2010, due mainly to favourable pricing. Segment income was $77.2 million in the second quarter of 2011, a 64 per cent increase from $47 million in the second quarter of 2010.

Catalysts generated net sales of $266.9 million in the second quarter of 2011, a 24 per cent increase over net sales in the second quarter of 2010, due mainly to favorable pricing and higher volumes. Catalysts segment income was $65.6 million in the second quarter of 2011, roughly flat with second quarter of 2010 results of $66.2 million.

Fine chemistry net sales in the second quarter of 2011 were $184.8 million, a 31 per cent increase over net sales in the second quarter of 2010, due mainly to favourable pricing and higher volumes. Segment income was $37.4 million for the second quarter of 2011, more than double second quarter 2010 results of $17.5 million.

The outlook for the second half of 2011 remains positive, while Albemarle continues to monitor global economic developments. The company expects some typical seasonal contraction and potential volume softness in the fourth quarter; however, with continued focus on innovative product development, operational excellence and cost control programmes, it will deliver solid financial performance for the remainder of the year.

© WOC News

 

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