Specialty chemicals maker Albemarle Corp. (ALB) reported a lower profit for the first quarter, hurt mainly by lower net sales from the year-ago quarter.
Net income attributable to Albemarle for the quarter declined to $83.9 million or $0.94 per share from $114.2 million or $1.27 per share in the previous year quarter.
On an adjusted basis, profit for the latest first quarter totaled $82.7 million or $0.93 per share.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.01 per share in the quarter. Analysts' estimates typically excludes special items.
Meanwhile, quarterly net sales dropped to $641.62 million from $711.70 million in the comparable quarter prior year, while twelve analysts were expecting to see revenues of $681.09 million for the quarter.
In addition , the company said it repurchased nearly 1 million shares in the first quarter.
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