Monday, specialty chemicals maker Albemarle Corp. (ALB) reported a lower profit for the third quarter, hurt by a decline in revenue. However, earnings for the quarter came in ahead of analysts' consensus, but revenues fell short of Street view.
The Baton Rouge, Louisiana-based company's third-quarter net income attributable to the company decreased to $52.1 million or $0.57 per share from $56.2 million or $0.61 per share a year ago. On average, 13 analysts polled by Thomson Reuters estimated earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Third quarter net sales declined to $515.3 million from $660.5 million in the prior-year quarter. Analysts expected revenues of $536.49 million for the quarter.
Operating profit for the quarter decreased to $62.93 million from $76.89 million in the year-earlier quarter.
Segment wise, revenue from polymer additives declined 25% to $196.7 million, owing to softness in consumer end-markets. Catalysts net sales fell by 18% to $188.9 million, primarily due to metals impacts on HPC refinery catalysts revenues, currency exchange rates, and less favorable product mix in polyolefin catalysts. Fine Chemicals net sales dropped by 22% to $129.6 million for the quarter.
For the nine-month period, net income attributable to the company decreased to $116.0 million or $1.26 per share from $181.1 million or $1.95 per share in the prior-year period. Net sales for the period fell to $1.45 billion from $1.95 billion in the year-earlier period.
Looking ahead, the company said while challenging conditions still persist in some sectors, underlying market fundamentals seem to be improving.
ALB closed Monday's regular trading at $33.92, down $0.64 or 1.85%, on a volume of 1.19 million shares on the New York Stock Exchange.
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