19 April 2002 14:36 [Source: ICIS news]
HOUSTON (CNI)--Specialty chemical maker Albemarle said Friday its first quarter net income dropped 25% to $16.8m (Euro18.9m) on lower shipments and selling prices in the company's flame retardants and catalyst and additives businesses.
For the period ended 31 March, the company said diluted earnings/share (eps) were 38 cent compared with 48 cent in the 2001 first quarter.
Albemarle said first quarter 2002 results include a charge of $2m from discontinued operations and $850 000 for workforce reductions.
First quarter net sales were flat at $224.6m and included $35.6m in sales from the company's acquisitions of Martinswerk and the custom and fine chemicals businesses of ChemFirst.
Floyd Gottwald, chief executive officer, said he was pleased with the first quarter improvement over the 2001 fourth quarter.
He added: "While cautious about the outlook for the electronics end markets and its impact on our business as well as the economy in general, I believe our 2002 performance could surpass 2001."
Albemarle headquartered in Richmond, Virginia, is a leading producer of specialty chemicals for consumer electronics, pharmaceuticals, agricultural, automotive and industrial sectors.
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