25 July 2002 17:32 [Source: ICIS news]
HOUSTON (CNI)--Specialty chemical maker Albemarle said Thursday second quarter net income excluding special items rose 14% to $16.9m (Euro16.9m) on higher shipments in the company's flame retardants' business.
For the period ended 30 June, the company said earnings/share (eps) were 40 cents compared with 32 cents in 2001.
Net sales increased 16% to $245.1m.
During the quarter, Albemarle reported a $3.8m favourable US income tax settlement from prior periods.
For the first six months, net income was $37.5m about the same as for the first six months of 2001. Eps during the period were 86 cents up from 80 cents for the same period in 2001.
Sales for the first six months were up 8% to $469.7m due to the inclusion of sales from Albemarle's acquisitions of Martinswerk GmbH and the custom and fine chemicals businesses of ChemFirst.
Floyd Gottwald, chief executive officer, said the company benefited from quarter-to-quarter improvements in flame retardants.
He added: "While we believe some of this growth has been due to rebuilding of our customers' inventories, it appears that our business is entering a period of slow but sustained growth."
He added Albemarle is seeing "positive results" from the integration of the Martinswerk mineral flame-retardants business and new product opportunities in the fine chemistry services pipeline.
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