Albemarle's Q3 profits rise 18% on lower costs, high sales

23 October 2002 15:21  [Source: ICIS news]

HOUSTON (CNI)--Specialty chemicals producer Albemarle reported an 18% increase Wednesday in third quarter net income on a 9% boost in sales, crediting lower costs for raw materials and operations as key factors.

For the quarter ended 30 September, the Richmond, Virginia-based company posted net income of $20.4m (Euro20.8m) on sales of $263m with earnings/share (eps) of 48 cents. Those figures compared with net income of $16.8m on sales of $242m for the same period last year.

Mark Rohr, president and chief executive, called the quarterly sales figure a "record" and noted that this quarter's results included sales from two acquisitions made last year.

He said the company's debt has declined by $33m in the last three months.

Between Albemarle's business units, polymer chemical sales rose 23% to $146m while fine chemical sales declined 5% to $118m.

By: Gary Taylor
+1 713 525 2653

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