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

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index