19 April 2011 21:41 [Source: ICIS news]
HOUSTON (ICIS)--US specialty chemicals producer Albemarle reported a record first-quarter net income of $106.6m (€74.6m), up 68% from $63.3m reported for the same time last year, as sales vastly outpaced costs.
Albemarle's first-quarter earnings were a record for the company, according to a statement by Mark Rohr, chief executive.
First-quarter net sales were $696.5m, up 20% from $580.3m for the same time last year.
First-quarter cost of goods sold were $463.5m, up 11.5% from $415.8m for the same time last year.
By segment, income for Polymer Solutions was $69.5m, up 66% from $41.8m reported for the same time last year.
Catalysts reported a net income of $72.6m, up 32% from $55.1m reported for the same time last year.
Fine Chemistry reported a net income of $29.5m, up 150% from $11.8m reported for the same time last year.
Albemarle makes plastic additives and catalysts.
($1 = €0.70)
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