23 January 2012 22:05 [Source: ICIS news]
HOUSTON (ICIS)--Albemarle posted a 17% year-on-year increase in income for the fourth quarter of 2011 because of strong sales in its catalysts and fine chemistry segments, the US-based specialty chemicals producer said on Monday.
Income for the fourth quarter totalled $99.4m (€77.5m), up from $85.0m in the same period of 2010.
Net sales for the company increased to $707.4m in the fourth quarter, up 17% from $605.0m in the fourth quarter of 2010.
The catalysts segment generated $289.5m in sales for the fourth quarter, up 25% over the same period in 2010. Income for catalysts surged 43% year on year to $83.6m.
Fine chemistry sales were also strong at $208.5m, up 36% year on year. Income rose 60% for the quarter to $42.6m.
The company attributed the strong results to favourable pricing.
Meanwhile, income and sales for Albemarle’s polymer solutions segment were down in the fourth quarter.
Income for the segment was at $36.6m, down 28% from the same period in 2010, while sales fell 5% to $209.3m.
Earnings for the full year 2011 totalled $436.3m, up from $323.7m in 2010, an increase of 35% year on year.
“In the second half of 2011, the global economic uncertainty contributed to conservative cash management and lower demand in certain supply chains, and this was particularly true in our polymer solutions segment,” the company said.
“How long that uncertainty will last is not clear at this time. However, our businesses remain healthy, and we believe the end markets we serve may stabilise or accelerate in the second half of 2012,” the company added.
Albemarle stock ended the day up 0.75% at $60.09/share.
($1 = €0.78)
For more on Albemarle visit ICIS company intelligence
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