18 April 2012 22:29 [Source: ICIS news]
HOUSTON (ICIS)--US Albemarle on Wednesday reported a first-quarter net income of $108m (€82m), up 1.3% from $106.6m in the same quarter last year, as sales outpaced costs and favourable pricing benefitted the specialty chemicals producer.
Sales for the first quarter increased to $711.7m, up from $696.5m in the first quarter of 2011.
Albemarle's cost of sales for the quarter was $463.8m, relatively flat from the same period a year ago when it was $463.5m.
The catalysts segment had net sales of $293.5m in the first quarter, up 12% over the same period a year ago.
The fine chemistry segment also reported an increase in net sales for the first quarter at $190.1m, up 7% over the first quarter of 2011.
Albemarle said favourable pricing helped generate the increases in both segments.
Meanwhile, polymer solutions delivered net sales of $228.1m, down 12% from the first quarter of 2011, due in part to lower volumes, the company said.
“Although uncertainty persists regarding the strength and duration of a global economic recovery, the full-year outlook for catalysts and fine chemistry remains favourable, supported by positive industry trends and new business opportunities,” Albemarle said.
“In Polymer Solutions, end-market patterns suggest a continuation of the recent gradual demand build through the second half of 2012.”
($1 = €0.76)
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