Albemarle Q1 Profit Down

(RTTNews) - Albemarle Corporation (ALB) Wednesday reported first-quarter earnings of $56.6 million or $0.71 per share, down from $84.0 million or $0.94 per share last year.

Excluding special items, first-quarter earnings were $76.7 million or $0.96 per share, compared to $82.7 million or $0.93 per share last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $656.7 million from $641.6 million last year, driven largely by higher volumes in both operating segments partly offset by lower pricing in Performance Chemicals. Analysts expected revenues of $655.87 million for the quarter.

Separately, the company said it agreed to sell its antioxidant, ibuprofen and propofol businesses and assets to SI Group.