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Albemarle posts steep profit decline

4:54 PM MDT | July 17, 2013 | Rebecca Coons

Albemarle reported double-digit profit declines across all three of its business units, as lower rare earths surcharges, economic sluggishness, and last year’s exit from phosphorous flame retardants impacted second-quarter results. Net income excluding special items declined 29% year-over-year (YOY) to $82 million. Adjusted earnings of 97 cts/share was down 24.2% YOY and fell short of a 99 cts/share consensus of analysts’ estimates compiled by Thomson Reuters (New York).  Sales slipped 7.4%, to $634 million. Catalyst sales were up  2.0% YOY...

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