Albemarle beats estimates despite sales decline

Albemarle’s fourth-quarter net income totaled $37.7 million, or 42 cts/share down 17.1% from the year-ago period, on sales down 2.8% to $687.6 million. Excluding charges related to a change in pension accounting, as well as restructuring charges, adjusted net income totaled $105.2 million, or $1.17/share, beating analysts’ consensus of 99 cts/share, as reported by Thomson Reuters (New York). The decline in sales was driven by lower metals surcharges in the catalysts business, which offset volume growth, Albemarle says.   Catalyst segment sales...

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