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Albemarle earnings fall on discontinued operations, but beat estimates
3:33 PM MDT | July 30, 2014 | Vincent Valk
Albemarle today reported second-quarter down 73% year-on-year (YOY), to $22.5 million, on sales up 5%, to $604.7 million. Net income fell due to an accounting loss on discontinued operations, namely the antioxidants, ibuprofen and propofol businesses Albemarle sold to SI Group during the quarter. Excluding this loss, and other, smaller, charges, adjusted earnings grew 10% YOY, to $86.8 million, or $1.10/share, ahead of analysts’ consensus estimate of $1.07/share, as reported by Thomson Reuters (New York). "Improved trends drove stronger than expected...
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