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Albemarle profits fall 27%, miss estimates

3:06 PM MDT | April 17, 2013 | Rebecca Coons

Albemarle’s first-quarter results fell short of analysts’ estimates as all three of its business units posted double-digit profit declines year-over-year. The company reported net income of $84 million for its fiscal quarter ended 31 March, down 27% from the year-ago quarter. Excluding non-operating items, earnings were 93 cts/share, 7.9% below a $1.01/share consensus of analysts’ estimates reported by Thomson Reuters (New York). Sales fell 9.8%, to $641.6 million, driven by Albemarle’s exit from the phosphorus flame retardants business...

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