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Albemarle beats estimates, but earnings fall on lower sales

3:22 PM MDT | October 16, 2013 | Vincent Valk

Albemarle has reported third-quarter net income of $90.5 million, down 1.7% year-on-year (YOY), on net sales down 1.9%, to $648.6 million. Sales fell due to the exit of Albemarle’s phosphorous flame retardants business, lower metals surcharges, and low prices for bromines, the company says. Adjusted earnings totaled $1.09/share, beating analysts’ consensus estimate of $1.06/share, as reported by Thomson Reuters (New York). "Third quarter results came in about as expected and earnings per share was up 13% sequentially, driven largely by improved...

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