Specialty chemicals maker Albemarle Corp. on Wednesday reported third-quarter earnings dropped to $72.8 million, or 93 cents per share, from $90.5 million, or $1.11 per share a year ago. But the company’s performance beat Wall Street expectations.
Earnings, adjusted for non-recurring costs and to account for discontinued operations, were $1.14 per share. That’s up from $1.09 in the third quarter of 2013.
The Baton Rouge business had net sales of $642.4 million in the quarter, up from $591.2 million during the same period in 2013, thanks to high sales volumes across its catalyst solutions business and bromine products.
The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share and revenues of $603.8 million.
Albemarle reported earnings after the stock market closed Wednesday. The stock closed Wednesday at $55.24, down 2.3 percent or $1.29. Albemarle shares have fallen 13 percent since the beginning of the year.