Albemarle Corp. reported another stellar quarter with record earnings coming largely from its catalysts segment.
The Baton Rouge specialty chemicals producer reported quarterly earnings of $116.1 million, or $1.28 per share, up 25 percent above third-quarter 2010 levels.
Net sales of $723 million for the quarter were up 24 percent compared to the same quarter in 2010. Net sales for the nine months ending Sept. 30 were $2.2 billion, compared to $1.8 billion for the same period in 2010.
“We’re pleased to announce record earnings for the third consecutive quarter,” said Luke Kissam, president and CEO of Albemarle, in a statement. “Catalysts’ record performance and the continued strength of the fine chemistry business more than offset the expected volume softness seen in polymer solutions this quarter versus the first half of the year. These earnings are a testament to our competitive cost position, execution of our pricing strategies and the innovation of our people.”
Albemarle reported its earnings at the close of business on Monday. Its stock closed at $48.61 a share Monday, up $2.08 or 4.5 percent.
Albemarle’s catalysts division, which includes exploring technology related to fuels or chemical reactions, saw some of the strongest growth in the third quarter with net sales of $299.5 million, a 39 percent increase over net sales in the third quarter of 2010, due mainly to favorable pricing and strong sales as well as favorable effects of foreign currency exchanges, the company reported.
The polymer solutions segment delivered net sales of $243.9 million in the third quarter, a 5 percent increase over net sales in third-quarter 2010.
Net sales for the fine chemistry division in the third quarter were $179.5 million, a 30 percent increase over net sales a year ago.
Earnings for the nine months ending Sept. 30 were $336.8 million, or $3.66 per share, compared to $238.7 million, or $2.59 per share, for the same period in 2010. Net sales for the first nine months of 2011 were $2.2 billion, compared to $1.8 billion for the same period in 2010.