Baton Rouge-based specialty chemicals maker Albemarle Corp. reported its first-quarter earnings dipped to $43.1 million, or 40 cents per share, compared to $56.6 million, or 71 cents per share, a year ago.
However, after adjusting for its Rockwood Holdings acquisitioin, including a higher value of Rockwood’s inventory, Albemarle earned $127.2 million, or $1.17 per share. Adjusted earnings for the first quarter of 2014 were $78.4 million, or 98 cents per share.
The Rockwood deal also helped lift Albemarle’s sales to $884.4 million, compared to $599.8 million a year ago. Albemarle completed its acquisition of Rockwood, which produces the lithium used in batteries, on Jan. 12.
Stock analysts surveyed by Thomson Reuters had forecast earnings of 71 cents per share on revenue of $913.2 million.
Albemarle also raised its full-year per-share earnings projections to a range of $3.65 to $4.05. The company’s earlier guidance was in the range of $3.15 to $3.70.
Stock analysts have forecast a 2015 profit of $3.51 per share.
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