UPDATE 1-Albemarle Q1 profit beats; revenue up 19.3 pct

Mon Apr 26, 2010 4:30pm EDT

* Q1 adj. EPS 74 cts vs Street 63 cts

* Revenue up 19.3 pct

NEW YORK, April 26 (Reuters) - Specialty chemicals maker Albemarle Corp (ALB.N) posted a better-than-expected first-quarter profit on Monday as earnings jumped in its polymer and catalyst businesses.

For the January-to-March period, the company reported net income of $63.3 million, or 69 cents per share, compared with $25.4 million, or 28 cents per share, in the year-ago period.

Excluding restructuring charges, the company posted profit of 74 cents per share.

By that measure, analysts expected earnings of 63 cents per share, according to Thomson Reuters I/B/E/S.

The Baton Rouge, Louisiana-based company said revenue rose 19.3 percent to $580.3 million. Analysts expected $553.4 million in revenue.

Shares closed Monday up 13 cents at $44.79. (Reporting by Ernest Scheyder; editing by Carol Bishopric)

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