Albemarle second-quarter sales miss estimates
(Reuters) - Chemicals maker Albemarle Corp (ALB.N) reported a slightly better-than-expected second-quarter profit, but the company's revenue missed estimates, hurt by weak sales of catalysts used by petroleum refiners.
The company was not currently seeing the increased market demand it had expected in the second half of the year, CEO Luke Kissam said in a statement.
Net income for the second quarter fell to $37.7 million, or 42 cents per share, from $114.2 million, or $1.23 a share, in the year-ago period.
Excluding one-time charges, the company earned $1.24 per share.
Sales fell 8 percent to $684.9 million.
Analysts on average had expected a profit of $1.23 per share on revenue of $741.1 million, according to Thomson Reuters I/B/E/S.
Sales of its catalysts, which represent more than one-third of total sales, fell 14 percent to $229.1 million.
Sales of polymer solutions, which are fire safety solutions and antioxidants used in industries such as textiles and automobiles, fell 15 percent to $247 million.
Albemarle shares fell 3 percent after market close on Tuesday. They closed at $57.23 on the New York Stock Exchange. (Reporting by Divya Lad in Bangalore; Editing by Viraj Nair)
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