* Third-quarter EPS $1.10 vs. Street forecast $1.08
* Revenue down 9 percent to $661.2 mln; misses Street
* Shares slip in after-hours trading
Oct 17 Albemarle Corp posted a
higher-than-expected quarterly profit on Wednesday as strong
sales of the chemical bromine helped to offset weak sales of
catalysts used by petroleum refiners.
Shares fell 1.5 percent to $53.48 in after-hours trading.
The company posted net income of $99.3 million, or $1.10 per
share, for the third quarter, compared with $116.1 million, or
$1.28 per share, in the year-ago period.
Analysts on average expected $1.08 per share, according to
Thomson Reuters I/B/E/S.
Revenue fell 9 percent to $661.2 million. Analysts expected
Sales of specialty materials have become a niche industry
for Albemarle and its peers, with customers increasingly willing
to pay more for them.
The company tried to pass on higher supply costs to its key
catalyst customers in the refining industry, a move that
backfired, pushing sales in the catalyst unit down 16 percent to
$251.2 million during the period.
Sales at the company's fine chemistry unit, which sells
bromine and other specialty chemicals, increased 8 percent to