BATON ROUGE (AP) — Specialty chemicals maker Albemarle Corp.'s third-quarter earnings slipped to $65.4 million, or 58 cents per share, from $72.8 million, or 93 cents per share, a year ago.
However, when adjusted for costs related to the acquisition of Rockwood Holdings Inc., Albemarle's earnings were $100.9 million, or 90 cents per share.
The Advocate reports those results beat Wall Street's expectations. Analysts surveyed by Zacks Investment Research had forecast earnings of 88 cents per share.
Unfavorable currency exchange rates lowered revenue by $52 million, dampening revenue for the company's three core business segments. Performance Chemicals revenue was down 4.2 percent primarily because of unfavorable currency exchange rates. Refining Solutions fell 15.5 percent, largely as a result of lower clean fuels technology volumes and price. Chemetall Surface Treatment sales increased 1.5 percent, despite the exchange rates.
