Albemarle Earnings Dip On Currency Exchange Rates

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.

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         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.

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