Third quarter earnings for this year, reported by Albemarle were at US$ 72.8 million, or US$ 0.93 per share. This is down on Q3 2013 when earnings were US$ 90.5 million, or US$ 1.11 per share. The adjusted earnings for Q3 2014 were US$ 89.5 million compared to US$ 88.9 million for the same time last year. The company reported a net sales of US$ 642.4 million in the third quarter of this year, up from net sales of US$ 591.2 million in the third quarter of last year. This was mainly driven by higher volumes across Catalyst Solutions and bromine products due to strong market demand and favourable pricing in Catalyst Solutions.
Earnings for the nine months that ended on 30 September 2014 were at US$ 151.8 million, compared with US$ 257.2 million for the same period last year. Net sales for the same nine month period were US$ 1.85 billion, an increase from the US$ 1.75 billion seen for the same time frame in 2014. This has been attributed to favourable Catalyst Solutions pricing and volumes on strong demand, and the favourable impact of a stronger EU Euro, partly offset by lower pricing in Performance Chemicals.
Performance Chemicals reported net sales of US$ 364.5 million for Q3 of this year, a slight decrease on the same time last year. Segment income in Performance Chemicals was US$ 80.2 million in Q3 2014, a 7% drop from US$ 85.9 million in Q3 2013, this has been attributed to unfavourable Fire Safety Solutions pricing and higher manufacturing costs, partly offset by favourable pricing and volumes in Speciality Chemicals and volumes in Fire Safety Solutions.
Catalyst Solutions generated net sales of US$ 277.9 million for Q3 2014, a 23% increase from net sales for the same time last year. This was primarily on favourable Clean Fuels Technology and Performance Catalyst Solutions volumes and overall favourable Refinery Catalyst Solutions pricing, partly offset by unfavourable Heavy Oil Upgrading volumes. Catalyst Solutions segment income was US$ 59.9 million in Q3 2014, an increase of 18% on the same time last year, this has been attributed to favourable pricing, higher equity in income from unconsolidated investments and strong Clean Fuels Technology and Performance Catalyst Solutions volumes on market demand, partly offset by Heavy Oil Upgrading volumes due to Albemarle’s capacity expansion startup in Bayport Texas.
Luke Kissam, Albemarle President and CEO said, ‘we delivered better than forecast growth in net sales, earnings and cash flow this quarter driven by continued strength in Catalyst Solutions, and our full year will be well within the range of our guidance. We are also making excellent progress on the plant for integrated Rockwood and delivering the synergies of the combination once the transaction closes.’
Edited from press release by Claira Lloyd
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