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news.Albemarle, a developer, manufacturer and marketer of engineered specialty chemicals for pharmaceuticals, has reported net sales of $696.53m for the first quarter ended 31 March 2011, an increase of 20%, compared to $580.27m for the same period in 2010.
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Albemarle’s net income was $106.58m for the first quarter 2011, or $1.15 per diluted share, compared to net income of $63.31, or $ per diluted share, for the comparable period in 2010.
Fine chemistry net sales were $177.3m, a 30% increase over net sales in the first quarter of 2010, due to mainly higher volumes as well as favorable pricing.
Albemarle chairman and CEO Mark Rohr said they have achieved highest quarterly earnings and EBITDA in the company’s history, as well as record income levels for all three of their operating segments.
"We expect the strength of our core technologies and key market insights to continue to drive solid earnings growth in 2011," Rohr said.