Albemarle Corp. (ALB, Financial) filed Quarterly Report for the period ended 2010-09-30.
Albemarle Corp. has a market cap of $4.42 billion; its shares were traded at around $49.47 with a P/E ratio of 14.7 and P/S ratio of 2.2. The dividend yield of Albemarle Corp. stocks is 1.1%. Albemarle Corp. had an annual average earning growth of 10.7% over the past 10 years.ALB is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC.
Polymer Solutions net sales increased $35.1 million, or 18%, for the three-month period ended September 30, 2010 compared to the same period in 2009, due mainly to the impact of higher volumes of 12% and favorable price/mix of 8%, partly offset by foreign exchange impacts of 2%. Catalysts net sales increased $25.9 million, or 14%, for the three-month period ended September 30, 2010, compared to the same period last year due mainly to an increase in volumes contributing 15% and favorable price/mix of 1%, partly offset by unfavorable foreign currency impacts of 2%. Fine Chemistry net sales increased $8.8 million, or 7%, for the three-month period ended September 30, 2010, compared to the same period last year, primarily due to higher volumes contributing 8% of the increase as well as favorable price/mix impacts of 2%, offset in part by unfavorable impacts from foreign exchange of 3%. For a detailed discussion of revenues and segment income for each segment, see Segment Information Overview below.
For the three-month period ended September 30, 2010, our gross profit increased $62.7 million, or 47%, from the corresponding 2009 period due mainly to stronger volumes and favorable pricing/mix across our segments and related favorable production rate impacts on cost, particularly in our bromine franchise, as well as improved realization of metals cost pass-through impacts on HPC refinery catalysts. Overall, these factors contributed to our improved gross profit margin for the three-month period ended September 30, 2010 of 33.6%, up from 26.0% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, our selling, general and administrative, or SG&A, expenses increased $5.8 million, or 10%, from the three-month period ended September 30, 2009. This increase was primarily due to higher personnel-related costs. As a percentage of net sales, SG&A expenses were 10.6% for the three-month period ended September 30, 2010, compared to 10.9% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, R&D expenses were comparable to the three-month period ended September 30, 2009, with a slight decrease of $0.6 million, or 4%. As a percentage of net sales, R&D expenses were 2.5% for the three-month period ended September 30, 2010 compared to 2.9% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, our effective income tax rate was 24.1% as compared to 9.7% for the three-month period ended September 30, 2009. Based on our current level and location of income, we expect our effective tax rate will be 24.3% for 2010.
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Albemarle Corp. has a market cap of $4.42 billion; its shares were traded at around $49.47 with a P/E ratio of 14.7 and P/S ratio of 2.2. The dividend yield of Albemarle Corp. stocks is 1.1%. Albemarle Corp. had an annual average earning growth of 10.7% over the past 10 years.ALB is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
For the three-month period ended September 30, 2010, we recorded net sales of $585.0 million, a 14% increase compared to net sales of $515.3 million for the three-month period ended September 30, 2009. This increase was due primarily to an increase in volumes in all segments mainly as a result of improved year-over-year conditions in the global economy. Volume had a favorable impact on sales of 12%, price/mix was favorable 4% and foreign exchange impacts were unfavorable 2% compared to the same period last year.Polymer Solutions net sales increased $35.1 million, or 18%, for the three-month period ended September 30, 2010 compared to the same period in 2009, due mainly to the impact of higher volumes of 12% and favorable price/mix of 8%, partly offset by foreign exchange impacts of 2%. Catalysts net sales increased $25.9 million, or 14%, for the three-month period ended September 30, 2010, compared to the same period last year due mainly to an increase in volumes contributing 15% and favorable price/mix of 1%, partly offset by unfavorable foreign currency impacts of 2%. Fine Chemistry net sales increased $8.8 million, or 7%, for the three-month period ended September 30, 2010, compared to the same period last year, primarily due to higher volumes contributing 8% of the increase as well as favorable price/mix impacts of 2%, offset in part by unfavorable impacts from foreign exchange of 3%. For a detailed discussion of revenues and segment income for each segment, see Segment Information Overview below.
For the three-month period ended September 30, 2010, our gross profit increased $62.7 million, or 47%, from the corresponding 2009 period due mainly to stronger volumes and favorable pricing/mix across our segments and related favorable production rate impacts on cost, particularly in our bromine franchise, as well as improved realization of metals cost pass-through impacts on HPC refinery catalysts. Overall, these factors contributed to our improved gross profit margin for the three-month period ended September 30, 2010 of 33.6%, up from 26.0% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, our selling, general and administrative, or SG&A, expenses increased $5.8 million, or 10%, from the three-month period ended September 30, 2009. This increase was primarily due to higher personnel-related costs. As a percentage of net sales, SG&A expenses were 10.6% for the three-month period ended September 30, 2010, compared to 10.9% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, R&D expenses were comparable to the three-month period ended September 30, 2009, with a slight decrease of $0.6 million, or 4%. As a percentage of net sales, R&D expenses were 2.5% for the three-month period ended September 30, 2010 compared to 2.9% for the corresponding period in 2009.
For the three-month period ended September 30, 2010, our effective income tax rate was 24.1% as compared to 9.7% for the three-month period ended September 30, 2009. Based on our current level and location of income, we expect our effective tax rate will be 24.3% for 2010.
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