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Albemarle reports drop in earnings

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BATON ROUGE, La. (AP) — Specialty chemicals maker Albemarle Corp. reports second-quarter earnings dropped to $22.4 million, or 28 cents per share, from $82.7 million, or 98 cents per share a year ago.

The Advocate reports (http://bit.ly/1xFAiyE ) the Baton Rouge company noted second-quarter earnings were affected by an April 15 deal to sell its antioxidant, ibuprofen and propofol businesses and assets to SI Group Inc.

Albemarle took a pre-tax charge to reflect an expected loss on the sale of the assets, which should be completed this year.

Taking into account the transaction, Albemarle's second-quarter adjusted earnings were $86.8 million, or $1.10 per share, compared with $79.2 million, or 94 cents per share, for the second quarter of 2013.

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Information from: The Advocate, http://theadvocate.com

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