ALB 4Q Above Consensus, J.P. Morgan Reports

Albemarle Corporation (NYSE: ALB) reported 4Q:10 EPS of $0.92 versus $0.64 in the year-ago quarter, “and our forecast of $0.96,” J.P. Morgan reports. The Bloomberg Consensus was $0.88.

“The ($0.04) per share difference between reported results and our forecast was due to lower than expected equity income and higher than expected minority interest,” J.P. Morgan writes. “Operating income of $111.4M was very much consistent with our forecast of $112.3M. Pre-tax income of $105.1M compared to our estimate of $106.4M.

“The primary factor behind the strong quarterly result was positive pricing in Polymer Solutions and Fine Chemicals: in both divisions, incremental operating margins were greater than 100%. The dynamic was particularly pronounced in Polymer Solutions where prices climbed 14.6% and volume decreased (5.5%).”