Strong Margin Expansion In ALB's 3Q

Albemarle ALB has reported strong margin expansion through its 3Q, according to Oppenheimer, which has maintained its Perform rating. In its research report, Oppenheimer writes "As in the prior quarter, ALB reported very strong margin expansion that more than offset modestly weaker than expected revenue. 3Q10 EPS of $1.02 rose 79.9% year-over-year, 29% above estimate, as operating margin spiked 840bps yoy, likely led by high commodity bromine and favorable production utilization rates for all segments. 3Q10's record operating margin of 20.6% is exactly twice the normal average margin of 10.3% for the last nine years, but other chemicals are also experiencing record prices and margins so could remain high." Albemarle closed yesterday at $48.68.