BATON ROUGE, La. (AP) — Specialty chemical maker Albemarle Corp. says its first-quarter net income dropped more than 26 percent, as business was slow in some segments. It also warned that orders remain weak for products used for consumer electronics, construction, and European autos.
The company earned almost $84 million, or 94 cents per share, for the quarter that ended March 31. That was down from $114.3 million, or $1.27 per share, during the same period a year earlier.
Revenue fell 10 percent to $641.6 million, from $711.7 million a year earlier.
Analysts surveyed by FactSet, on average, were expecting a profit of $1 per share on revenue of $677.4 million.
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