) has increased its quarterly dividend 15% to 27.5 cents per
share from the prior payout of 24 cents a share. The raised
dividend will be paid on Apr 1, 2014, to stockholders of record
as of Mar 14, 2014.
The recent revision marked the company's 20th straight
quarterly dividend increase. The hike brings the annual dividend
to $1.10 per share.
Prior to this, a dividend hike was declared on Feb 12, 2013,
and the increase was 20% to 24 cents per share from its prior
payout of 20 cents a share.
The move adopted by Albemarle testifies its commitment to boost
shareholders' value, while retaining the financial strength of
the company. This action also reflects the company's confidence
in the future of the business.
Albemarle, a leading maker of specialty chemicals, posted its
fourth-quarter 2013 results last month. The company reported
adjusted earnings (excluding special items) of $1.08 a share in
the quarter compared with $1.17 a share earned in the year-ago
quarter. The results surpassed the Zacks Consensus Estimate of
$1.04 a share, reflecting a positive surprise of 3.85%.
Revenues were $692 million in the quarter, up 0.6% from $687.6
million in the year-ago quarter, beating the Zacks Consensus
Estimate of $671 million. The results were supported by higher
volumes in Polymer Solutions and Catalysts, partly offset by a
decline in Fine Chemistry volumes, lower pass through metals
pricing and lower Flame Retardants pricing.
Albemarle implemented several strategic initiatives in the
catalysts and bromine franchises in 2013 and expects the
initiatives to lead to growth in 2014 and beyond. Going forward,
the company remains confident in the strategies undertaken and
with the cash generation of its businesses.
Albemarle has a Zacks Rank #3 (Hold).
Other companies in the chemical industry worth considering
Northern Technologies International Corp.
PPG Industries Inc.
). While both Methanex and Northern Technologies carry a Zacks
Rank #1 (Strong Buy), PPG holds a Zacks Rank #2 (Buy).
ALBEMARLE CORP (ALB): Free Stock Analysis
METHANEX CORP (MEOH): Free Stock Analysis
NORTHERN TECH (NTIC): Free Stock Analysis
PPG INDS INC (PPG): Free Stock Analysis
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