) has increased its quarterly dividend by 20% to 24 cents per
share from the prior payout of 20 cents a share. The raised
dividend will be paid on Apr 1, 2013, to stockholders of record
as of Mar 15, 2013.
The recent revision marked the company's 19th consecutive
quarterly dividend increase. The hike brings the annual dividend
to 96 cents per share.
The Board of Albemarle also increased its share repurchase
authorization from 3.9 million to 15 million shares. The company
has decided to repurchase nearly 10% of its outstanding shares in
the coming 10 to 15 months. It expects to fund the share buyback
through a combination of available cash on hand, free cash flow
The moves adopted by Albemarle testify its commitment to boost
shareholders' value while retaining adequate funds for organic
growth and acquisitions.
Albemarle, a leading maker of specialty chemicals, posted its
fourth-quarter 2012 results last month. The company reported
adjusted earnings (excluding special items) of $1.17 a share in
the quarter compared with $1.13 a share earned in the year-ago
quarter. The results surpassed the Zacks Consensus Estimate of 99
cents, reflecting a positive surprise of around 18%.
Revenues were $687.6 million in the quarter, down 4% from
$707.4 million in the year-ago quarter, beating the Zacks
Consensus Estimate of $646 million. The results were impacted by
lower metal surcharges in the Catalysts segment, more than
offsetting volume growth.
Lower demand for the products coupled with unfavorable raw
material pricing impact resulted in lower operating rates at the
production units in 2012. However, exit from the phosphorus
business, lack of pension obligations, strong balance sheet and
investments for future growth are expected to benefit the company
Albemarle retains a short-term (1 to 3 months) Zacks Rank #3
ALBEMARLE CORP (ALB): Free Stock Analysis
(ARKAY): ETF Research Reports
BASF SE (BASFY): Free Stock Analysis Report
PETROLOGISTICS (PDH): Free Stock Analysis
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