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Chemicals maker Albemarle profit beats, raises 2019 earnings forecast

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Albemarle Corp beat quarterly profit estimates on higher demand for bromine and ...

) beat quarterly profit estimates on higher demand for bromine and raised its 2019 adjusted profit forecast on Wednesday, sending shares of the world’s largest lithium producer up over 10% in extended trading.

Sales of bromine, a chemical used to make fire extinguishers, were driven by demand in flame retardants for electronics, clear completion fluids, and polymer resins, despite weakness in automotive and construction, sectors that have been hit by trade tensions and fears of slowing global growth. Sales from the company’s largest segment lithium, used to make electric car batteries, rose only 2.3% to $324.8 million, compared with a 30.2% jump in the year-ago quarter. Analysts were expecting sales of $354.7 million.

To cope with the weakness, Albemarle early this month revised its deal to buy into Australia’s Mineral Resources Ltd’s Wodgina mine to lower its cash offer than it had previously stated.

 

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