Albemarle (ALB) 8-K Albemarle Reports First-Quarter 2007 Results

Exhibit 99.1

Contact: Nicole Daniel Sandra Rodriguez Sherry Knapp 804.788.6096 225.388.7654 804.788.6107

Albemarle Reports First-Quarter 2007 Results

• First quarter net income of $58.1 million, or 60 cents per-share, up 69 percent over the same period last year.

• Fine Chemicals segment income margin increases to 16 percent from 6 percent compared to the same period last year.

RICHMOND, Va., - April 23 — Albemarle Corporation (NYSE: ALB) reported first-quarter 2007 net income of $58.1 million, or 60 cents per-share, up from $34.4 million, or 36 cents per-share, for first-quarter 2006, due to strong performance in each of the Company’s three business segments. The Company reported net sales in the first-quarter 2007 totaling $589 million compared to first-quarter 2006 net sales of $607 million.

Commenting on results, Mark C. Rohr, President and CEO of Albemarle Corporation stated, “I am extremely pleased with the performance of our company this quarter. In spite of lower volumes and over $9 million of net increased raw material and energy costs compared to the previous year, our businesses delivered strong results with increased profitability in every segment. I am especially proud of our Fine Chemicals team where we achieved a step change in margin improvement. Our strengths in technology, innovation and customer service enabled us to deliver these strong results and we will continue to focus in these three areas as we strive to deliver value throughout 2007 to our customers and shareholders.”

Quarterly Segment Results

Polymer Additives recorded net sales for first-quarter 2007 of $214.3 million, a 3 percent decrease versus first-quarter 2006. Net sales declined in our flame retardant portfolio due primarily to reduced volumes in our tetrabrom product line. Our flame retardant portfolio benefited from higher year over year pricing. Polymer Additives segment income for first-quarter 2007 grew 14 percent to $35.7 million due to improved pricing, offset in part by lower tetrabrom volumes and increased raw materials and other costs.

Catalysts recorded net sales for first-quarter 2007 of $235.8 million, a slight increase versus first-quarter 2006, due primarily to better pricing in all of our catalysts operations, partially offset by lower volumes in HPC refinery catalysts. Catalysts segment income for first-quarter 2007 increased 56 percent to $39.4 million due to higher pricing and increased FCC refinery catalysts and polyolefin catalysts volumes, partially offset by increased raw material costs. Catalysts segment income includes a $2.1 million pre-tax benefit from the elimination of an employee benefit plan.

Fine Chemicals net sales for first-quarter 2007 were $139.1 million, a 7 percent decrease versus first-quarter 2006. This decline is due primarily to the disposition of our Thann, France facility. Segment income for first-quarter

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2007 increased 132 percent to $22.5 million. Improved pricing and increased volumes in our bromine portfolio and increased pricing in our fine chemistry services portfolio coupled with the acquisition of the South Haven cGMP facility, contributed to this increase.

During the quarter, interest and financing expenses were $8.9 million versus first-quarter 2006 expenses of $10.6 million. We repurchased approximately 450,000 shares of Albemarle stock for $18.6 million at an average price of $41.64 per share.

Our first-quarter 2007 effective income tax rate was 23 percent.

Earnings Call

The Company’s performance for the first-quarter ended March 31, 2007 will be discussed on a conference call at 8:00 AM Eastern Daylight Time on April 24, 2007, which can be accessed through Albemarle’s website under Investor Information atwww.albemarle.com.

Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; construction and packaging materials. The Company operates in three business segments, Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries.

Forward-Looking Statements

Some of the information presented in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe our expectations as reflected are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ from expectations include, without limitation: the inability to pass through increases in costs and expenses for raw materials and energy; competition from other manufacturers; changes in demand for our products; the gain or loss of significant customers; fluctuations in foreign currencies; and increased government regulation of our operations or our products. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2006 and in our other public filings with the Securities and Exchange Commission. Readers are urged to review and consider carefully the disclosures we make in our filings with the Securities and Exchange Commission.

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Albemarle Corporation and Subsidiaries

Consolidated Statements of Income

(In Thousands of Dollars, Except Share and Per-Share Amounts) (Unaudited)

	First Quarter Ended March 31,
	2007			2006
Net sales	$	589,238		$	607,354
Cost of goods sold		429,449			484,901
Gross profit		159,789			122,453
Selling, general and administrative expenses		62,486			57,853
Research and development expenses		15,711			11,445
Operating profit		81,592			53,155
Interest and financing expenses		(8,910	)		(10,619	)
Other income, net		952			926
Income before income taxes, minority interests and equity in net income of unconsolidated investments		73,634			43,462
Income tax (expense)		(16,936	)		(11,337	)
Income before minority interests and equity in net income of unconsolidated investments		56,698			32,125
Minority interests in income of consolidated subsidiaries (net of tax)		(4,951	)		(3,225	)
Equity in net income of unconsolidated investments (net of tax)		6,361			5,476
Net income	$	58,108		$	34,376
Basic earnings per-share	$	0.61		$	0.37
Diluted earnings per-share	$	0.60		$	0.36
Weighted-average common shares outstanding - Basic		95,288			94,153
Weighted-average common shares outstanding - Diluted		97,504			96,569

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Albemarle Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands of Dollars) (Unaudited)

	March 31, 2007		December 31, 2006
ASSETS
Cash and cash equivalents	$	125,016	$	149,499
Other current assets		856,087		811,355
Total current assets		981,103		960,854
Property, plant and equipment		2,181,675		2,169,433
Less accumulated depreciation and amortization		1,194,785		1,188,858
Net property, plant and equipment		986,890		980,575
Other assets and intangibles		602,865		588,939
Total assets	$	2,570,858	$	2,530,368
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities	$	404,296	$	482,949
Long-term debt		734,533		681,859
Other noncurrent liabilities		238,137		236,594
Deferred income taxes		104,749		100,868
Shareholders’ equity		1,089,143		1,028,098
Total liabilities & shareholders’ equity	$	2,570,858	$	2,530,368

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Albemarle Corporation and Subsidiaries

Selected Cash Flows Data

(In Thousands of Dollars) (Unaudited)

	Three Months Ended March 31,
	2007			2006
Cash and cash equivalents at beginning of year	$	149,499		$	58,570
Cash and cash equivalents at end of period	$	125,016		$	67,100
Sources of cash and cash equivalents:
Net income		58,108			34,376
Depreciation and amortization		27,349			30,626
Proceeds from borrowings		17,824			43,674
Proceeds from exercise of stock options		10,952			10,955
Uses of cash and cash equivalents:
Capital expenditures		(26,241	)		(21,018	)
Purchases of common stock		(18,647	)		(8,980	)
Investments in other corporate investments		(84	)		(64	)
Repayments of long-term debt		(12,441	)		(46,939	)
Dividends paid to shareholders		(8,628	)		(7,472	)
Dividends paid to minority interests		(4,374	)		(1,200	)

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Albemarle Corporation and Subsidiaries

Consolidated Summary of Segment Results

(In Thousands of Dollars) (Unaudited)

	First Quarter Ended March 31,
	2007			2006
Segment net sales:
Polymer Additives	$	214,319		$	221,871
Catalysts		235,827			235,356
Fine Chemicals		139,092			150,127
Total segment net sales	$	589,238		$	607,354
Segment operating profit (loss):
Polymer Additives	$	36,460		$	32,115
Catalysts		34,581			20,884
Fine Chemicals		25,247			10,901
Corporate & Other		(14,696	)		(10,745	)
Total segment operating profit		81,592			53,155
Minority interests in income of consolidated subsidiaries:
Polymer Additives		(2,252	)		(2,015	)
Catalysts		—			—
Fine Chemicals		(2,735	)		(1,210	)
Corporate & Other		36			—
Total minority interests in income of consolidated subsidiaries		(4,951	)		(3,225	)
Equity in net income of unconsolidated investments:
Polymer Additives		1,515			1,120
Catalysts		4,824			4,445
Fine Chemicals		—			—
Corporate & Other		22			(89	)
Total equity in net income of unconsolidated investments		6,361			5,476
Segment income (loss):
Polymer Additives		35,723			31,220
Catalysts		39,405			25,329
Fine Chemicals		22,512			9,691
Corporate & Other		(14,638	)		(10,834	)
Total segment income		83,002			55,406
Interest and financing expenses		(8,910	)		(10,619	)
Other income, net		952			926
Income tax (expense)		(16,936	)		(11,337	)
Net income	$	58,108		$	34,376

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