Albemarle: 2Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Tuesday reported second-quarter profit of $302.5 million.
The Charlotte, North Carolina-based company said it had net income of $2.73 per share. Earnings, adjusted for non-recurring gains, were $1.36 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The specialty chemicals company posted revenue of $853.9 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $799.5 million.
Albemarle expects full-year earnings in the range of $5.30 to $5.50 per share, with revenue in the range of $3.3 billion to $3.5 billion.
Albemarle shares have fallen 27 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $92.81, a decrease of 25 percent in the last 12 months.