Albemarle: 3Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported third-quarter net income of $129.7 million.
The Charlotte, North Carolina-based company said it had profit of $1.20 per share. Earnings, adjusted for non-recurring costs, came to $1.31 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The specialty chemicals company posted revenue of $777.7 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $804.4 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 dropped 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $107.96, a fall of 25 percent in the last 12 months.