Albemarle: 1Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported first-quarter net income of $107.2 million.
The Charlotte, North Carolina-based company said it had net income of $1.01 per share. Earnings, adjusted for non-recurring gains, came to $1 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The specialty chemicals company posted revenue of $738.8 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $777.9 million.
For the current quarter ending in July, Albemarle said it expects revenue in the range of $700 million to $775 million.
Albemarle shares have fallen 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $57.93, a decline of 25% in the last 12 months.