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Albemarle: 2Q Earnings Snapshot

August 5, 2020 GMT

CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported second-quarter earnings of $85.6 million.

The Charlotte, North Carolina-based company said it had net income of 80 cents per share. Earnings, adjusted for non-recurring costs, were 86 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The specialty chemicals company posted revenue of $764 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $704.3 million.

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For the current quarter ending in October, Albemarle said it expects revenue in the range of $700 million to $745 million.

Albemarle shares have increased 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $88.60, an increase of 35% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALB at https://www.zacks.com/ap/ALB