Albemarle: Q1 Earnings Snapshot

CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported first-quarter net income of $253.4 million.

On a per-share basis, the Charlotte, North Carolina-based company said it had profit of $2.15. Earnings, adjusted for non-recurring costs, were $2.38 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.

The specialty chemicals company posted revenue of $1.13 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.04 billion.

Albemarle expects full-year earnings in the range of $9.25 to $12.25 per share, with revenue in the range of $5.2 billion to $5.6 billion.

Albemarle shares have declined roughly 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $215.47, a climb of 33% 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