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CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported fourth-quarter net income of $1.13 billion, after reporting a loss in the same period a year earlier.
The Charlotte, North Carolina-based company said it had profit of $9.60 per share. Earnings, adjusted for non-recurring gains, came to $8.62 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $8.46 per share.
The specialty chemicals company posted revenue of $2.62 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $2.63 billion.
For the year, the company reported profit of $2.69 billion, or $22.84 per share. Revenue was reported as $7.32 billion.
Albemarle expects full-year earnings in the range of $26 to $33 per share, with revenue in the range of $11.3 billion to $12.9 billion.
Albemarle shares have risen 26% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $272.79, a rise of 13% 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 ALB">Zacks stock report on ALB at https://www.zacks.com/ap/ALB