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CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported first-quarter net income of $1.24 billion.
On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $10.51. Earnings, adjusted for non-recurring gains, came to $10.32 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $6.93 per share.
The specialty chemicals company posted revenue of $2.58 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $2.74 billion.
Albemarle expects full-year earnings in the range of $20.75 to $25.75 per share, with revenue in the range of $9.8 billion to $11.5 billion.
Albemarle shares have decreased 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $172.91, a fall of 12% 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