Charlotte-based Albemarle Reports Revenues That Beat Wall Street Expectations

11/9/17

Albemarle Corp., a specialty chemicals company, reported third quarter revenues that beat analyst estimates, according to a filing with the Securities and Exchange Commission.

Revenues for the Charlotte-based company were $754.9 million for the third quarter, a 15 percent increase from the same period last year. This beat analyst estimates of $732 million for the quarter.

Net income for this quarter were $118.7 million, or $1.06 per share, which fell just short of analyst estimates of $1.07 per share.

β€œIn the third quarter, we delivered the seventh consecutive quarter of year-over-year revenue growth excluding divested businesses,” said President and Chief Executive Officer Luke Kissam.

Net sales for lithium and advanced materials was $343.6 million for the third quarter, an increase of 42.9 percent from 2016 third quarter net sales.

The chemical company has increase the guidance for 2017 from net sales of $2.9 billion to $3.05 billion to $3 million to $3.05 billion. It has also increased the outlook for earnings per share to $4.40 to $4.50.

Analysts estimate revenues for 2017 to be $2.95 billion, and they estimate earnings per share to be $4.38.

Albemarle share prices increase 0.6 percent, or $1, from $143.53 to $144.53 during Tuesday trading. 

It's on us. Share your news here.

Submit your stories and articles to citybizlist today.