Albemarle: Q3 Earnings Snapshot

CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported third-quarter net income of $302.5 million.

The Charlotte, North Carolina-based company said it had profit of $2.57 per share. Earnings, adjusted for non-recurring costs, were $2.74 per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.70 per share.

The specialty chemicals company posted revenue of $2.31 billion in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $2.39 billion.

Albemarle expects full-year earnings in the range of $21.50 to $23.50 per share, with revenue in the range of $9.5 billion to $9.8 billion.

Albemarle shares have decreased 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $122.96, a decrease of 56% 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