U.S. Markets closed

Albemarle beats Street 1Q forecasts

CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported first-quarter profit of $51.2 million.

The Charlotte, North Carolina-based company said it had profit of 45 cents per share. Earnings, adjusted for non-recurring costs, were $1.05 per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The specialty chemicals company posted revenue of $722.1 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $678.7 million.

Albemarle expects full-year earnings in the range of $4.20 to $4.40 per share, with revenue in the range of $2.9 billion to $3.05 billion.

Albemarle shares have increased 25 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $107.65, a rise of 60 percent in the last 12 months.

_____

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

_____

Keywords: Albemarle, Earnings Report