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Albemarle tops Street 4Q forecasts

CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Monday reported fourth-quarter profit of $602.1 million.

The Charlotte, North Carolina-based company said it had profit of $5.30 per share. Earnings, adjusted to account for discontinued operations, were 78 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The specialty chemicals company posted revenue of $696.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $599.8 million.

For the year, the company reported profit of $643.7 million, or $5.68 per share. Revenue was reported as $2.68 billion.

Albemarle shares have increased slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $92.46, an increase of 67 percent 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

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Keywords: Albemarle, Earnings Report