CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported third-quarter net income of $296.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of $2.15. Earnings, adjusted for non-recurring costs, came to $2.58 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.56 per share.
The specialty chemicals company posted revenue of $1.55 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.49 billion.
Albemarle shares have decreased 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $94.97, a rise of slightly more than 7% 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
