CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported first-quarter earnings of $2.4 million.
The Charlotte, North Carolina-based company said it had net loss of 8 cents per share. Earnings, adjusted for non-recurring costs, came to 26 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The specialty chemicals company posted revenue of $1.36 billion in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.31 billion.
Albemarle shares have decreased 18% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $119, a drop of 33% 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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