CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported a fourth-quarter loss of $455.9 million, after reporting a profit in the same period a year earlier.
The Charlotte, North Carolina-based company said it had a loss of $3.87 per share. Losses, adjusted for non-recurring costs, were 53 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The specialty chemicals company posted revenue of $1.43 billion in the period, topping Street forecasts. Seven analysts surveyed by Zacks expected $1.35 billion.
For the year, the company reported that its loss narrowed to $677.4 million, or $5.76 per share. Revenue was reported as $5.14 billion.
Albemarle shares have risen 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $175.43, more than doubling 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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