CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported second-quarter net income of $480 million, after reporting a loss in the same period a year earlier.
The Charlotte, North Carolina-based company said it had net income of $3.52 per share. Earnings, adjusted for non-recurring costs, were $3.75 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.35 per share.
The specialty chemicals company posted revenue of $1.74 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.59 billion.
Albemarle shares have dropped 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $119.27, an increase of 75% 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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