Albemarle Corporation Q1 Profit Increases, beats estimates

(RTTNews) - Albemarle Corporation (ALB) announced a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $1.24 billion, or $10.51 per share. This compares with $253.4 million, or $2.15 per share, in last year's first quarter.

Excluding items, Albemarle Corporation reported adjusted earnings of $10.32 per share for the period.

Analysts on average had expected the company to earn $7.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 128.3% to $2.58 billion from $1.13 billion last year.

Albemarle Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $1.24 Bln. vs. $253.4 Mln. last year. -EPS (Q1): $10.51 vs. $2.15 last year. -Analyst Estimate: $7.03 -Revenue (Q1): $2.58 Bln vs. $1.13 Bln last year.

-Guidance: Full year EPS guidance: $20.75 - $25.75 Full year revenue guidance: $9.8 - $11.5 bln