Albemarle Q2 Profit Down

(RTTNews) - Albemarle Corporation (ALB) Wednesday reported second-quarter profit of $406.8 million or $3.46 per share, down from $424.6 million or $3.62 per share last year.

Adjusted earnings were $3.45 per share for the quarter, up from $0.89 per share last year.

Net sales for the quarter surged 91.2% to $1.48 billion from $773.9 million last year.

Analysts polled by Thomson Reuters expected earnings of $3.26 per share and revenues of $1.50 billion for the quarter.

Looking forward to full year 2022, the company now expects adjusted earnings of $19.25 to $22.25 per share and revenues of $7.1 billion to $7.5 billion.

Previously, the company expected adjusted earnings of $12.30 to $15.00 per share and revenues of $5.8 billion to $6.2 billion.

Analysts currently estimate earnings of $13.65 per share on revenues of $6.00 billion for the full year 2022.

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