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Albemarle tops Street 3Q forecasts

CHARLOTTE, N.C. (AP) _ Albemarle Corp. (ALB) on Wednesday reported third-quarter profit of $118.7 million.

On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $1.06. Earnings, adjusted for non-recurring costs, were $1.08 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.

The specialty chemicals company posted revenue of $754.9 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $737 million.

Albemarle expects full-year earnings in the range of $4.40 to $4.50 per share, with revenue in the range of $3 billion to $3.05 billion.

Albemarle shares have risen 68 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $144.58, a rise of 75 percent in the last 12 months.

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