Albemarle Corp (NYSE:ALB) shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results and raised guidance.
Albemarle said first-quarter revenue increased 36% year-over-year to $1.13 billion, which beat the $1.02 billion estimate, according to data from Benzinga Pro. The company reported quarterly earnings of $2.38 per share, which beat the estimate of $1.63 per share.
"Many of the end markets we serve are critical for transitioning to greener energy and advancing electrification and digitalization. Our ongoing investments capitalize on the rapid growth and strong pricing trends in these markets," said Kent Masters, CEO of Albemarle.
Albemarle raised its guidance based on increased prices of its lithium and bromine businesses and expectations of continued demand growth.
Albemarle now expects full-year 2022 revenue to be between $5.2 billion and $5.6 billion. Adjusted EBITDA is expected to be between $1.7 billion and $2 billion on margins of 33% to 36%. It expects an FY22 adjusted EPS of $9.25 - $12.25.
Albemarle is the world's largest lithium producer.
ALB 52-Week Range: $150.00 - $291.48
The stock was up 18.10% in after-hours at $254 at press time.
Photo: cintersimone from PIxabay.
