Albemarle Corporation Shares Up 10% on Q1 Beat
<p><a href='https://financialmodelingprep.com/financial-summary/ALB'>Albemarle Corporation (NYSE:ALB) </a>shares closed around 10% higher on Thursday following the company’s reported Q1 results, with adjusted EPS coming in at $2.38, above the consensus estimate of $1.64. Net sales were $1.12 billion, beating the consensus estimate of $1.03 billion.</p>
<p>The dramatic upside to the guidance was due to a substantial upside to Lithium and Bromine prices and an acceleration in Wodgina production. </p>
<p>Analysts at Oppenheimer said they are encouraged to see the company driving incremental Lithium volumes (20-30% year-over-year growth) and note guidance now implies year-over-year Lithium EBITDA growth of 200-225%. The company is migrating Lithium price floors higher while transitioning further to index pricing. </p>
<p>The company provided its full 2022-year outlook, expecting net sales of $5.2-5.6 billion (vs. $4.20-4.50 billion prior), significantly above the consensus estimate of $4.4 billion.</p>

NYSE:ALB