Albemarle Misses Q4 Earnings and Revenue Expectations
Albemarle Corporation (NYSE: ALB) reported a net income of $75.3 million for the fourth quarter of 2023, reversing a loss in the same period the previous year.
On a per-share basis, the Charlotte, North Carolina-headquartered company earned 29 cents, while adjusted losses excluding non-recurring gains amounted to $1.09 per share.
The results fell short of Wall Street's estimates. A consensus of 10 analysts polled by Zacks Investment Research anticipated a loss of $0.49 per share.
Albemarle's revenue for the quarter stood at $1.23 billion, also below Street projections. Zacks surveyed seven analysts who predicted revenue of $1.31 billion.
For the full year, the company reported a loss of $1.18 billion, or $11.20 per share. Revenue totaled $5.38 billion.
Albemarle forecasts full-year revenue for 2024 to range from $4.9 billion to $5.2 billion.
Albemarle's stock has declined by 11% year-to-date. In Wednesday's final trading session, shares closed at $76.60, representing a 36% drop over the past year.