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CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported fourth-quarter net income of $75.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 29 cents. Losses, adjusted for non-recurring gains, were $1.09 per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 49 cents per share.
The specialty chemicals company posted revenue of $1.23 billion in the period, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.31 billion.
For the year, the company reported a loss of $1.18 billion, or $11.20 per share, swinging to a loss in the period. Revenue was reported as $5.38 billion.
Albemarle expects full-year revenue in the range of $4.9 billion to $5.2 billion.
Albemarle shares have fallen 11% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $76.60, a drop of 36% in the last 12 months.
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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