Albemarle Corporation (NYSE:ALB) shares are trading lower after the company reported worse-than-expected fourth-quarter sales results.
Albemarle reported quarterly earnings of $1.01 per share which beat the analyst consensus estimate of $0.99 by 2%. The company reported quarterly sales of $894.20 million which missed the analyst consensus estimate of $894.47 million. This is a 2% increase over sales of $879.15 million the same period last year.
"Our team delivered a strong year that exceeded expectations by executing our strategy and effectively responding to a number of challenges in 2021. We increased our net sales and adjusted EBITDA by 11% and 13%, respectively, excluding FCS," said Albemarle CEO Kent Masters.
"Our Lithium and Bromine businesses are performing well. With a firm focus on executing our growth strategy, we are well positioned for opportunities to deliver significant value to our shareholders. The strategic investments we've made in our Lithium business as well as the progress of several key projects will enable us to potentially double our nameplate capacity by the end of 2022 and accelerate our Wave 3 projects," Masters stated.
Albemarle has a 52-week high of $291.48 and a 52-week low of $133.82.
