Albemarle Corp (NYSE:ALB) shares are trading higher in Monday's after-hours session after the company raised its full-year 2022 guidance.
Albemarle said it revised its guidance higher primarily due to the completion of additional lithium contract renegotiations following the company's first-quarter earnings results.
Albemarle raised its full-year revenue guidance from $5.2 billion - $5.6 billion, to $5.8 billion - $6.2 billion, much higher than the estimate of $5.44 billion, according to data from Benzinga Pro. The company also raised its adjusted earnings guidance from $9.25 - $12.25 per share to $12.30 - $15 per share versus the estimate of $10.88 per share.
Albemarle is a global specialty chemicals company with leading positions in lithium, bromine, and catalysts.
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ALB 52-Week Range: $154.22 - $291.48
The stock was up 4.56% in after-hours at $254.26 at press time.
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