Baton Rouge specialty chemicals maker Albemarle Corp. reports a second quarter loss of $314.8 million, after reporting a profit in the same period a year earlier.
The Associated Press reports that the company says it had a per-share loss of $2.78. Earnings, adjusted to account for discontinued operations and non-recurring costs, came to $1.09 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
Albemarle posted revenue of $669.3 million in the three-month period, missing Wall Street forecasts. Four analysts surveyed by Zacks expected $860.4 million.
Albemarle expects full-year earnings in the range of $3.35 to $3.60 per share, with revenue in the range of $2.5 billion to $2.8 billion.
Albemarle shares have risen 50% since the beginning of the year. As of this afternoon, shares were trading for $82.17, down about 2% after having closed at just over $84 on Wednesday, when the second quarter report was released.
