Why Albemarle Shares Are Booming Today

Albemarle Corp ALB shares are trading higher Thursday after the company reported better-than-expected fourth-quarter adjusted EPS results.

What to Know: After the market close on Wednesday, Albemarle announced its fourth-quarter sales and earnings, for the period ending Dec. 31, 2022. The company also provided preliminary full-year net sales figures and issued guidance for 2023.

The company disclosed fourth-quarter net sales of $2.62 billion, slightly missing analyst estimates of $2.63 billion. However, the company reported significant year-over-year growth, with net sales tripling from $894.2 million during the same period last year. Albemarle reported quarterly earnings of $8.62 per share, beating the consensus estimate of $8.28 by 4.11%.

Albemarle announced unaudited full-year 2022 net sales of $7.32 billion, almost doubling net sales of $3.32 billion from 2021.

The company also provided guidance for 2023. Albemarle expects net sales in the range of $11.3 billion-$12.9 billion and adjusted earnings in the range of $26-$33 per share.

CEO Kent Masters remarked, “Our outstanding 2022 results demonstrate our durable advantages, particularly in the growing lithium market, and the relentless focus of our global teams in supporting our customers.”

Albemarle is focused on transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity and health.

See Also: Best Lithium Stocks Right Now

According to data from Benzinga Pro, Albemarle Corporation shares were up 5.47%, trading at $287.72 at the time of publication. The stock has a 52-week high of $334.55 and a 52-week low of $169.93.

Photo: Dean Simone from Pixabay.