CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Albemarle Corp. (ALB) on Wednesday reported a third-quarter loss of $1.07 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Charlotte, North Carolina-based company said it had a loss of $9.45. Losses, adjusted for non-recurring costs, came to $1.55 per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 31 cents per share.
The specialty chemicals company posted revenue of $1.35 billion in the period, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.39 billion.
Albemarle expects full-year revenue in the range of $5.5 billion to $6.2 billion.
Albemarle shares have fallen 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $96.58, a drop of 19% in the last 12 months.
_____
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