Albemarle Lifts FY22 Outlook, Shares Jump 17%

(RTTNews) - While reporting its results for the first quarter on Wednesday, Albemarle Corporation (ALB) raised its outlook for the full year 2022, sending its shares up 17% in after-hours trading.

Looking forward to full year 2022, the company now expect adjusted earnings of $9.25 to $12.25 per share and revenues of $5.20 billion to $5.60 billion.

Analysts polled by Thomson Reuters currently expect earnings of $6.22 per share on revenues of $4.40 billion. Analysts' estimates typically exclude one-time items.

Previously, the company expected adjusted earnings of $5.65 and $6.65 per share and revenues of $4.20 billion to $4.50 billion.

ALB closed Wednesday's trading at $215.47, up $18.35 or 9.31%, on the NYSE. The stock further gained $37.54 or 17.42% in the after-hours trading.