Albemarle Corporation Q3 Profit Decreases, misses estimates

(RTTNews) - Albemarle Corporation (ALB) reported earnings for third quarter that decreased from last year and missed the Street estimates.

The company's bottom line came in at $302.53 million, or $2.57 per share. This compares with $897.21 million, or $7.61 per share, in last year's third quarter.

Excluding items, Albemarle Corporation reported adjusted earnings of $322.59 million or $2.74 per share for the period.

Analysts on average had expected the company to earn $4.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.5% to $2.31 billion from $2.09 billion last year.

Albemarle Corporation earnings at a glance (GAAP) :

-Earnings (Q3): $302.53 Mln. vs. $897.21 Mln. last year. -EPS (Q3): $2.57 vs. $7.61 last year. -Analyst Estimates: $4.05 -Revenue (Q3): $2.31 Bln vs. $2.09 Bln last year.

-Guidance: Full year EPS guidance: $21.50 - $23.50 Full year revenue guidance: $9.5 - $9.8 Bln