Albemarle Corporation (NYSE:ALB) shares are trading lower Thursday as the stock pulls back after initially rising on strong strong 2023 guidance.
What To Know:
The company reported quarterly earnings of $7.33 per share which beat the analyst consensus estimate of $4.44. Quarterly sales came in at $2.37, billion which missed the analyst consensus estimate of $2.43 billion
The company also expects 2023 net sales to increase 40% to 55% year-over-year. Fiscal year 2023 earnings per share are expected to be between $25 and $29.50, versus the $23.31 estimate, while net sales are estimated between $10.4 billion and $11.5 billion, versus the $10.12 billion estimate.
The stock initially gained on the report and has since pulled back.
Credit Suisse analyst John Roberts maintained Albemarle with a Underperform and raised the price target from $163 to $185.
What Else:
Related Link: Why Spirit Airlines Shares Are Falling
ALB Price Action: Shares of ALB were down 1.65% at $199.55 at the time of publication, according to Benzinga Pro.
Image by Khusen Rustamov from Pixabay
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
