Chemicals maker Albemarle profit beats, raises 2019 earnings forecast

) beat quarterly profit estimates on higher demand for bromine and raised its 2019 adjusted profit forecast on Wednesday, sending shares of the world’s largest lithium producer up over 10% in extended trading.

Sales of bromine, a chemical used to make fire extinguishers, were driven by demand in flame retardants for electronics, clear completion fluids, and polymer resins, despite weakness in automotive and construction, sectors that have been hit by trade tensions and fears of slowing global growth. Sales from the company’s largest segment lithium, used to make electric car batteries, rose only 2.3% to $324.8 million, compared with a 30.2% jump in the year-ago quarter. Analysts were expecting sales of $354.7 million.

To cope with the weakness, Albemarle early this month revised its deal to buy into Australia’s Mineral Resources Ltd’s Wodgina mine to lower its cash offer than it had previously stated.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Albemarle shares rise on profit beat, upbeat 2019 earnings forecastAlbemarle Corp , the world's largest lithium producer, posted a better-than... wow 😃
La source: Reuters - 🏆 2. / 97 Lire la suite »

CVS posts big earnings beat, raises full-year forecastCVS hiked its full-year forecast after beating analysts' second-quarter earnings and revenue expectations.
La source: CNBC - 🏆 12. / 72 Lire la suite »

Disney earnings miss forecasts as costs rise for its streaming futureWalt Disney Co reported a steeper earnings decline than Wall Street expected on ... The movies sucked but future movies like Little Mermaid are going to be even worse! Time to see their stocks!
La source: Reuters - 🏆 2. / 97 Lire la suite »

CVS jumps on earnings beat as its merger with insurance company Aetna begins to pay offThe company's new HealthHUB locations will represent the direction CVS plans to take following the $70 billion Aetna merger.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »