| 17:13 | ALB Albemarle beats by $0.01, beats on revs; raises FY17 guidance above consensus (144.58 +1.45) |
| Reports Q3 (Sep) earnings of $1.08 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.07; revenues rose 15.4% year/year to $755 mln vs the $732.19 mln Capital IQ Consensus. Adj. EPS were both negatively impacted by hurricane Harvey by $0.07 per diluted share. Lithium and Advanced Materials reported net sales of $343.6 million in the third quarter of 2017, an increase of 42.9% from third quarter 2016 net sales of $240.4 million. The $103.1 million increase in net sales as compared to prior year was primarily due to favorable pricing impacts, increased sales volumes and $1.6 million of favorable currency exchange impacts. Adjusted EBITDA for Lithium and Advanced Materials was $130.2 million, an increase of 42.0% from third quarter 2016 results of $91.7 million. The $38.5 million increase in adjusted EBITDA as compared to the prior year was primarily due to favorable pricing impacts and increased sales volumes, partially offset by Lithium growth spending, a $3.9 million negative impact from hurricane Harvey on Performance Catalyst Solutions ("PCS") and $0.2 million of unfavorable currency exchange impacts. Bromine Specialties reported net sales of $212.9 million in the third quarter of 2017, an increase of 9.5% from third quarter 2016 net sales of $194.5 million.Co issues upside guidance for FY17, raises EPS to $4.40-4.50 from $4.20-4.40, excluding non-recurring items, vs. $4.38 Capital IQ Consensus; raises FY17 revs to $3.00-3.05 bln from $2.90-3.05 bln vs. $2.95 bln Capital IQ Consensus Estimate. "Lithium led the way and is now forecasted to grow adjusted EBITDA by over 50% versus 2016. Our Wave 1 expansion projects in lithium remain on schedule, and our work related to lithium yield improvements and exploration of new resources is producing preliminary results meeting our expectations." |
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