- Albemarle (NYSE:ALB) -3.5% AH despite reporting better than expected Q2 earnings and in-line revenues that were 10% higher than in the prior-year quarter.
- Q2 sales in ALB's lithium and advanced materials business totaled $318M, up 36% Y/Y, primarily because of favorable pricing impacts and increased sales volumes, but sales of bromine specialties fell 1.4% to $204M, mostly due to lower pricing impacts and unfavorable currency exchange impacts.
- ALB issues in-line guidance for FY 2017, seeing EPS of $4.20-$4.40 vs. $4.36 analyst consensus estimate and revenues of $2.9B-$3.05B vs. $2.95B consensus.
- ALB hit an all-time high in today's regular trading after gaining 43% YTD, and Josh Brown praised the stock on CNBC today as his preferred way to play the electric vehicle market, saying "this thing is breaking out... [the] trend looks phenomenal."
- Now read: Critical Elements - A Junior Lithium Miner Firing On All Cylinders
Original article