5 Companies in Focus After Releasing Their Earnings Reports

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 48

Shares of Albemarle Corporation (NYSE:ALB) jumped over 14 percent in the pre-market trading session on Thursday, May 5, 2022, following its upbeat financial performance for the first quarter.

Albemarle Corporation (NYSE:ALB) earned $2.38 per share on an adjusted basis, crushing the expectations of $1.63 per share. Revenue for the quarter jumped 36 percent versus last year to $1.13 billion, topping expectations of $1.02 billion.

In addition, Albemarle Corporation (NYSE:ALB) raised its sales outlook for 2022, citing price hikes in its Lithium and Bromine segments. The specialty chemicals manufacturing company now expects revenue in the range of $5.2 – $5.6 billion for the full year, representing a growth of 60 – 70 percent over last year.

Commenting on the results, CEO Kent Masters said:

“Many of the end markets we serve are critical for transitioning to greener energy and advancing electrification and digitalization. Our ongoing investments capitalize on the rapid growth and strong pricing trends in these markets. We continue to explore sustainable options to expand our conversion capacity and resources, including opportunities in North America and Europe.”