Albemarle (ALB) Tops Q3 EPS by 31c

Albemarle (NYSE: ALB) reported Q3 EPS of $1.09, $0.31 better than the analyst estimate of $0.78. Revenue for the quarter came in at $747 million versus the consensus estimate of $739.6 million.

"Albemarle reported another solid quarter with Q3 2020 net sales in the upper end of our outlook range and adjusted EBITDA exceeding outlook. Our performance was driven by operating teams committed to running our businesses safely and efficiently in the face of pandemic-related economic weakness, and to our successful sustainable cost savings initiative," said Albemarle CEO Kent Masters. "We now expect to realize approximately $80 million of cost savings this year and to reach an annual savings rate of $120 million or more by the end of 2021. We expect these savings to represent a first wave of ongoing operational improvements that will reap notable benefits for the company."

GUIDANCE:

Albemarle sees FY2020 EPS of $3.80-$4.15, versus the consensus of $3.52. Albemarle sees FY2020 revenue of $3.05-3.15 million, versus the consensus of $3.04 million.

For earnings history and earnings-related data on Albemarle (ALB) click here.

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