Albemarle (NYSE: ALB) reported Q1 EPS of $1.00, $0.17 better than the analyst estimate of $0.83. Revenue for the quarter came in at $739 million versus the consensus estimate of $762.33 million.

"Despite challenges related to COVID-19, our business performed safely and on plan during the first quarter of 2020. The economic impact of the global pandemic remains unclear, but we remain focused on what is within our control. That means ensuring that our employees are safe and healthy, and have the tools they need to perform; staying connected to our customers and suppliers; monitoring our cash management daily and taking action where appropriate; and accelerating our $100 million cost reduction program," said Kent Masters, Albemarle CEO. "I'd like to thank the entire Albemarle team for working diligently during these uncertain times to ensure we are able to meet our customers' needs and fulfill our obligations to our stakeholders. We remain confident in our strategy and will alter our execution of that strategy based on near-term conditions to position Albemarle for future success."

GUIDANCE:

Albemarle sees Q2 2020 revenue of $700-775 million, versus the consensus of $775.7 million.

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