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Why Albemarle Stock Got Destroyed Today
Shares of lithium mining company Albemarle (NYSE: ALB) crashed Thursday, down 17.6% as of 12:12 p.m. ET despite it reporting an “earnings” beat for its fiscal fourth quarter 2021 last night. Analysts had forecast that Albemarle would earn $0.99 per share on sales of $894.5 million in Q4, but the company actually earned two cents more than that — $1.01 — despite selling slightly less lithium than expected, $894 million. Albemarle characterized its Q4 performance as “strong,” even though sales inched up only 2% year over year, a deceleration from earlier quarters.
