Albemarle Corp ALB Shares traded higher on Thursday after the company reported better than expected Fourth Quarter Adjusted EPS Results.

What you should know: After the market close on Wednesday, Albemarle reported its fourth quarter sales and earnings for the period ended December 31, 2022. The company also provided preliminary full-year net sales figures and provided guidance for 2023.

The company reported fourth-quarter net sales of $2.62 billion, slightly missing analyst estimates of $2.63 billion. However, the company saw significant year-over-year growth, with net sales tripling from $894.2 million in the same period last year. Albemarle reported quarterly earnings of $8.62 per share, beating the consensus estimate of $8.28 by 4.11%.

Albemarle reported full-year 2022 unaudited net sales of $7.32 billion, nearly doubling net sales from 2021 to $3.32 billion.

The company also provided guidance for 2023. Albemarle expects net sales in the range of $11.3 billion to $12.9 billion and adjusted earnings per share in the range of $26 to $33.

CEO Kent Master remarked, “Our excellent results for 2022 demonstrate our ongoing advantages, particularly in the growing lithium market, and the relentless focus of our global teams on supporting our customers.”

Albemarle is focused on converting key resources such as lithium and bromine to key ingredients for mobility, energy, connectivity and health.

See also: The best lithium stocks right now

According to data from Gasoline ProAlbemarle Corporation shares are up 5.47% to trade at $287.72 at the time of publication. The stock has a 52-week high of $334.55 and a 52-week low of $169.93.

Photo: Dean Simone from Pixabay.