RTTNews | Feb 18, 2021 10:06AM EST

10:06 Thursday, February 18, 2021 (RTTNews.com) - Shares of Albemarle Corp. (ALB), a Charlotte, North Carolina-based manufacturer of engineered specialty chemicals, are losing almost 9 percent or $13.96 in Thursday's morning trade at $143.51.

Wednesday, Albemarle said its fourth-quarter net income declined to $84.64 million or $0.79 per share from $90.39 million or $0.85 per share in the year-ago period. Adjusted earnings were $1.17 per share, while analysts polled by Thomson Reuters had a consensus estimate of $1.10 per share. Net sales fell 11.4 percent to $879.1 million from $992.6 million in the year-ago period.

For fiscal 2021, Albemarle projects net sales in a range of $3.2 billion to $3.3 billion and adjusted earnings in a range of $3.25 to $3.65 per share. This compares to net sales of $3.13 billion and adjusted earnings of $4.12 per share in fiscal 2020.

The company also said it expects fiscal 2021 lithium volumes to be higher, but pricing to be down slightly due to anticipated lower average realized pricing for carbonate and technical grade products.

Albemarle has traded in a range of $48.89 to $188.35 in the past 52 weeks.

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