Albemarle (ALB) reported Q3 adjusted earnings late Wednesday of $2.74 per diluted share, down from $7.50 a year earlier.
Analysts polled by Capital IQ expected $3.74.
Net sales for the quarter ended Sept. 30 were $2.31 billion, compared with $2.09 billion a year earlier. Analysts surveyed by Capital IQ expected $2.53 billion.
For 2023, the company said it now expects adjusted earnings of $21.50 to $23.50 per diluted share, from a prior outlook of $25 to $29.50. Analysts surveyed by Capital IQ expect $22.96. The company now expects net sales to be between $9.5 billion and $9.8 billion for the year, from its previous range of $10.4 billion to $11.5 billion. Analysts polled by Capital IQ expect $9.62 billion.