More than 1,500 companies are expected to report quarterly earnings this week. Of two in our watch list for Monday afternoon, one (Diamondback Energy) beat on both revenue and profits, while the other (NXP Semiconductors) missed on profits. Three companies we previewed that reported early Tuesday (BP, Pfizer and Under Armour) all beat on both the top and bottom lines.
Monday, we previewed three companies set to report results after markets close Tuesday (Activision Blizzard, Lyft and T-Mobile) and three more set to report results before markets open Wednesday (Cenovus Energy, Discovery and Norwegian Cruise Lines).
Here’s a look at five companies scheduled to report results after markets close Wednesday.
Lithium producer Albemarle Corp. (NYSE: ALB) has experienced a share price increase of 177% over the past 12 months. Since posting a recent low in early March, the stock has added 83%. Since our last look at the stock about two weeks ago, shares are up more than 10% and closed at a new 52-week high on Monday. Lithium prices have risen by around $6 per kilogram in the past two weeks, a jump of about 30%. There’s little sign that demand is going to cool off any time soon.
Analysts appear rather mixed on Albemarle. Of 24 brokerages covering the stock, nine rate the stock at Hold while 12 have Buy or Strong Buy ratings. At a recent price of around $255.90, the stock trades a shade above its median price target of $255. Based on the high price target of $300, the upside potential is 17.2%.
Third-quarter revenue is forecast at $764.1 million, which would be down about 1.3% sequentially but up 2.3% year over year. Adjusted earnings per share (EPS) are forecast at $0.76, down 14% sequentially and about a third lower year over year. For the full year, analysts expect Albemarle to report EPS of $3.61, down 12.3%, on sales of $3.24 billion, up about 3.6%.
The stock trades at 70.8 times expected 2021 EPS, 47.7 times estimated 2022 earnings and 35.3 times estimated 2023 earnings. The stock’s 52-week range is $93.00 to $259.18. Albemarle pays an annual dividend of $1.56 (yield of 0.62%).
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