Albermarle Corp (NYSE:ALB) shares were the top riser of the S&P Midcap 400 on Wednesday, spiking in heavy volumes after reporting better-than-expected first quarter results and upbeat guidance.
The Baton Rouge, LA-based chemicals group reported after hours on Tuesday adjusted earnings of $1.12 per diluted share, exceeding analysts' estimates of 85 cents per share.
Revenue for the period was $865.4mln, above Wall Street's expectations of $815mln.
For 2016, Albemarle forecasts adjusted earnings per diluted share between $3.90 and $4.25 on revenue of $3.3bn to $3.6bn - higher than analysts' projections.
Analysts are looking for earnings of $3.67 per share on revenue of $3.39bn.
About 4.4 mln of the company's shares were traded after midsession, compared with its average volume of 1.31mln shares per day.
The shares were last up 10.1% at $74.74.