© Reuters. FILE PHOTO: A sign at the approach road leads to Albemarle’s lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo
(Reuters) – Albemarle (NYSE:) Corp said on Wednesday it swung to a quarterly loss due to a one-time charge linked to its 2015 buyout of a rival that made it the world’s largest producer of lithium.
The company posted a third-quarter net loss of $392.8 million, or $3.36 per share, compared to a net profit of $98.3 million, or 92 cents per share in the year-ago quarter, even as revenue rose 11%.
Albemarle recorded a $657.4 million charge related to an arbitration decision about Rockwood Holdings Inc’s 2014 sale of a pigments division to Huntsman (NYSE:) Corp. Albemarle inherited Rockwood’s liabilities in the 2015 buyout.
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© Reuters. FILE PHOTO: A sign at the approach road leads to Albemarle’s lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo (Reuters) – Albemarle (NYSE:) Corp said on Wednesday it swung to a quarterly loss due to a one-time charge linked to its 2015 buyout of a rival that made it the world’s largest producer of lithium.The company posted a third-quarter net loss of $392.8 million, or $3.36 per share, compared to a net profit of $98.3 million, or 92 cents per share in the year-ago quarter, even as revenue rose 11%.Albemarle recorded a $657.4 million charge related to an arbitration decision about Rockwood Holdings Inc’s 2014 sale of a pigments division to Huntsman (NYSE:) Corp. Albemarle inherited Rockwood’s liabilities in the 2015 buyout.Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.