In a story about Chemtura Corp.'s financial results, The Associated Press reported, in a report generated by Automated Insights using data from Zacks Investment Research, erroneously that the company's adjusted earnings missed Wall Street expectations. The company beat Wall Street expecations. A corrected version of the story is below:
Chemtura beats 4Q profit forecasts
Chemtura posts 4Q profit of $703 million, result beat forecasts
MIDDLEBURY, Conn. (AP) — Chemtura Corp. (CHMT) on Wednesday reported fourth-quarter net income of $703 million, after reporting a loss in the same period a year earlier.
The Middlebury, Connecticut-based company said it had profit of $8.44 per share. Earnings, adjusted for non-recurring gains, were 10 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The specialty chemical company posted revenue of $467 million in the period.
For the year, the company reported net income of $763 million, or $8.34 per share, swinging to a profit in the period. Revenue was reported as $2.19 billion.
Chemtura shares have climbed slightly more than 2 percent since the beginning of the year. The stock has risen almost 2 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHMT at http://www.zacks.com/ap/CHMT
Keywords: Chemtura, Earnings Report