Specialty chemicals company Albemarle Corp. reported second-quarter earnings and revenue that topped Wall Street estimates due to strong sales in its lithium business, and the company raised its earnings guidance for the rest of the year.

The Charlotte-based company reported net income of $150 million, or $1.36 per share, up 18.6 percent from net income of $126.5 million, or $1.13 per share.

Analysts were expecting earnings of $1.28 per share.

Albemarle also reported a 15.8 percent increase in revenue in the quarter to $853.8 million. Analysts were expecting revenue of $798.2 million.

“We saw strength in all three businesses in the second quarter, with each delivering double-digit adjusted EBITDA growth,” said Chief Executive Officer Luke Kissam in a statement.

Albemarle raised its earnings guidance for 2018 to $5.30 to $5.50 per diluted share. The current average analyst estimate is for earnings of $5.27 per share.

Albemarle’s shares rose 2.9 percent, or $2.69, to $95.50 in after-hours trading on Tuesday.

The lithium business reported net sales of $317.6 million in the second quarter, an increase of 30.2 percent from second quarter 2017 net sales of $243.8 million.

Capital expenditures were $280.9 million in the first six months of the year as compared to $97.8 million in the first six months of 2017, with the increase driven largely by investment in the lithium business.