Albemarle Corporation, a specialty chemicals company, reported a 16 percent increase in its third quarter profit in a statement released after-market Wednesday.

The company reported a net income of $155.1 million, or $1.53 per share on an adjusted basis, falling in line with the company’s expectations outlined in its preliminary earnings report. The results beat analyst estimates by 2 cents.

“During the third quarter, Albemarle grew net sales by 14 percent, adjusted EBITDA by 12 percent, and adjusted earnings per share by 22 percent over the prior year, excluding currency impacts, due to solid growth across all businesses,” said Luke Kissam, Albemarle CEO.

The company’s increased profit was due to a lower tax rate, lower interest and financing expenses and business growth. The rise in net sales resulted from increased volume and favorable pricing for lithium and bromine, which offset the impact of deferred shipments from Typhoon Tapah and tolling in La Negra, Chile, the company said.

The company reiterated that lithium performance will be lower than previously forecasted for the fourth quarter, and a slight increase of bromine and catalyst sales will not offset the loss from lithium.

As a result, the company reaffirmed its forecast for 2019 net sales and adjusted earnings per share. Albemarle still sees adjusted earnings per share of $6 to $6.20 for the year on net sales of $3.6 billion to $3.7 billion.

The current average earnings estimate for the fourth quarter is $1.79 per share according to Bloomberg data.

Albemarle is a specialty chemicals company focused on lithium, bromine and refining catalysts. Its shares closed at $71.39 on Thursday afternoon, up $4.67.

The filing can be found here.