August 8, 2018 / 2:16 PM / 12 days ago

Albemarle boosts stock buyback to $500 million; shares jump

Aug 8 (Reuters) - Albemarle Corp ALB.N, the world’s largest producer of electric car battery ingredient lithium, said on Wednesday it would double its stock buyback for the year to $500 million, sending its shares up more than 7 percent in morning trading.

“We believe the stock is currently undervalued,” Chief Executive Officer Luke Kissam told investors on a Wednesday conference call, the day after the company reported that its quarterly profits tripled, beating forecasts, and raised its outlook for full-year results. (Reporting by Ernest Scheyder; Editing by David Gregorio)

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