BUZZ - Driven by rising lithium prices, Albemarle's third-quarter sales exceeded expectations with continued strong performance

November 5 - ** Shares of the world's largest lithium producer Albemarle (ALB.N) rose 3.3% in premarket trading to $98.09

** According to data compiled by LSEG, the company's adjusted earnings per share for the third quarter were $2.58, higher than analysts' expectations of $2.54

** Third quarter net sales rose to $1.55 billion, exceeding the expected $1.52 billion

** The company stated that third quarter revenue growth was mainly driven by rising lithium prices in its energy storage business segment

** CEO Kent Masters said that, driven by electric vehicles and the energy storage sector, global lithium demand has grown by 48% so far this year through August, boosting confidence in the sector's long-term outlook

** Of 24 analysts, 11 rated the stock as "Buy", 5 as "Strong Buy", and 8 as "Hold"; the median target price is $155—LSEG

** As of the close of the previous trading day, the stock had fallen 32.9% year-to-date

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