(NYSE: ALB) stock gained 2.7% on Thursday, following the giant lithium producer's release on the prior afternoon of its fourth-quarter 2023 report. This modest rise was likely in part due to the quarter's revenue and adjusted earnings per share (EPS) exceeding Wall Street's expectations. Shares also probably got a mild tailwind from the overall market, as all the major indexes were up.

On the negative side, however, the North Carolina-based specialty chemicals company's 2024 revenue guidance came in lighter than the analyst consensus estimate.

Data source: Albemarle. GAAP = generally accepted accounting principles. *LCM = "Lower of cost or market" is an accounting principle that requires businesses to write down the value of their inventory to the lower of its cost or current market value. Albemarle's $604 million pre-tax LCM charge is due to the drop in lithium market pricing and higher spodumene (a lithium-bearing mineral obtained during hard-rock mining) values in cost of goods sold.

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Source Fool.com