CHARLOTTE, N.C. , May 5, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the first quarter ended March 31, 2021 . , First Quarter 2021 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net income of $95.7 million , or $0.84 per diluted share; Adjusted diluted EPS of $1.10 , an increase of 10% Net sales of $829.3 million , an increase of 12% Adjusted EBITDA of $230.1 million an increase of 17% Full year 2021 guidance unchanged Entered into a definitive agreement to sell the Fine Chemistry…, Outlook, Albemarle continues to expect its full year 2021 operating performance to improve modestly relative to full year 2020, assuming continued recovery from the global economic downturn. While the total company guidance has not changed, from a GBU perspective, the outlook for our Lithium business has improved and for our Catalysts business our expectations are lower, while the outlook for our Bromine…, FY 2021 Guidance, Net sales $3.2 - $3.3 billion Adjusted EBITDA $810 - $860 million Adjusted EBITDA Margin 25% - 26% Adjusted Diluted EPS $3.25 - $3.65 Net Cash from Operations $475 - $575 million Capital Expenditures $850 - $950 million, COVID-19 Response, Albemarle's cross-functional Global Response Team continues to meet regularly to address employee health and safety and operational challenges. Our priority is always the health and well-being of our employees, customers, and communities. Our focus has shifted from managing an immediate global crisis to building in the flexibility needed to adjust for regional differences and changing conditions…, First Quarter Results, In millions, except per share amounts, Q1 2021, Q1 2020, $ Change, % Change, Net sales $ 829.3 $ 738.8 $ 90.4 12.2 % Net income attributable to Albemarle Corporation $ 95.7 $ 107.2 $ (11.5) (10.8) % Adjusted EBITDA (a) $ 230.1 $ 196.4 $ 33.7 17.2 % Diluted earnings per share $ 0.84 $ 1.01 $ (0.17) (16.8) % Non-operating pension and OPEB items (a) (0.04) (0.02) Non-recurring and other unusual items (a) 0.29 0.01 Adjusted diluted earnings per share (b) $ 1.10 $ 1.00…, Business Segment Results, Lithium, In millions, Q1 2021, Q1 2020, $ Change, % Change, Net Sales $ 279.0 $ 236.8 $ 42.2 17.8 % Adjusted EBITDA $ 106.4 $ 78.6 $ 27.8 35.4 % Lithium net sales of $279.0 million increased $42.2 million primarily driven by higher volumes, as some customers accelerated orders under long-term agreements, offset by lower average pricing for carbonate and technical grade. Adjusted EBITDA of $106.4 million increased $27.8 million primarily due to increased…, Current Trends:, FY 2021 volumes are expected to be higher year-over-year due to North American plant restarts, productivity improvements, and tolling. Average realized pricing is expected to increase sequentially but remain flat compared to 2020. We expect higher costs related to project start-ups, partially offset by productivity improvements. , Bromine Specialties, In millions, Q1 2021, Q1 2020, $ Change, % Change, Net Sales $ 280.4 $ 231.6 $ 48.9 21.1 % Adjusted EBITDA $ 94.6 $ 83.3 $ 11.4 13.7 % Bromine net sales of $280.4 million increased $48.9 million driven by demand for products across the portfolio and a favorable customer mix. Adjusted EBITDA of $94.6 million increased $11.4 million due to increased net sales and was partially offset by a $6.4 million impact from the U.S. Gulf Coast winter storm.…, Current Trends:, We continue to expect FY 2021 results to be modestly higher than the previous year due to continued economic recovery and improvements in certain end markets, including electronics, and building and construction, along with on-going cost savings initiatives and pricing. The winter storm in the U.S. Gulf Coast during Q1 led to lost production at the Magnolia, Arkansas site, which is expected to…, Catalysts, In millions, Q1 2021, Q1 2020, $ Change, % Change, Net Sales $ 220.2 $ 207.2 $ 13.0 6.3 % Adjusted EBITDA $ 25.4 $ 47.5 $ (22.0) (46.4) % Catalysts net sales of $220.2 million increased $13.0 million owing to higher volumes compared to the previous year. Hydroprocessing Catalysts (HPC) volumes increased due to timing of shipments offset by lower Fluid Catalytic Cracking (FCC) volumes related to the impact of the winter storm on our customers'…, Current Trends:, We expect 2021 adjusted EBITDA to be lower year-over-year due to the impact of the winter storm, FCC order delays, product mix, and the previously disclosed change in order patterns from a large North American customer., All Other, In millions, Q1 2021, Q1 2020, $ Change, % Change, Net Sales $ 49.6 $ 63.2 $ (13.6) (21.5) % Adjusted EBITDA $ 21.5 $ 22.8 $ (1.3) (5.9) % Other operations represents our FCS business. FCS net sales of $49.6 million declined $13.6 million and adjusted EBITDA of $21.5 million declined $1.3 million . The FCS business tends to be contract driven and can vary quarter-to-quarter. On February 25, 2021 , we signed a definitive agreement to sell the FCS…, Balance Sheet and Liquidity, As of March 31, 2021 , Albemarle had estimated liquidity of approximately $2.2 billion , including $569.9 million of cash and equivalents, the full $1.0 billion available under our revolver, $500.0 million remaining under our delayed draw term loan and $131.2 million on other available credit lines. Total debt was $2.0 billion , representing net debt to adjusted EBITDA of approximately 1.7 times…, Cash Flow and Capital Deployment, Cash from operations for the three months ended March 31, 2021 , of $157.9 million increased $2.9 million versus the prior year as higher revenues in each of our reportable segments more than offset working capital outflows in 2021. Capital expenditures of $179.7 million decreased by approximately $35.0 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion…, Earnings Call, Date: Thursday, May 6, 2021 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 9167449 The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com ., About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C. , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach…, Forward-Looking Statements, Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, information related to product development, production capacity, committed volumes, market trends, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for our products, input costs, productivity improvements…, Three Months Ended, March 31 ,, 2021, 2020, Net sales, $ 829,291 $ 738,845 Cost of goods sold 565,604 496,827, Gross profit, 263,687 242,018 Selling, general and administrative expenses 93,187 101,877 Research and development expenses 14,636 16,097, Operating profit, 155,864 124,044 Interest and financing expenses (43,882) (16,885) Other income, net 11,312 8,314 Income before income taxes and equity in net income of unconsolidated investments 123,294 115,473 Income tax expense 22,107 18,442 Income before equity in net income of unconsolidated investments 101,187 97,031 Equity in net income of unconsolidated investments (net of tax) 16,511 26,604 Net income…, March 31 ,, December 31 ,, 2021, 2020, ASSETS, Current assets: Cash and cash equivalents $ 569,859 $ 746,724 Trade accounts receivable 532,964 530,838 Other accounts receivable 60,558 61,958 Inventories 685,779 750,237 Other current assets 93,844 116,427 Assets held for sale 66,390 — Total current assets 2,009,394 2,206,184 Property, plant and equipment 7,433,593 7,427,641 Less accumulated depreciation and amortization 2,043,264 2,073,016…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 492,532 $ 483,221 Accrued expenses 378,973 440,763 Current portion of long-term debt 616 804,677 Dividends payable 45,327 40,937 Liabilities held for sale 4,068 — Income taxes payable 31,740 32,251 Total current liabilities 953,256 1,801,849 Long-term debt 2,030,032 2,767,381 Postretirement benefits 47,817 48,075 Pension benefits 316,652 340,818 Other…, Three Months Ended, March 31 ,, 2021, 2020, Cash and cash equivalents at beginning of year $ 746,724 $ 613,110 Cash flows from operating activities: Net income 117,698 123,635 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 62,260 53,694 Stock-based compensation and other 2,560 2,501 Equity in net income of unconsolidated investments (net of tax) (16,511) (26,604) Dividends…, Three Months Ended, March 31 ,, 2021, 2020, Net sales:, Lithium $ 278,976 $ 236,818 Bromine Specialties 280,447 231,592 Catalysts 220,243 207,207 All Other 49,625 63,228 Total net sales $ 829,291 $ 738,845, Adjusted EBITDA:, Lithium $ 106,436 $ 78,637 Bromine Specialties 94,640 83,262 Catalysts 25,427 47,470 All Other 21,479 22,824 Corporate (17,928) (35,828) Total adjusted EBITDA $ 230,054 $ 196,365 See accompanying non-GAAP reconciliations below., Additional Information, It should be noted that adjusted net income attributable to Albemarle Corporation , adjusted diluted earnings per share, non-operating pension and OPEB items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation , EBITDA and adjusted EBITDA, the non-GAAP financial measures, to Net income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted earnings is defined as earnings before the non-recurring, other unusual…, Three Months Ended, March 31 ,, In thousands, except percentages and per share amounts, 2021, 2020, Net income attributable to Albemarle Corporation $ 95,677 $ 107,204 Add back: Non-operating pension and OPEB items (net of tax) (4,267) (2,311) Non-recurring and other unusual items (net of tax) 32,761 1,493 Adjusted net income attributable to Albemarle Corporation $ 124,171 $ 106,386 Adjusted diluted earnings per share $ 1.10 $ 1.00 Weighted-average common shares outstanding – diluted 113,330…, EBITDA, 223,926 196,225 Non-operating pension and OPEB items (5,465) (2,908) Non-recurring and other unusual items 11,593 3,048, Adjusted EBITDA, $ 230,054 $ 196,365 Net sales $ 829,291 $ 738,845 EBITDA margin 27.0 % 26.6 % Adjusted EBITDA margin 27.7 % 26.6 % See below for a reconciliation of adjusted EBITDA on a segment basis, the non-GAAP financial measure, to Net income attributable to Albemarle Corporation , the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages…, Lithium, Bromine Specialties, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended March 31, 2021, Net income (loss) attributable to Albemarle Corporation $ 74,630 $ 82,113 $ 12,916 $ 169,659 $ 20,016 $ (93,998) $ 95,677 11.5 % Depreciation and amortization 31,806 12,527 12,511 56,844 1,463 3,953 62,260 7.5 % Non-recurring and other unusual items — — — — — 11,593 11,593 1.4 % Interest and financing expenses — — — — — 43,882 43,882 5.3 % Income tax expense — — — — — 22,107 22,107 2.7 % Non-…, Adjusted EBITDA, $ 106,436 $ 94,640 $ 25,427 $ 226,503 $ 21,479 $ (17,928) $ 230,054 27.7 %, Three months ended March 31, 2020, Net income (loss) attributable to Albemarle Corporation $ 53,240 $ 71,665 $ 34,892 $ 159,797 $ 20,846 $ (73,439) $ 107,204 14.5 % Depreciation and amortization 25,397 11,597 12,578 49,572 1,978 2,144 53,694 7.2 % Non-recurring and other unusual items — — — — — 3,048 3,048 0.4 % Interest and financing expenses — — — — — 16,885 16,885 2.3 % Income tax expense — — — — — 18,442 18,442 2.5 % Non-…, Adjusted EBITDA, $ 78,637 $ 83,262 $ 47,470 $ 209,369 $ 22,824 $ (35,828) $ 196,365 26.6 % Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to our operating segments and are included in the Corporate category. In addition, we believe that these components of pension cost are mainly…, Three Months Ended, March 31 ,, 2021, 2020, Interest cost $ 5,428 $ 7,155 Expected return on assets (10,893) (10,063) Total $ (5,465) $ (2,908) In addition to the non-operating pension and OPEB items disclosed above, we have identified certain other items and excluded them from our adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):, Three Months Ended, March 31 ,, 2021, 2020, Restructuring and other (1) $ — $ 0.01 Acquisition and integration related costs (2) 0.02 0.02 Loss on early extinguishment of debt (3) 0.20 — Other (4) 0.06 (0.01) Discrete tax items (5) 0.01 (0.01) Total non-recurring and other unusual items $ 0.29 $ 0.01 (1) In 2020, we recorded severance expenses as part of business reorganization plans, impacting each of our businesses and Corporate,…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended March 31, 2021, As reported $ 123,294 $ 22,107 17.9 % Non-recurring, other unusual and non-operating pension and OPEB items 33,926 5,432 As adjusted $ 157,220 $ 27,539 17.5 %, Three months ended March 31, 2020, As reported $ 115,473 $ 18,442 16.0 % Non-recurring, other unusual and non-operating pension and OPEB items 461 958 As adjusted $ 115,934 $ 19,400 16.7 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-sales-growth-of-12-301284863.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
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CHARLOTTE, N.C. , Feb. 17, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the fourth quarter and full year ended December 31, 2020 . , Fourth Quarter 2020 and Recent Highlights, (Unless otherwise stated, all percent changes represent year-over-year comparisons) Net income of $84.6 million , or $0.79 per diluted share; Adjusted diluted EPS of $1.17 Net sales of $879 million , which was at the high-end of previous outlook, a year-over-year decrease of 11% Adjusted EBITDA of $221 million , which exceeded the high-end of previous outlook, a year-over-year decrease of 25% Our…, Outlook, Albemarle anticipates that its full year 2021 operating performance will improve modestly relative to full year 2020 assuming continued recovery following reduced global economic activity due to the global pandemic., FY 2021 Outlook, Net sales $3.2 - $3.3 billion Adjusted EBITDA $810 - $860 million Adjusted EBITDA Margin 25% - 26% Adj. Diluted EPS $3.25 - $3.65 Net Cash from Operations $475 - $575 million Capital Expenditures $850 - $950 million , COVID-19 Response, Albemarle's cross-functional Global Response Team continues to meet biweekly to assess the situation and take necessary actions to address employee health and safety and operational challenges. Our first priority is always the health and well-being of our employees, customers, and communities. Beyond that, our focus has shifted from managing an immediate crisis to building in the flexibility…, Fourth Quarter Results, In millions, except per share amounts, Q4 2020, Q4 2019, $ Change, % Change, Net sales $ 879.1 $ 992.6 $ (113.5) (11.4) % Net income attributable to Albemarle Corporation $ 84.6 $ 90.4 $ (5.8) (6.4) % Adjusted EBITDA (a) $ 221.1 $ 294.7 $ (73.6) (25.0) % Diluted earnings per share $ 0.79 $ 0.85 $ (0.06) (7.1) % Non-operating pension and OPEB items (a) 0.35 0.19 Non-recurring and other unusual items (a) 0.03 0.69 Adjusted diluted earnings per share (b) $ 1.17 $ 1.73…, Cash Flow and Capital Deployment, Cash from operations for the year ended December 31, 2020 , of $798.9 million , increased $79.5 million versus the prior year as reduced working capital outflows, deferred tax payments as allowed by various jurisdictions during the pandemic and cost savings more than offset lower revenues. Capital expenditures of $850.5 million were in-line with the prior year as progress continued on our Lithium…, Balance Sheet and Liquidity, As of December 31, 2020 , Albemarle had estimated liquidity of over $2.1 billion , including $747 million of cash and equivalents, $675 million remaining under our $1 billion revolver, $500 million remaining under our delayed draw term loan and $196 million on other available credit lines. Total debt was $3.6 billion , representing net debt to adjusted EBITDA of approximately 3.4 times., Business Segment Results, Lithium, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 358.6 $ 411.1 $ (52.5) (12.8) % Adjusted EBITDA $ 122.1 $ 140.1 $ (17.9) (12.8) % Lithium net sales of $358.6 million declined $52.5 million primarily due to lower contract and market pricing. Lower contract pricing reflects 2020 battery-grade price adjustments that were agreed to in late 2019. Adjusted EBITDA of $122.1 million declined by $17.9 million primarily due to reduced net…, Current Trends:, We anticipate FY 2021 volumes to be higher due to North American restarts and efficiency improvements. We expect mechanical completion of our La Negra and Kemerton expansion projects in 2021 and expect to see increased sales volumes from these projects beginning in 2022. We expect FY 2021 pricing to be down slightly, primarily due to anticipated lower average realized pricing for carbonate and…, Bromine Specialties, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 263.4 $ 243.5 $ 19.9 8.2 % Adjusted EBITDA $ 87.9 $ 79.7 $ 8.1 10.2 % Bromine net sales of $263.4 million increased $19.9 million primarily due to a rebound in demand following the recent economic downturn related to the COVID-19 pandemic. Adjusted EBITDA of $87.9 million increased $8.1 million due to higher net sales volume and pricing, partially offset by higher input costs…, Current Trends:, We expect FY 2021 results to improve modestly year-over-year assuming continued economic recovery following the pandemic. Further recovery and positive long-term trends in electronics and automotive end markets are expected to continue to drive demand across our product portfolio., Catalysts, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 195.7 $ 282.5 $ (86.8) (30.7) % Adjusted EBITDA $ 22.1 $ 76.7 $ (54.7) (71.3) % Catalysts net sales of $195.7 million declined $86.8 million due primarily to lower volumes. Fluid Catalytic Cracking (FCC) volume improved sequentially, but remains below prior year due to lower transportation fuel consumption as a result of travel restrictions. Lower Hydroprocessing Catalysts (HPC)…, Current Trends:, We expect total Catalysts to be flat year-over-year, with PCS improving from 2020 levels. We expect lower year-over-year refining catalysts volumes resulting from a recent change in customer order patterns in North America , with Q1 expected to be the strongest quarter of the year. Strategically, we continue to position the Catalysts business to take advantage of growth in emerging markets,…, All Other, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 61.4 $ 55.4 $ 6.0 10.8 % Adjusted EBITDA $ 18.4 $ 20.7 $ (2.3) (11.0) % Other operations represent our Fine Chemistry Services (FCS) business. FCS net sales of $61.4 million increased $6.0 million and adjusted EBITDA of $18.4 million decreased $2.3 million . The FCS business tends to be contract driven. Recent contracts include life sciences products, which are typically anti-…, Earnings Call, Date: Thursday, Feb. 18, 2020 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6989169 The Company's earnings presentation and supporting material is available on Albemarle's website at https://investors.albemarle.com ., About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C. , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach…, Forward-Looking Statements, Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, information related to product development, production capacity, committed volumes, market trends, pricing, expected growth, earnings and demand for our products, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net sales, $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427 Cost of goods sold 613,727 654,053 2,134,056 2,331,649, Gross profit, 265,420 338,511 994,853 1,257,778 Selling, general and administrative expenses 124,909 185,163 429,827 533,368 Research and development expenses 15,375 14,263 59,214 58,287, Operating profit, 125,136 139,085 505,812 666,123 Interest and financing expenses (19,152) (22,400) (73,116) (57,695) Other expenses, net (57,557) (38,388) (59,177) (45,478) Income before income taxes and equity in net income of unconsolidated investments 48,427 78,297 373,519 562,950 Income tax (benefit) expense (10,101) (5,105) 54,425 88,161 Income before equity in net income of unconsolidated investments 58,528…, December 31 ,, December 31 ,, 2020, 2019, ASSETS, Current assets: Cash and cash equivalents $ 746,724 $ 613,110 Trade accounts receivable 530,838 612,651 Other accounts receivable 61,958 67,551 Inventories 750,237 768,984 Other current assets 116,427 162,813 Total current assets 2,206,184 2,225,109 Property, plant and equipment 7,427,641 6,817,843 Less accumulated depreciation and amortization 2,073,016 1,908,370 Net property, plant…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 483,221 $ 574,138 Accrued expenses 440,763 576,297 Current portion of long-term debt 804,677 187,336 Dividends payable 40,937 38,764 Income taxes payable 32,251 32,461 Total current liabilities 1,801,849 1,408,996 Long-term debt 2,767,381 2,862,921 Postretirement benefits 48,075 50,899 Pension benefits 340,818 292,073 Other noncurrent liabilities…, Year Ended, December 31 ,, 2020, 2019, Cash and cash equivalents at beginning of year $ 613,110 $ 555,320 Cash flows from operating activities: Net income 446,615 604,357 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 231,984 213,484 Gain on sale of joint venture (7,168) — Gain on sale of property — (14,411) Stock-based compensation and other 22,837 19,680 Equity in net…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net sales:, Lithium $ 358,592 $ 411,140 $ 1,144,778 $ 1,358,170 Bromine Specialties 263,398 243,464 964,962 1,004,216 Catalysts 195,735 282,522 797,914 1,061,817 All Other 61,422 55,438 221,255 165,224 Total net sales $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427, Adjusted EBITDA:, Lithium $ 122,131 $ 140,080 $ 393,093 $ 524,934 Bromine Specialties 87,854 79,714 323,605 328,457 Catalysts 22,053 76,734 130,134 270,624 All Other 18,414 20,697 84,821 49,628 Corporate (29,327) (22,562) (112,915) (136,862) Total adjusted EBITDA $ 221,125 $ 294,663 $ 818,738 $ 1,036,781 See accompanying non-GAAP reconciliations below., Additional Information, It should be noted that adjusted net income attributable to Albemarle Corporation , adjusted diluted earnings per share, non-operating pension and OPEB items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation , EBITDA and adjusted EBITDA, the non-GAAP financial measures, to Net income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted earnings is defined as earnings before the non-recurring, other unusual…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, In thousands, except percentages and per share amounts, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $ 84,635 $ 90,391 $ 375,764 $ 533,228 Add back: Non-operating pension and OPEB items (net of tax) 37,572 20,453 30,668 18,648 Non-recurring and other unusual items (net of tax) 3,409 73,430 33,087 90,669 Adjusted net income attributable to Albemarle Corporation $ 125,616 $ 184,274 $ 439,519 $ 642,545 Adjusted diluted earnings per share $ 1.17 $ 1.…, EBITDA, 155,456 164,452 735,289 892,568 Non-operating pension and OPEB items 49,372 28,780 40,668 26,970 Non-recurring and other unusual items (excluding items associated with interest expense) 16,297 101,431 42,781 117,243, Adjusted EBITDA, $ 221,125 $ 294,663 $ 818,738 $ 1,036,781 Net sales $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427 EBITDA margin 17.7 % 16.6 % 23.5 % 24.9 % Adjusted EBITDA margin 25.2 % 29.7 % 26.2 % 28.9 % See below for a reconciliation of adjusted EBITDA on a segment basis, the non-GAAP financial measure, to Net income attributable to Albemarle Corporation , the most directly comparable financial measure…, Lithium, Bromine Specialties, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended December 31, 2020 :, Net income (loss) attributable to Albemarle Corporation $ 89,331 $ 75,590 $ 9,379 $ 174,300 $ 16,254 $ (105,919) $ 84,635 9.6 % Depreciation and amortization 30,272 13,464 12,674 56,410 2,160 3,200 61,770 7.0 % Non-recurring and other unusual items 2,528 (1,200) — 1,328 — 14,969 16,297 1.9 % Interest and financing expenses — — — — — 19,152 19,152 2.2 % Income tax benefit — — — — — (10,101) (10,…, Adjusted EBITDA, $ 122,131 $ 87,854 $ 22,053 $ 232,038 $ 18,414 $ (29,327) $ 221,125 25.2 %, Three months ended December 31, 2019 :, Net income (loss) attributable to Albemarle Corporation $ 29,158 $ 67,625 $ 63,358 $ 160,141 $ 18,559 $ (88,309) $ 90,391 9.1 % Depreciation and amortization 27,755 12,330 12,582 52,667 2,138 1,961 56,766 5.7 % Non-recurring and other unusual items (excluding items associated with interest expense) 83,167 (241) 794 83,720 — 17,711 101,431 10.2 % Interest and financing expenses — — — — — 22,400 22…, Adjusted EBITDA, $ 140,080 $ 79,714 $ 76,734 $ 296,528 $ 20,697 $ (22,562) $ 294,663 29.7 %, Year ended December 31, 2020 :, Net income (loss) attributable to Albemarle Corporation $ 277,711 $ 274,495 $ 80,149 $ 632,355 $ 76,323 $ (332,914) $ 375,764 12.0 % Depreciation and amortization 112,854 50,310 49,985 213,149 8,498 10,337 231,984 7.4 % Non-recurring and other unusual items 2,528 (1,200) — 1,328 — 41,453 42,781 1.4 % Interest and financing expenses — — — — — 73,116 73,116 2.3 % Income tax expense — — — — — 54,425…, Adjusted EBITDA, $ 393,093 $ 323,605 $ 130,134 $ 846,832 $ 84,821 $ (112,915) $ 818,738 26.2 %, Year ended December 31, 2019 :, Net income (loss) attributable to Albemarle Corporation $ 341,767 $ 279,945 $ 219,686 $ 841,398 $ 41,188 $ (349,358) $ 533,228 14.9 % Depreciation and amortization 99,424 47,611 50,144 197,179 8,440 7,865 213,484 5.9 % Non-recurring and other unusual items (excluding items associated with interest expense) 83,743 901 794 85,438 — 31,805 117,243 3.3 % Interest and financing expenses — — — — — 57,…, Adjusted EBITDA, $ 524,934 $ 328,457 $ 270,624 $ 1,124,015 $ 49,628 $ (136,862) $ 1,036,781 28.9 % Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to our operating segments and are included in the Corporate category. In addition, we believe that these components of pension cost are…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, MTM actuarial loss $ 52,269 $ 29,339 $ 52,269 $ 29,339 Interest cost 7,178 8,893 28,630 35,394 Expected return on assets (10,075) (9,452) (40,231) (37,763) Total $ 49,372 $ 28,780 $ 40,668 $ 26,970 In addition to the non-operating pension and OPEB items disclosed above, we have identified certain other items and excluded them from our adjusted net income calculation for the periods presented. A…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Restructuring and other (1) $ 0.08 $ — $ 0.15 $ 0.05 Acquisition and integration related costs (2) 0.02 0.05 0.13 0.15 Gain on sale of property (3) — (0.02) — (0.10) Stamp duty (4) — 0.61 — 0.61 Windfield tax settlement (5) — 0.16 — 0.16 Loss on extinguishment of debt (6) — 0.04 — 0.04 Other (7) 0.06 0.13 0.07 0.20 Discrete tax items (8) (0.13) (0.28) (0.04) (0.26) Total non-recurring and other…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Restructuring and other:, Cost of goods sold $ — $ — $ 0.7 $ — Selling, general and administrative expenses 8.6 0.6 19.2 5.9 Net income attributable to noncontrolling interests — — (0.3) — Total $ 8.6 $ 0.6 $ 19.6 $ 5.9 Total restructuring and other, after income taxes $ 8.4 $ 0.4 $ 16.3 $ 5.4 Total restructuring and other, per diluted share $ 0.08 $ — $ 0.15 $ 0.05 (2) Costs related to the acquisition,…, Income before income taxes and equity in net income of unconsolidated investments, Income tax (benefit) expense, Effective income tax rate, Three months ended December 31, 2020 :, As reported $ 48,427 $ (10,101) (20.9) % Non-recurring, other unusual and non-operating pension and OPEB items 65,669 24,688 As adjusted $ 114,096 $ 14,587 12.8 %, Three months ended December 31, 2019 :, As reported $ 78,297 $ (5,105) (6.5) % Non-recurring, other unusual and non-operating pension and OPEB items 117,748 41,157 As adjusted $ 196,045 $ 36,052 18.4 %, Year ended December 31, 2020 :, As reported $ 373,519 $ 54,425 14.6 % Non-recurring, other unusual and non-operating pension and OPEB items 83,770 19,694 As adjusted $ 457,289 $ 74,119 16.2 %, Year ended December 31, 2019 :, As reported $ 562,950 $ 88,161 15.7 % Non-recurring, other unusual and non-operating pension and OPEB items 131,750 39,725 As adjusted $ 694,700 $ 127,886 18.4 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-fourth-quarter-and-full-year-2020-results-301230329.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
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