Full-Year Net Sales Increase of 31%, Driven by 21% Volume Growth CHARLOTTE, N.C. , Feb. 14, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended December 31, 2023., Full Year 2023 Results, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $9.6 billion, the highest in company history, up 31%, of which 21% was total volume growth; Energy Storage sales volumes were up 35% Net income of $1.6 billion, or $13.36 per diluted share, the second highest in company history, which included a lower of cost or net realizable value (LCM) pre-tax…, Fourth Quarter, 2023 Results and Recent Highlights, Net sales of $2.4 billion, primarily driven by 35% volume growth in Energy Storage Net loss of $618 million, or ($5.26) per diluted share, including the LCM charge and tax valuation allowance expense Adjusted EBITDA of ($315) million, or $289 million excluding the LCM charge Adjusted diluted EPS of ($5.19), or $1.85 excluding the LCM charge and tax valuation allowance expense Announced proactive…, Fourth Quarter 2023 Results, In millions, except per share amounts, Q4 2023, Q4 2022, $ Change, % Change, Net sales $ 2,356.2 $ 2,621.0 $ (264.8) (10.1) % Net (loss) income attributable to Albemarle Corporation $ (617.7) $ 1,132.4 $ (1,750.1) (154.5) % Adjusted EBITDA (a) $ (315.0) $ 1,243.8 $ (1,558.8) (125.3) % Diluted (loss) earnings per share $ (5.26) $ 9.60 $ (14.86) (154.8) % Non-operating pension and OPEB items (a) (0.07) (0.26) Non-recurring and…, Energy Storage Results, In millions, Q4 2023, Q4 2022, $ Change, % Change, Net Sales $ 1,675.1 $ 1,980.8 $ (305.7) (15.4) % Adjusted EBITDA $ (338.3) $ 1,178.9 $ (1,517.1) (128.7) % Energy Storage net sales of $1.7 billion decreased $305.7 million (-15%) due to lower pricing net of foreign currency (-50%) related to lower lithium market pricing. Volume was higher (+35%) related primarily to the La Negra III/IV expansion in…, Specialties Results, In millions, Q4 2023, Q4 2022, $ Change, % Change, Net Sales $ 339.6 $ 404.6 $ (65.0) (16.1) % Adjusted EBITDA $ 29.8 $ 93.8 $ (63.9) (68.2) % Specialties net sales of $339.6 million decreased $65.0 million (-16%) primarily due to decreased pricing net of foreign currency (-15%) and lower volumes (-2%). Adjusted EBITDA of $29.8 million decreased $63.9 million primarily due to lower…, Ketjen Results, In millions, Q4 2023, Q4 2022, $ Change, % Change, Net Sales $ 341.5 $ 235.5 $ 105.9 45.0 % Adjusted EBITDA $ 31.3 $ (2.6) $ 33.9 * * Percentage change not meaningful. Ketjen net sales of $341.5 million increased $105.9 million (+45%) compared to the previous year due to higher volumes (+37%) and higher pricing net of foreign currency (+7%). Adjusted EBITDA of $31.3 million…, Updated Adjusted EBITDA Definition, Beginning in 2024, the company will change its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes Albemarle's share of the pre-tax earnings of the Talison joint venture, whereas the prior definition included Albemarle's share of Talison earnings net of tax. This presentation more closely represents the materiality and financial contribution of the…, 2024 Outlook Considerations, Energy Storage Market Price Scenarios, The table below reflects expected outcomes for Albemarle's Energy Storage segment based on recently observed lithium market price scenarios. Ranges are based on a projected increase in Energy Storage volumes of 10% to 20% in 2024 compared to 2023. All three scenarios assume flat market pricing flowing through Energy Storage's current contract book. Scenarios also assume spodumene pricing…, Energy Storage FY 2024E, Observed market price case (a) YE 2023 Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) ~$15 ~$20 ~$25 Net sales $3.2 - $3.4 billion $3.8 - $4.1 billion $4.5 - $4.9 billion Adjusted EBITDA (b) $0.7 - $0.8 billion $1.3 - $1.5 billion $2.0 - $2.3 billion Equity in net income of unconsolidated investments (net of tax) (c)(d) $0.8 - $0.9 billion $0.9 - $1.0 billion $1.0 - $…, Specialties and Ketjen Outlook Considerations, Specialties outlook reflects continued softness in consumer electronics and elastomers, partially offset by stronger demand in other end-markets, including oilfield services, agriculture, and pharmaceuticals. Demand visibility is expected to remain low in the first half of 2024. Specialties outlook assumes operations continue as normal in the Middle East, with some shipping delays and tighter…, Segment FY 2024E, Specialties net sales $1.3 - $1.5 billion Specialties adjusted EBITDA $270 - $330 million Ketjen net sales $1.0 - $1.2 billion Ketjen adjusted EBITDA $130 - $150 million , Other Corporate Outlook Considerations, Albemarle expects its 2024 capital expenditures to be in the range of $1.6 billion to $1.8 billion, down from approximately $2.1 billion in 2023. This level of spending reflects a re-phasing of larger projects to focus on those that are significantly progressed, near completion and in startup., Other Corporate FY 2024E, Capital expenditures $1.6 - $1.8 billion Depreciation and amortization $580 - $660 million Adjusted effective tax rate 27% - 28% Corporate costs $120 - $150 million Interest and financing expenses $180 - $220 million Weighted-average common shares outstanding (diluted) 117.7 million , Total Corporate Outlook Considerations, The company's full-year outlook has been constructed assuming the above Specialties, Ketjen and Corporate outlook considerations plus the three Energy Storage market price scenarios., Total Corporate FY 2024E , Including Energy Storage Scenarios, Observed market price case (a) YE 2023 Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) ~$15 ~$20 ~$25 Net sales $5.5 - $6.2 billion $6.1 - $6.8 billion $6.9 - $7.6 billion Adjusted EBITDA (b)(c) $0.9 - $1.2 billion $1.6 - $1.8 billion $2.3 - $2.6 billion (a) Price represents blend of relevant Asia and China market indices for the periods referenced. (b) The company…, Cash Flow and Capital Deployment, Cash from operations of $1.3 billion for the year ended December 31, 2023 decreased $747.6 million compared to the prior year period. This was driven by lower adjusted EBITDA and working capital changes that were primarily due to increases in receivables and inventories from higher lithium pricing, partially offset by increased dividends received from equity investments. Capital expenditures of $…, Balance Sheet and Liquidity, As of December 31, 2023, Albemarle had estimated liquidity of approximately $1.9 billion, including $889.9 million of cash and equivalents, $880.0 million available under its revolver and $104 million available on other credit lines. On February 9, 2024, Albemarle completed an amendment to its credit agreement to ensure on-going financial flexibility. The amendment uses an updated adjusted EBITDA…, Earnings Call, Date: Thurs., Feb. 15, 2024 Time: 9:00 AM Eastern time Dial-in (U.S.): +1 888-330-2007 Dial-in (International): +1 646-960-0105 Passcode: 5205664 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) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…, www.albemarle.com, , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves., Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and…, Three Months Ended, Year Ended, December 31,, December 31,, 2023, 2022, 2023, 2022, Net sales, $ 2,356,165 $ 2,620,978 $ 9,617,203 $ 7,320,104 Cost of goods sold 3,060,217 1,619,659 8,431,294 4,245,517, Gross profit, (704,052) 1,001,319 1,185,909 3,074,587 Selling, general and administrative expenses 194,251 148,156 919,493 524,145 Research and development expenses 22,753 20,154 85,725 71,981 (Gain) loss on change in interest in properties/sale of business, net (71,190) — (71,190) 8,400, Operating profit, (849,866) 833,009 251,881 2,470,061 Interest and financing expenses (34,386) (24,039) (116,072) (122,973) Other (expenses) income, net (36,699) 54,119 110,929 86,356 (Loss) income before income taxes and equity in net income of unconsolidated investments (920,951) 863,089 246,738 2,433,444 Income tax expense 118,878 24,102 430,277 390,588 (Loss) income before equity in net income of…, December 31,, December 31,, 2023, 2022, ASSETS, Current assets: Cash and cash equivalents $ 889,900 $ 1,499,142 Trade accounts receivable 1,213,160 1,190,970 Other accounts receivable 509,097 185,819 Inventories 2,161,287 2,076,031 Other current assets 443,475 234,955 Total current assets 5,216,919 5,186,917 Property, plant and equipment 12,233,757 9,354,330 Less accumulated depreciation and amortization 2,738,553 2,…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,537,859 $ 1,533,624 Accounts payable to related parties 550,186 518,377 Accrued expenses 544,835 505,894 Current portion of long-term debt 625,761 2,128 Dividends payable 46,666 46,116 Income taxes payable 255,155 134,876 Total current liabilities 3,560,462 2,741,015 Long-term debt 3,541,002 3,214,972…, Year Ended, December 31,, 2023, 2022, Cash and cash equivalents at beginning of year $ 1,499,142 $ 439,272 Cash flows from operating activities: Net income 1,670,543 2,815,131 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 429,944 300,841 (Gain) loss on change in interest in properties/sale of business, net (71,190) 8,400 Inventory net realizable value adjustment 604,…, Three Months Ended, Year Ended, December 31,, December 31,, 2023, 2022, 2023, 2022, Net sales:, Energy Storage $ 1,675,088 $ 1,980,795 $ 7,078,998 $ 4,660,945 Specialties 339,623 404,637 1,482,425 1,759,587 Ketjen 341,454 235,546 1,055,780 899,572 Total net sales $ 2,356,165 $ 2,620,978 $ 9,617,203 $ 7,320,104, Adjusted EBITDA:, Energy Storage $ (338,287) $ 1,178,853 $ 2,407,393 $ 3,032,260 Specialties 29,841 93,784 298,506 527,318 Ketjen 31,288 (2,605) 103,872 28,732 Total segment adjusted EBITDA (277,158) 1,270,032 2,809,771 3,588,310 Corporate (37,829) (26,280) (43,486) (112,453) Total adjusted EBITDA $ (314,987) $ 1,243,752 $ 2,766,285 $ 3,475,857 See accompanying non-GAAP reconciliations below., Additional Information regarding Non-GAAP Measures, It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin are…, 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 (on a consolidated basis), which are 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 net income attributable to Albemarle…, Three Months Ended, Year Ended, December 31,, December 31,, 2023, 2022, 2023, 2022, In thousands, except percentages and per share amounts, $, % of net sales, $, % of net sales, $, % of net sales, $, % of net sales, Net (loss) income attributable to Albemarle Corporation $ (617,680) $ 1,132,445 $ 1,573,476 $ 2,689,816 Add back: Non-operating pension and OPEB items (net of tax) (8,107) (30,168) (6,966) (42,189) Non-recurring and other unusual items (net of tax) 16,262 (85,400) 226,356 (61,377) Adjusted net (loss) income attributable to Albemarle Corporation $ (609,525) $ 1,016,877 $ 1,792,866 $ 2,586,250…, Three Months Ended, Year Ended, December 31,, December 31,, 2023, 2022, 2023, 2022, MTM actuarial gain $ (10,174) $ (36,989) $ (10,174) $ (36,989) Interest cost 8,859 5,814 35,950 23,497 Expected return on assets (8,489) (10,512) (33,747) (43,540) Total $ (9,804) $ (41,687) $ (7,971) $ (57,032) In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's…, Three Months Ended, Year Ended, December 31,, December 31,, 2023, 2022, 2023, 2022, Acquisition and integration related costs (1) $ 0.03 $ 0.05 $ 0.18 $ 0.11 Goodwill impairment (2) 0.05 — 0.05 — (Gain) loss on change in interest in properties, net (3) (0.40) — (0.40) 0.07 Mark-to-market loss (gain) on public equity securities (4) 0.51 0.04 0.29 (0.03) Loss on extinguishment of debt (5) — — — 0.13 Legal accrual (6) — — 1.82 — Other (7) (0.04) 0.05…, Income (loss) before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended December 31, 2023:, As reported $ (920,951) $ 118,878 (12.9) % Non-recurring, other unusual and non-operating pension and OPEB items 5,286 (2,869) As adjusted $ (915,665) $ 116,009 (12.7) %, Three months ended December 31, 2022:, As reported $ 863,089 $ 24,102 2.8 % Non-recurring, other unusual and non-operating pension and OPEB items (22,394) 93,174 As adjusted $ 840,695 $ 117,276 14.0 %, Year ended December 31, 2023:, As reported $ 246,738 $ 430,277 174.4 % Non-recurring, other unusual and non-operating pension and OPEB items 216,516 (2,874) As adjusted $ 463,254 $ 427,403 92.3 %, Year ended December 31, 2022:, As reported $ 2,433,444 $ 390,588 16.1 % Non-recurring, other unusual and non-operating pension and OPEB items (8,821) 94,424 As adjusted $ 2,424,623 $ 485,012 20.0 % As noted above, beginning in 2024, the company will change its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes…, Year ended December 31, 2023, As Reported, As Adjusted - 2024 Definition, Net income attributable to Albemarle Corporation $ 1,573,476 $ 1,573,476 Depreciation and amortization 429,944 429,944 Interest and financing expenses 116,072 116,072 Income tax expense 430,277 430,277 Proportionate share of Windfield Holdings income tax expense 785,824 Gain on sale of business/interest in properties, net (71,190) (71,190) Acquisition and integration related…, Total adjusted EBITDA, $ 2,766,285, $ 3,552,109, View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-fourth-quarter-and-full-year-2023-results-302062244.html SOURCE Albemarle Corporation
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Proactive measures to re-phase growth investments and optimize cost structure, to generate long-term financial flexibility and unlock >$750 million of, cash flow over the near term, CHARLOTTE, N.C. , Jan. 17, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today outlined a series of proactive measures underway to re-phase its organic growth investments and optimize its cost structure in response to changing end-market conditions, particularly in the lithium value chain.…, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more…, Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and…
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CHARLOTTE, N.C. , Jan. 11, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced today that it will release its fourth-quarter 2023 earnings after the NYSE closes on Wednesday, February 14, 2024. The company will hold a conference call to discuss its fourth-quarter 2023 results on Thursday…, http://investors.albemarle.com., Direct dial numbers are provided below:, PARTICIPANT INFORMATION:, Participant Toll-Free Dial-In Number: +1 (888) 330-2007 Participant Toll Dial-In Number: +1 (646) 960-0105 Conference ID: 5205664 INTERNATIONAL ACCESS NUMBERS: https://events.q4irportal.com/custom/access/2324/, Participants will need to enter the participant access code before being met by an operator., Webcast Details, Event Title: Albemarle's Fourth Quarter 2023 Earnings Conference Call Event Date: February 15, 2024 Start Time: 09:00 AM (GMT-05:00) Eastern Time (US and Canada), Attendee URL:, https://events.q4inc.com/attendee/434662125, Encore Dial-In Information, Encore Toll Free Dial in Number: 1-800-770-2030 Encore Toll Dial in Number: 1-647-362-9199 Encore Replay Dates: 02/15/2024 – 02/22/2024 23:59 ET, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…
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CHARLOTTE, N.C. , Nov. 17, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today announced that Cynthia Lima has been promoted to senior vice president, chief external affairs and communications officer. "We operate in an increasingly interconnected world, where our ability to engage with key…, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about…
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CHARLOTTE, N.C. , Nov. 1, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2023., Third-Quarter, 2023 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $2.3 billion, an increase of 10% Net income of $302.5 million, or $2.57 per diluted share Adjusted diluted EPS of $2.74 Adjusted EBITDA of $453.3 million Signed agreements with Caterpillar Inc. to collaborate on solutions to support the full circular battery value chain and sustainable mining…, 2023, Corporate Outlook, The company's full-year 2023 outlook reflects expected financial performance assuming recent lithium market pricing continues for the remainder of the year, as consistent with our standard practice. Net sales are expected to increase 30% to 35% over the prior year, primarily driven by new mining and conversion capacity delivering 30% to 35% volumetric growth in Energy Storage. Adjusted EBITDA is…, FY 2023 Outlook, as of August 2, 2023, FY 2023 Outlook, as of November 1, 2023, Net sales $10.4 - $11.5 billion $9.5 - $9.8 billion Adjusted EBITDA (a) $3.8 - $4.4 billion $3.2 - $3.4 billion Adjusted EBITDA Margin (a) 37% - 38% 34% - 35% Adjusted Diluted EPS (a) $25.00 - $29.50 $21.50 - $23.50 Net Cash from Operations $1.2 - $1.8 billion $600 - $800 million Capital Expenditures $1.9 - $2.1 billion $1.9 - $2.1 billion (a) The company does not provide a reconciliation of…, Third Quarter 2023 Results, In millions, except per share amounts, Q3 2023, Q3 2022, $ Change, % Change, Net sales $ 2,310.6 $ 2,091.8 $ 218.8 10.5 % Net income attributable to Albemarle Corporation $ 302.5 $ 897.2 $ (594.7) (66.3) % Adjusted EBITDA (a) $ 453.3 $ 1,190.0 $ (736.7) (61.9) % Diluted earnings per share $ 2.57 $ 7.61 $ (5.04) (66.2) % Non-operating pension and OPEB items (a) — (0.03) Non-recurring and other unusual…, Business Segment Results, Beginning January 1, 2023, the company re-segmented its operating business units. The results from 2022 are recast to align with the new structure., Energy Storage Results, In millions, Q3 2023, Q3 2022, $ Change, % Change, Net Sales $ 1,697.2 $ 1,414.1 $ 283.1 20.0 % Adjusted EBITDA $ 407.5 $ 1,084.6 $ (677.2) (62.4) % Energy Storage net sales for the third quarter of 2023 were $1.7 billion, an increase of $283.1 million (+20%) due to higher volumes (+40%) related to the La Negra III/IV expansion in Chile, production from our processing plant in Qinzhou, China, and…, 2023 Energy Storage Outlook, Energy Storage net sales for the full year are estimated to range between $7.0 billion and $7.2 billion, below our previous outlook primarily due to lower lithium market index pricing. Energy Storage volumes are projected to increase 30% to 35% in 2023 compared to 2022. Full year realized pricing increases are expected to range from 15% to 20% compared to the prior year, assuming recent lithium…, Specialties Results, In millions, Q3 2023, Q3 2022, $ Change, % Change, Net Sales $ 352.7 $ 441.9 $ (89.2) (20.2) % Adjusted EBITDA $ 46.3 $ 133.6 $ (87.3) (65.3) % Specialties net sales for the third quarter of 2023 were $352.7 million, a decrease of $89.2 million (-20%) primarily due to lower volumes (-7%) and lower prices (-13%). Adjusted EBITDA of $46.3 million decreased $87.3 million. Both volumes and…, 2023 Specialties Outlook, Albemarle is updating its 2023 outlook for Specialties net sales to approximately $1.5 billion, with adjusted EBITDA estimated from $300 million to $320 million. Adjusted EBITDA 2023 margins are expected to be down year-over-year primarily due to continued weakness in certain end-use markets including consumer and industrial electronics and elastomers partially offset by strong demand in other…, Ketjen Results, In millions, Q3 2023, Q3 2022, $ Change, % Change, Net Sales $ 260.7 $ 235.8 $ 24.9 10.6 % Adjusted EBITDA $ 15.2 $ 4.6 $ 10.5 227.1 % Ketjen net sales of $260.7 million for the third quarter of 2023 were up 11% compared to the previous year due to higher prices (+8%), primarily from fluid catalytic cracking and clean fuel technologies. Adjusted EBITDA of $15.2 million…, 2023 Ketjen Outlook, Albemarle expects Ketjen net sales of approximately $1.1 billion and an adjusted EBITDA range of $100 million to $120 million for 2023. The reduced adjusted EBITDA outlook primarily reflects impacts from timing of shipments and customer mix., Cash Flow and Capital Deployment, Cash from operations of $1.4 billion for the nine-months ended September 30, 2023 increased $467.9 million versus the prior year period. This was driven by increased adjusted EBITDA and dividends received from equity investments, partially offset by working capital changes that were primarily due to the increase in receivables and inventories from higher lithium prices. Capital expenditures of $1…, Balance Sheet and Liquidity, As of September 30, 2023, Albemarle had estimated liquidity of approximately $3.1 billion, including $1.6 billion of cash and equivalents, $1.3 billion available under its revolver and $186.1 million available under other credit lines. Total debt was $3.7 billion, representing our debt covenant net debt to adjusted EBITDA of approximately 0.4 times., Earnings Call, Date: Thursday, November 2, 2023 Time: 9:00 AM Eastern time Dial-in (U.S.): 1.888.330.2007 Dial-in (International): 1.646.960.0105 Passcode: 5205664 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) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…, www.albemarle.com, , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves., Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2023, 2022, 2023, 2022, Net sales, $ 2,310,596 $ 2,091,805 $ 7,261,038 $ 4,699,126 Cost of goods sold 2,255,662 1,047,991 5,371,077 2,625,858, Gross profit, 54,934 1,043,814 1,889,961 2,073,268 Selling, general and administrative expenses 173,866 134,479 725,242 375,989 Research and development expenses 21,082 18,358 62,972 51,827 Loss on sale of interest in properties — — — 8,400, Operating (loss) profit, (140,014) 890,977 1,101,747 1,637,052 Interest and financing expenses (29,332) (29,691) (81,686) (98,934) Other income, net 11,182 7,974 147,628 32,237 (Loss) income before income taxes and equity in net income of unconsolidated investments (158,164) 869,260 1,167,689 1,570,355 Income tax expense (8,551) 196,938 311,399 366,486 (Loss) income before equity in net income of unconsolidated…, September 30,, December 31,, 2023, 2022, ASSETS, Current assets: Cash and cash equivalents $ 1,601,668 $ 1,499,142 Trade accounts receivable 1,179,012 1,190,970 Other accounts receivable 528,744 185,819 Inventories 3,404,212 2,076,031 Other current assets 411,926 234,955 Total current assets 7,125,562 5,186,917 Property, plant and equipment 10,929,150 9,354,330 Less accumulated depreciation and amortization 2,620,535 2,391,333 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,812,168 $ 1,533,624 Accounts payable to related parties 795,088 518,377 Accrued expenses 689,106 505,894 Current portion of long-term debt 162,351 2,128 Dividends payable 46,661 46,116 Income taxes payable 436,238 134,876 Total current liabilities 3,941,612 2,741,015 Long-term debt 3,495,971 3,214,972 Postretirement benefits…, Nine Months Ended, September 30,, 2023, 2022, Cash and cash equivalents at beginning of year $ 1,499,142 $ 439,272 Cash flows from operating activities: Net income 2,273,835 1,653,345 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 285,801 215,280 Loss on sale of interest in properties — 8,400 Stock-based compensation and other 29,465 24,649 Equity in net income of…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2023, 2022, 2023, 2022, Net sales:, Energy Storage $ 1,697,163 $ 1,414,053 $ 5,403,910 $ 2,680,150 Specialties 352,722 441,928 1,142,802 1,354,950 Ketjen 260,711 235,824 714,326 664,026 Total net sales $ 2,310,596 $ 2,091,805 $ 7,261,038 $ 4,699,126, Adjusted EBITDA:, Energy Storage $ 407,476 $ 1,084,643 $ 2,745,680 $ 1,853,407 Specialties 46,307 133,558 268,665 433,534 Ketjen 15,159 4,635 72,584 31,337 Total segment adjusted EBITDA 468,942 1,222,836 3,086,929 2,318,278 Corporate (15,655) (32,870) (5,657) (86,173) Total adjusted EBITDA $ 453,287 $ 1,189,966 $ 3,081,272 $ 2,232,105 See accompanying non-GAAP reconciliations below., Additional Information regarding Non-GAAP Measures, It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin are…, 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 (on a consolidated basis), which are 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. Reconciliation of adjusted EBITDA on a segment…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2023, 2022, 2023, 2022, In thousands, except percentages and per share amounts, $, % of net sales, $, % of net sales, $, % of net sales, $, % of net sales, Net income attributable to Albemarle Corporation $ 302,533 $ 897,215 $ 2,191,156 $ 1,557,371 Add back: Non-operating pension and OPEB items (net of tax) 386 (3,936) 1,141 (12,021) Non-recurring and other unusual items (net of tax) 19,674 (9,789) 210,094 24,023 Adjusted net income attributable to Albemarle Corporation $ 322,593 $ 883,490 $ 2,402,391 $ 1,569,373 Adjusted diluted earnings per…, EBITDA, 428,759 18.6 % 1,201,557 57.4 % 2,870,042 39.5 % 2,238,071 47.6 % Non-operating pension and OPEB items 620 — % (5,027) (0.2) % 1,833 — % (15,345) (0.3) % Non-recurring and other unusual items 23,908 1.0 % (6,564) (0.3) % 209,397 2.9 % 9,379 0.2 %, Adjusted EBITDA, $ 453,287 19.6 % $ 1,189,966 56.9 % $ 3,081,272 42.4 % $ 2,232,105 47.5 % Net sales $ 2,310,596 $ 2,091,805 $ 7,261,038 $ 4,699,126 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 Albemarle's operating segments and are included in the Corporate category. In…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2023, 2022, 2023, 2022, Interest cost $ 9,054 $ 5,857 $ 27,091 $ 17,683 Expected return on assets (8,434) (10,884) (25,258) (33,028) Total $ 620 $ (5,027) $ 1,833 $ (15,345) In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2023, 2022, 2023, 2022, Acquisition and integration related costs (1) $ 0.07 $ 0.01 $ 0.14 $ 0.06 Loss on sale of interest in properties (2) — — — 0.07 Loss on early extinguishment of debt (3) — — — 0.13 Mark-to-market loss (gain) on public equity securities (4) 0.17 (0.07) (0.21) (0.07) Legal accrual (5) — — 1.82 — Other (6) (0.08) 0.01 0.03 — Tax related items (7) 0.01 (0.03) — 0.01…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended September 30, 2023, As reported $ (158,164) $ (8,551) 5.4 % Non-recurring, other unusual and non-operating pension and OPEB items 24,528 4,468 As adjusted $ (133,636) $ (4,083) 3.1 %, Three months ended September 30, 2022, As reported $ 869,260 $ 196,938 22.7 % Non-recurring, other unusual and non-operating pension and OPEB items (11,592) 2,133 As adjusted $ 857,668 $ 199,071 23.2 %, Nine months ended September 30, 2023, As reported $ 1,167,689 $ 311,399 26.7 % Non-recurring, other unusual and non-operating pension and OPEB items 211,230 (5) As adjusted $ 1,378,919 $ 311,394 22.6 %, Nine months ended September 30, 2022, As reported $ 1,570,355 $ 366,486 23.3 % Non-recurring, other unusual and non-operating pension and OPEB items 13,252 1,250 As adjusted $ 1,583,607 $ 367,736 23.2 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-net-sales-increase-of-10-for-third-quarter-2023-301974804…
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CHARLOTTE, N.C. , Oct. 26, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today announced that Neal Sheorey will join Albemarle as its executive vice president and chief financial officer, effective Nov. 6, 2023. Scott Tozier, Albemarle's current executive vice president and chief financial…, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about…
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CHARLOTTE, N.C. , Oct. 23, 2023 /PRNewswire/ -- The Board of Directors of, Albemarle Corporation, (NYSE: ALB) announces that it has declared a quarterly dividend of $0.40 per share. The dividend, which has an annualized rate of $1.60, is payable January 2, 2024, to shareholders of record at the close of business as of December 15, 2023., About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…, Forward-Looking Statements, Some of the information presented in this press release, including, without limitation, information related to future dividends and results, and all other information relating to matters that are not historical facts may constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed…
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CHARLOTTE, N.C. , Oct. 18, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced today it has closed on the restructuring of its MARBL joint venture with Mineral Resources Limited (ASX: MIN.AX) announced earlier this year after receiving the required regulatory approvals. The amended…, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about…, Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and…
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CHARLOTTE, N.C. , Oct. 5, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced today that it will release its third-quarter 2023 earnings after the NYSE closes on Wednesday, November 1, 2023. The company will hold a conference call to discuss its third-quarter 2023 results on Thursday,…, http://investors.albemarle.com, . Direct dial numbers are provided below:, PARTICIPANT INFORMATION (Public):, Participant Toll-Free Dial-In Number: +1 (888) 330-2007 Participant Toll Dial-In Number: +1 (646) 960-0105 Conference ID: 5205664 INTERNATIONAL ACCESS NUMBERS: https://events.q4irportal.com/custom/access/2324/, Participants will need to enter the participant access code before being met by an operator., Webcast Details, Event Title: Q3 2023 Albemarle Corporation Earnings Conference Call Event Date: November 2, 2023 Start Time: 09:00 AM (GMT-04:00) Eastern Time (US and Canada), Attendee URL (Public):, https://events.q4inc.com/attendee/393780268, Encore Dial-In Information, Encore Dial In #: Toll Free Dial in Number: 1-800-770-2030 Toll Dial in Number: 1-647-362-9199 Encore Replay Dates: 11/02/2023 – 11/09/2023 23:59 ET, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…
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Arrangement includes a collaboration agreement for deployment of Cat battery-electric trucks and site energy transfer solutions, a lithium offtake framework agreement, and an agreement to explore potential opportunities to collaborate on research into battery technology CHARLOTTE, N.C. , Sept. 27, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential…, About Albemarle, Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about…, About Caterpillar, With 2022 sales and revenues of $59.4 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our…, Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations, and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and…
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