CHARLOTTE, N.C. , Nov. 2, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended Sept. 30, 2022., Third-Quarter, 2022 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $2.1 billion, an increase of 152% Net income of $897.2 million, or $7.61 per diluted share; Adjusted diluted EPS of $7.50, an increase of 614% Adjusted EBITDA of $1.2 billion, an increase of 447% Completed the acquisition of the Qinzhou lithium conversion plant in Guangxi China for $200 million on…, Outlook, Full-year 2022 outlook remains strong, with net sales expected to be more than double and adjusted EBITDA expected to be nearly four times 2021 results. Ongoing strength in lithium pricing and end markets offsets slightly lower expectations due to bromine-related weakness in key end markets, including consumer and industrial electronics and building and construction. Adjusted EBITDA guidance has…, FY 2022 Guidance, as of Aug. 3, 2022, FY 2022 Guidance, as of Nov. 2, 2022, Net sales $7.1 - $7.5 billion $7.1 - $7.4 billion Adjusted EBITDA $3.2 - $3.5 billion $3.3 - $3.5 billion Adjusted EBITDA Margin 45% - 47% 46% - 47% Adjusted Diluted EPS $19.25 - $22.25 $19.75 - $21.75 Net Cash from Operations $1.4 - $1.7 billion $1.45 - $1.65 billion Capital Expenditures $1.3 - $1.5 billion $1.3 - $1.4 billion, Third-Quarter 2022 Results, In millions, except per share amounts, Q3 2022, Q3 2021, $ Change, % Change, Net sales $ 2,091.8 $ 830.6 $ 1,261.2 151.9 % Net income (loss) attributable to Albemarle Corporation $ 897.2 $ (392.8) $ 1,290.0 Adjusted EBITDA (a) $ 1,190.0 $ 217.6 $ 972.4 446.9 % Diluted earnings per share $ 7.61 $ (3.36) $ 10.97 Non-operating pension and OPEB items (a) (0.03) (0.04) Non-recurring and other unusual items (a…, Business Segment Results, For stronger focus and better execution on its multiple growth opportunities, the company is realigning its core portfolio into Energy Storage and Specialties. Energy Storage will focus on the lithium-ion battery evolution and the transition to clean energy. Albemarle Specialties combines the existing Bromine business with the Lithium specialties business. These businesses share complementary…, Lithium Results, In millions, Q3 2022, Q3 2021, $ Change, % Change, Net Sales $ 1,501.1 $ 359.2 $ 1,141.8 317.9 % Adjusted EBITDA $ 1,111.2 $ 125.4 $ 985.8 786.0 % Lithium net sales of $1.5 billion increased $1.1 billion (+318%) due to higher pricing net of FX (+298%) related to renegotiated contracts and increased market pricing. Volume was also higher (+20%) related to the La Negra III/IV expansion in Chile and…, Lithium Outlook, The company is reaffirming its full-year 2022 outlook for Lithium. Adjusted EBITDA is expected to grow 500-550% year over year. Average realized pricing growth is expected to be 225-250% year over year resulting from previously renegotiated contracts and increased market pricing. Full-year 2022 volume growth is expected to be 20-30% year over year primarily due to new capacity coming online as…, Bromine Results, In millions, Q3 2022, Q3 2021, $ Change, % Change, Net Sales $ 354.9 $ 277.8 $ 77.1 27.8 % Adjusted EBITDA $ 107.0 $ 86.0 $ 20.9 24.4 % Bromine net sales of $354.9 million increased $77.1 million (+28%) primarily due to increased pricing net of FX (+18%) and higher volumes (+10%). Tight market conditions continue to drive strong demand and favorable pricing across the product…, Bromine Outlook, Adjusted EBITDA growth for full year 2022 is expected to be at the low end of the previous outlook for 25%-30%, reflecting emerging softness in some end markets such as consumer and industrial electronics and building and construction. Full-year volume is also projected to be at the low end of the previous outlook for 5-10% volume increase., Catalysts Results, In millions, Q3 2022, Q3 2021, $ Change, % Change, Net Sales $ 235.8 $ 193.6 $ 42.3 21.8 % Adjusted EBITDA $ 4.6 $ 33.1 $ (28.5) (86.0) % Catalysts net sales of $235.8 million increased $42.3 million (+22%) compared to the previous year due to higher volumes (+17%) and higher pricing net of FX (+5%). Adjusted EBITDA of $4.6 million declined $28.5 million as higher sales were more…, Catalysts Outlook, Albemarle's Catalysts segment continues to experience natural gas pricing pressure related to the war in Ukraine and rising raw material costs. The company has tightened the Catalysts segment outlook for the full-year 2022 adjusted EBITDA expected to be down 45-65% year over year within the lower-end of the previous outlook range. In the third quarter of 2022, the company completed the…, Balance Sheet and Liquidity, As of September 30, 2022, Albemarle had estimated liquidity of approximately $3.1 billion, including approximately $1.4 billion of cash and equivalents, the full $1.0 billion under its revolver, $500 million remaining under its amended delayed draw term loan and $238.6 million available on other credit lines. Total debt was $3.4 billion, representing net debt to adjusted EBITDA of approximately 0…, Cash Flow and Capital Deployment, Cash from operations of $955.6 million increased $465.0 million for the nine months ended Sept. 30, 2022, 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 pricing, and a $332.5 million…, Earnings Call, Date: Thursday, Nov. 3, 2022 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-200-6205 Dial-in (International): 929-526-1599 Passcode: 527598 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) is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. Albemarle thinks 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. Albemarle actively pursues a sustainable approach to managing its…, Forward-Looking Statements, Some of the information presented in this press release, the presentation, the conference call and discussions that follow, including, without limitation, information related to the timing of active and proposed projects, production capacity, committed volumes, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for Albemarle's products,…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2022, 2021, 2022, 2021, Net sales, $ 2,091,805 $ 830,566 $ 4,699,126 $ 2,433,753 Cost of goods sold 1,047,991 581,293 2,625,858 1,672,376, Gross profit, 1,043,814 249,273 2,073,268 761,377 Selling, general and administrative expenses 134,479 103,477 375,989 318,180 Research and development expenses 18,358 13,289 51,827 41,901 Loss (gain) on sale of business/interest in properties — 984 8,400 (428,424), Operating profit, 890,977 131,523 1,637,052 829,720 Interest and financing expenses (29,691) (5,136) (98,934) (56,170) Other income (expense), net 7,974 (643,196) 32,237 (631,870) Income (loss) before income taxes and equity in net income of unconsolidated investments 869,260 (516,809) 1,570,355 141,680 Income tax expense (benefit) 196,938 (114,670) 366,486 14,422 Income (loss) before equity in net income of…, September 30,, December 31,, 2022, 2021, ASSETS, Current assets: Cash and cash equivalents $ 1,382,803 $ 439,272 Trade accounts receivable 1,035,117 556,922 Other accounts receivable 135,709 66,184 Inventories 1,614,299 798,620 Other current assets 129,043 132,683 Total current assets 4,296,971 1,993,681 Property, plant and equipment 8,713,771 8,074,746 Less accumulated depreciation and amortization 2,288,664 2,165,130 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 1,651,866 $ 647,986 Accrued expenses 385,327 763,293 Current portion of long-term debt 251,216 389,920 Dividends payable 46,098 45,469 Income taxes payable 153,444 27,667 Total current liabilities 2,487,951 1,874,335 Long-term debt 3,118,753 2,004,319 Postretirement benefits 42,681 43,693 Pension benefits 187,498 229,187 Other noncurrent…, Nine Months Ended, September 30,, 2022, 2021, Cash and cash equivalents at beginning of year $ 439,272 $ 746,724 Cash flows from operating activities: Net income 1,653,345 189,473 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 215,280 185,765 Loss (gain) on sale of business/interest in properties 8,400 (428,424) Stock-based compensation and other 24,649 14,668 Equity in net…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2022, 2021, 2022, 2021, Net sales:, Lithium $ 1,501,073 $ 359,229 $ 2,942,861 $ 958,539 Bromine 354,908 277,783 1,092,239 837,978 Catalysts 235,824 193,554 664,026 562,141 All Other — — — 75,095 Total net sales $ 2,091,805 $ 830,566 $ 4,699,126 $ 2,433,753, Adjusted EBITDA:, Lithium $ 1,111,243 $ 125,416 $ 1,915,066 $ 341,293 Bromine 106,958 86,012 371,875 273,298 Catalysts 4,635 33,103 31,337 79,694 All Other — — — 29,858 Corporate (32,870) (26,962) (86,173) (81,892) Total adjusted EBITDA $ 1,189,966 $ 217,569 $ 2,232,105 $ 642,251 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 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, EBITDA margin and adjusted EBITDA margin are financial measures that…, 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, 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 Corporation is defined as net…, Three Months Ended, Nine Months Ended, September 30,, September 30,, In thousands, except percentages and per share amounts, 2022, 2021, 2022, 2021, Net income attributable to Albemarle Corporation $ 897,215 $ (392,781) $ 1,557,371 $ 127,496 Add back: Non-operating pension and OPEB items (net of tax) (3,936) (4,271) (12,021) (12,811) Non-recurring and other unusual items (net of tax) (9,789) 520,392 24,023 237,157 Adjusted net income attributable to Albemarle Corporation $ 883,490 $ 123,340 $ 1,569,373 $ 351,…, EBITDA, 1,201,557 (440,233) 2,238,071 383,853 Non-operating pension and OPEB items (5,027) (5,471) (15,345) (16,407) Non-recurring and other unusual items (excluding items associated with interest expense) (6,564) 663,273 9,379 274,805, Adjusted EBITDA, $ 1,189,966 $ 217,569 $ 2,232,105 $ 642,251 Net sales $ 2,091,805 $ 830,566 $ 4,699,126 $ 2,433,753 EBITDA margin 57.4 % (53.0) % 47.6 % 15.8 % Adjusted EBITDA margin 56.9 % 26.2 % 47.5 % 26.4 % See below for a reconciliation of adjusted EBITDA on a segment basis, a non-GAAP financial measure, to Net income attributable to Albemarle Corporation, the most directly…, Lithium, Bromine, Catalysts, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended September 30, 2022, Net income (loss) attributable to Albemarle Corporation $ 1,063,426 $ 93,186 $ (12,473) $ — $ (246,924) $ 897,215 42.9 % Depreciation and amortization 47,758 13,772 12,689 — 3,494 77,713 3.7 % Non-recurring and other unusual items 59 — 4,419 — (11,042) (6,564) (0.3) % Interest and financing expenses — — — — 29,691 29,691 1.4 % Income tax expense — — — — 196,938 196,938 9.4 % Non-…, Adjusted EBITDA, $ 1,111,243 $ 106,958 $ 4,635 $ — $ (32,870) $ 1,189,966 56.9 %, Three months ended September 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 92,449 $ 73,409 $ 20,039 $ — $ (578,678) $ (392,781) (47.3) % Depreciation and amortization 34,256 12,603 13,064 — 2,159 62,082 7.5 % Non-recurring and other unusual items (1,289) — — — 664,562 663,273 79.9 % Interest and financing expenses — — — — 5,136 5,136 0.6 % Income tax expense — — — — (114,670) (114,670) (13.8) %…, Adjusted EBITDA, $ 125,416 $ 86,012 $ 33,103 $ — $ (26,962) $ 217,569 26.2 %, Nine months ended September 30, 2022, Net income (loss) attributable to Albemarle Corporation $ 1,777,214 $ 332,208 $ (11,867) $ — $ (540,184) $ 1,557,371 33.1 % Depreciation and amortization 128,786 39,667 38,785 — 8,042 215,280 4.6 % Non-recurring and other unusual items 9,066 — 4,419 — (4,106) 9,379 0.2 % Interest and financing expenses — — — — 98,934 98,934 2.1 % Income tax expense — — — — 366,486 366,486 7.8 % Non-…, Adjusted EBITDA, $ 1,915,066 $ 371,875 $ 31,337 $ — $ (86,173) $ 2,232,105 47.5 %, Nine months ended September 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 237,293 $ 235,670 $ 41,401 $ 27,988 $ (414,856) $ 127,496 5.2 % Depreciation and amortization 99,559 37,628 38,293 1,870 8,415 185,765 7.6 % Non-recurring and other unusual items (excluding items associated with interest expense) 4,441 — — — 270,364 274,805 11.3 % Interest and financing expenses — — — — 56,170 56,170 2.3 %…, Adjusted EBITDA, $ 341,293 $ 273,298 $ 79,694 $ 29,858 $ (81,892) $ 642,251 26.4 % 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 addition, the company believes that these components of…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2022, 2021, 2022, 2021, Interest cost $ 5,857 $ 5,422 $ 17,683 $ 16,280 Expected return on assets (10,884) (10,893) (33,028) (32,687) Total $ (5,027) $ (5,471) $ (15,345) $ (16,407) 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,, 2022, 2021, 2022, 2021, Restructuring and other (1) $ — $ — $ — $ 0.01 Acquisition and integration related costs (2) 0.01 0.01 0.06 0.04 Albemarle Foundation contribution (3) — — — 0.13 Loss (gain) on sale of business/interest in properties (4) — 0.01 0.07 (2.85) Loss on early extinguishment of debt (5) — — 0.13 0.21 Legal accrual (6) — 4.29 — 4.34 Other (7) (0.06) 0.02 (0.07) 0.…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, 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 %, Three months ended September 30, 2021, As reported $ (516,809) $ (114,670) 22.2 % Non-recurring, other unusual and non-operating pension and OPEB items 657,802 141,681 As adjusted $ 140,993 $ 27,011 19.2 %, 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 %, Nine months ended September 30, 2021, As reported $ 141,680 $ 14,422 10.2 % Non-recurring, other unusual and non-operating pension and OPEB items 287,345 62,999 As adjusted $ 429,025 $ 77,421 18.1 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-net-sales-increase-of-152-for-third-quarter-2022-…
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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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