CHARLOTTE, N.C. , Jan. 21, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today it is one of 325 companies across 50 industries included in the 2020 Bloomberg Gender-Equality Index (GEI). Through disclosure of gender-related metrics using the GEI framework, the firms included in the 2020 GEI have provided a comprehensive…, 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 power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…
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CHARLOTTE, N.C. , Dec. 12, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, will discuss its strategy to deliver profitable growth, accelerate operational efficiency and improve free cash flow to drive shareholder value at its 2019 Investor Day today in New York City . Chairman and CEO Luke Kissam , EVP and Chief Financial Officer Scott…, Introducing 2024 Financial Outlook, 2024 Target, 5-Year CAGR, Revenue, 1 $4.4B - $5.0B 6.0% - 9.0% Lithium 12% - 17% Bromine 1.5% - 2.5% Refining Catalysts 3.0% - 5.0%, Adjusted EBITDA, $1.5M - $1.8M 9.0% - 13.0%, Adjusted EBITDA Margin, 32.0% - 36.0%, Free Cash Flow, $0.8B -$1.0B Key Assumptions : 5% annual dividend growth $100 million sustainable run-rate savings from cost reduction initiative by 2021 20% effective tax rate Currency flat at Nov. 30, 2019 , rate Kissam added, "We continue to see significant growth potential supported by increasing EV penetration of new car sales and are investing in operational excellence, technology and talent to take…, Event Webcast Details, The presentation, which includes question and answer sessions, will begin at 8:30 a.m. ET. It is expected to conclude at approximately 12:30 p.m. ET. The public may access the event through a live webcast available through Albemarle Corporation's website at http://investors.albemarle.com via the link below, or by phone at the following number: US Toll free: +1 844 347 1034…, 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 power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, Forward-Looking Statements, Some of the information presented in this press release, the investor day remarks, and discussions that follow, including, without limitation, information related to outlook and guidance, conversion capacity, production volumes, joint ventures, market trends, pricing, expected growth, earnings and demand for our products, tax rates, dividends, cash flow generation, capital projects, electric…
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CHARLOTTE, N.C. , Nov. 6, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended Sept. 30, 2019 ., Third Quarter 2019 Highlights, (Based on year-over-year comparisons unless otherwise noted) Net sales of $879.7 million increased 14%, excluding foreign exchange impact of 1%, largely driven by strong volume and favorable pricing Earnings were $1.46 per diluted share, an increase of 22% Adjusted EPS were $1.53 per diluted share, an increase of 17% Adjusted EBITDA was $254.4 million , an increase of 8%, Notable Developments, Completed previously announced lithium joint venture with Mineral Resources Limited on Oct. 31, 2019 ; funded Wodgina mine project and other general corporate projects with $1 billion , borrowed from new $1.2 billion unsecured credit facility Previously announced Company's full year 2019 adjusted diluted EPS outlook is $6.00 - $6.20 from $6.25 - $6.65 Initiating cost management program targeting…, Third Quarter Results, In millions, except per share amounts, Q3 2019, Q3 2018, $ Change, % Change, Net sales $ 879.7 $ 777.7 $ 102.0 13.1 % Net income attributable to Albemarle Corporation $ 155.1 $ 129.7 $ 25.3 19.5 % Adjusted EBITDA (a) $ 254.4 $ 235.1 $ 19.3 8.2 % Diluted earnings per share $ 1.46 $ 1.20 $ 0.26 21.7 % Non-operating pension and OPEB items (a) (0.01) (0.02) Non-recurring and other unusual items (a) 0.08 0.13 Adjusted diluted earnings per share (b) $ 1.53 $ 1.31 $ 0.22…, Third Quarter Business Segment Results, Lithium In millions, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 330.4 $ 270.9 $ 59.5 21.9 % Adjusted EBITDA $ 127.5 $ 113.6 $ 13.8 12.2 % Net sales and adjusted EBITDA growth were driven by increased volume and slightly favorable pricing of 1%, which more than offset deferred shipments due to disruption caused by Typhoon Tapah in late September. As previously communicated, impacted volume is expected to be fully recovered in the fourth quarter.…, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 256.3 $ 232.6 $ 23.7 10.2 % Adjusted EBITDA $ 88.8 $ 78.6 $ 10.2 13.0 % Net sales and adjusted EBITDA growth reflects favorable price impacts and increased volume, more than offsetting unfavorable currency exchange of 1%. Catalysts In millions, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 261.3 $ 251.1 $ 10.2 4.1 % Adjusted EBITDA $ 66.9 $ 62.6 $ 4.3 6.9 % Favorable pricing in Fluid Catalytic Cracking (FCC) Catalysts was offset by lower volumes related to delays in the start-up of new FCC units. Clean Fuel Technology , or HPC, benefited from higher sales volume and a favorable product mix. Net sales reflects unfavorable currency exchange of 1%. Results also reflect a…, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 31.7 $ 23.1 $ 8.7 37.6 % Adjusted EBITDA $ 10.4 $ 4.0 $ 6.5 163.3 % Net sales growth reflects increased sales volume of $9.3 million in our fine chemistry services business. Results also reflect a $4.4 million decrease from the re-measurement of the fair value of our investment in private equity securities. Corporate Results In millions, Q3 2019, Q3 2018, $ Change, % Change, Adjusted EBITDA $ (39.3) $ (23.7) $ (15.6) 65.9 % Results reflect higher selling, general and administrative spending for professional services and $11.3 million of unfavorable currency exchange impacts., Income Taxes, The effective income tax rate for the third quarter of 2019 was 15.5% compared to 21.5% in the same period in 2018, largely due to change in geographic earnings mix. On an adjusted basis, the effective income tax rates were 15.0% and 18.9% for the third quarter of 2019 and 2018, respectively., Cash Flow and Capital Deployment, Cash from operations was $345.6 million for the nine months ended Sept. 30, 2019, a decrease of $31.3 million versus the same period in 2018. The result was primarily due to the timing on payables and the collection of certain receivables, lower cash earnings in Catalysts, and higher cash taxes. This was partially offset by higher dividends received from unconsolidated investments and increased…, Full Year 2019 Outlook, As previously announced on Oct. 24, 2019 , discrete and operational items impacting Lithium will likely cause the business's fourth quarter 2019 performance to be lower than previously forecasted. The Company expects continued upside in Bromine Specialties and Catalysts in the fourth quarter, but does not expect this to offset the impact from Lithium on total Company results. As a result,…, Current Outlook, vs Pro Forma, Full Year 2018 (a), Net sales $3.6 - $3.7 billion 7% - 10% Adjusted EBITDA $1.02 - $1.06 billion 2% - 6% Adjusted EPS (per diluted share) $6.00 - $6.20 10% - 14% (a) Pro forma excludes the impact of the polyolefin catalysts and components business sold on April 1, 2018 . Additionally, the Company expects its full year 2019 income tax rate to be between 18% and 19%., Earnings Call, Date: Thursday, Nov. 7, 2019 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6199517 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 power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, 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, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Net sales, $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251 Cost of goods sold 569,880 497,211 1,677,596 1,556,379, Gross profit, 309,867 280,537 919,267 896,872 Selling, general and administrative expenses 108,135 100,167 348,205 325,174 Research and development expenses 15,585 16,610 44,024 53,670 Gain on sale of business — — — (218,705), Operating profit, 186,147 163,760 527,038 736,733 Interest and financing expenses (11,108) (12,988) (35,295) (39,834) Other (expenses) income, net (11,316) 3,793 (7,090) (31,906) Income before income taxes and equity in net income of unconsolidated investments 163,723 154,565 484,653 664,993 Income tax expense 25,341 33,167 93,266 133,630 Income before equity in net income of unconsolidated investments 138,382 121…, September 30,, December 31,, 2019, 2018, ASSETS, Current assets: Cash and cash equivalents $ 317,823 $ 555,320 Trade accounts receivable 637,037 605,712 Other accounts receivable 86,556 52,059 Inventories 802,434 700,540 Other current assets 125,902 84,790 Total current assets 1,969,752 1,998,421 Property, plant and equipment 5,406,123 4,799,063 Less accumulated depreciation and amortization 1,882,086 1,777,979 Net property, plant and equipment…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 527,052 $ 522,516 Accrued expenses 273,709 257,323 Current portion of long-term debt 539,960 307,294 Dividends payable 38,678 35,169 Current operating lease liability 24,606 — Income taxes payable 17,238 60,871 Total current liabilities 1,421,243 1,183,173 Long-term debt 1,381,984 1,397,916 Postretirement benefits 45,752 46,157 Pension benefits 272,345 285,…, Nine Months Ended, , September 30,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash flows from operating activities: Net income 498,114 593,090 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 156,718 150,511 Gain on sale of business — (218,705) Gain on sale of property (11,079) — Stock-based compensation and other 15,169 11,785 Equity in net income…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Net sales:, Lithium $ 330,386 $ 270,928 $ 947,030 $ 886,523 Bromine Specialties 256,267 232,616 760,752 678,769 Catalysts 261,346 251,139 779,295 796,822 All Other 31,748 23,065 109,786 90,978 Corporate — — — 159 Total net sales $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251, Adjusted EBITDA:, Lithium $ 127,459 $ 113,629 $ 384,854 $ 386,260 Bromine Specialties 88,814 78,585 248,743 217,921 Catalysts 66,944 62,602 193,890 205,534 All Other 10,448 3,968 28,931 7,729 Corporate (39,314) (23,702) (114,300) (75,082) Total adjusted EBITDA $ 254,351 $ 235,082 $ 742,118 $ 742,362 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, Nine Months Ended, September 30,, September 30,, In thousands, except percentages and per share amounts, 2019, 2018, 2019, 2018, Net income attributable to Albemarle Corporation $ 155,070 $ 129,745 $ 442,837 $ 563,966 Add back: Non-operating pension and OPEB items (net of tax) (543) (1,856) (1,805) (5,595) Non-recurring and other unusual items (net of tax) 8,497 13,568 17,239 (121,731) Adjusted net income attributable to Albemarle Corporation $ 163,024 $ 141,457 $ 458,271 $ 436,640 Adjusted diluted earnings per share $ 1.…, EBITDA, 246,006 225,607 728,116 887,941 Non-operating pension and OPEB items (551) (2,195) (1,810) (6,596) Non-recurring and other unusual items 8,896 11,670 15,812 (138,983), Adjusted EBITDA, $ 254,351 $ 235,082 $ 742,118 $ 742,362 Net sales $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251 EBITDA margin 28.0 % 29.0 % 28.0 % 36.2 % Adjusted EBITDA margin 28.9 % 30.2 % 28.6 % 30.3 % 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 September 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 102,136 $ 75,224 $ 54,345 $ 231,705 $ 8,305 $ (84,940) $ 155,070 17.6 % Depreciation and amortization 25,212 12,448 12,599 50,259 2,143 2,085 54,487 6.2 % Non-recurring and other unusual items 111 1,142 — 1,253 — 7,643 8,896 1.0 % Interest and financing expenses — — — — — 11,108 11,108 1.3 % Income tax expense — — — — — 25,341 25,341 2.9…, Adjusted EBITDA, $ 127,459 $ 88,814 $ 66,944 $ 283,217 $ 10,448 $ (39,314) $ 254,351 28.9 %, Three months ended September 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 90,313 $ 67,967 $ 50,491 $ 208,771 $ 1,978 $ (81,004) $ 129,745 16.7 % Depreciation and amortization 23,370 10,618 12,111 46,099 1,990 1,618 49,707 6.4 % Non-recurring and other unusual items (54) — — (54) — 11,724 11,670 1.5 % Interest and financing expenses — — — — — 12,988 12,988 1.7 % Income tax expense — — — — — 33,167 33,167 4.2 %…, Adjusted EBITDA, $ 113,629 $ 78,585 $ 62,602 $ 254,816 $ 3,968 $ (23,702) $ 235,082 30.2 %, Nine months ended September 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 312,609 $ 212,320 $ 156,328 $ 681,257 $ 22,629 $ (261,049) $ 442,837 17.1 % Depreciation and amortization 71,669 35,281 37,562 144,512 6,302 5,904 156,718 6.0 % Non-recurring and other unusual items 576 1,142 — 1,718 — 14,094 15,812 0.6 % Interest and financing expenses — — — — — 35,295 35,295 1.4 % Income tax expense — — — — — 93,266 93,…, Adjusted EBITDA, $ 384,854 $ 248,743 $ 193,890 $ 827,487 $ 28,931 $ (114,300) $ 742,118 28.6 %, Nine months ended September 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 315,939 $ 187,176 $ 387,038 $ 890,153 $ 1,659 $ (327,846) $ 563,966 23.0 % Depreciation and amortization 71,760 30,745 37,201 139,706 6,070 4,735 150,511 6.2 % Non-recurring and other unusual items (1,439) — (218,705) (220,144) — 81,161 (138,983) (5.7) % Interest and financing expenses — — — — — 39,834 39,834 1.6 % Income tax expense…, Adjusted EBITDA, $ 386,260 $ 217,921 $ 205,534 $ 809,715 $ 7,729 $ (75,082) $ 742,362 30.3 % 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, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Interest cost $ 8,863 $ 8,509 $ 26,501 $ 25,636 Expected return on assets (9,414) (10,704) (28,311) (32,232) Total $ (551) $ (2,195) $ (1,810) $ (6,596) 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…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Restructuring and other (1) $ — $ 0.04 $ — $ 0.04 Acquisition and integration related costs (2) 0.03 0.03 0.10 0.10 Albemarle Foundation contribution (3) — — — 0.10 Gain on sale of business (4) — — — (1.60) Gain on sale of property (5) — — (0.08) — Legal accrual (6) — 0.02 — 0.21 Environmental accrual (7) — — — 0.11 Other (8) 0.05 0.04 0.12 0.05 Discrete tax items (9) — — 0.02 (0.11) Total non-…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ — $ 0.9 $ — $ 2.9 Selling, general and administrative expenses 4.1 3.4 14.4 10.2 Total $ 4.1 $ 4.3 $ 14.4 $ 13.1 Total acquisition and integration related costs, after income taxes $ 3.2 $ 3.5 $ 11.1 $ 10.7 Total acquisition and integration related costs, per diluted share $ 0.03 $ 0.03 $ 0.10 $ 0.10 (3) Included in Selling, general and administrative expenses for the nine…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended September 30, 2019:, As reported $ 163,723 $ 25,341 15.5 % Non-recurring, other unusual and non-operating pension and OPEB items 8,345 391 As adjusted $ 172,068 $ 25,732 15.0 %, Three months ended September 30, 2018:, As reported $ 154,565 $ 33,167 21.5 % Non-recurring, other unusual and non-operating pension and OPEB ems 9,475 (2,237) As adjusted $ 164,040 $ 30,930 18.9 %, Nine months ended September 30, 2019:, As reported $ 484,653 $ 93,266 19.2 % Non-recurring, other unusual and non-operating pension and OPEB items 14,002 (1,432) As adjusted $ 498,655 $ 91,834 18.4 %, Nine months ended September 30, 2018:, As reported $ 664,993 $ 133,630 20.1 % Non-recurring, other unusual and non-operating pension and OPEB items (145,579) (18,253) As adjusted $ 519,414 $ 115,377 22.2 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-growth-300953165.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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CHARLOTTE, N.C. , Oct. 31, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it has closed its transaction with Mineral Resources Limited (", MRL", ) (ASX: MIN) under the Asset Sale and Share Subscription Agreement that was entered into on December 14, 2018 , and subsequently amended on August 1, 2019 , and the MRL Kemerton Sale and Purchase Agreement that was entered into on August 1, 2019 (", Agreement", ). The 60/40 joint venture between Albemarle and MRL, respectively, is named MARBL Lithium Joint Venture (", MARBL, "). Under the Agreement, Albemarle has acquired a 60% interest in MRL's Wodgina spodumene mine in Western Australia for US$1.3 billion , consisting of a cash payment of US$820 million , and the transfer to MRL of a 40% interest in two 25 ktpa lithium hydroxide conversion trains being built by Albemarle at Kemerton in Western Australia. MARBL will manage the operation of the Wodgina mine and the…, 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 power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, Forward-Looking Statements, Some of the information presented in this press release, including, without limitation, information related to plans and anticipated benefits in relation to the joint venture, 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…
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CHARLOTTE, N.C. , Oct. 29, 2019 /PRNewswire/ -- The Board of Directors of, Albemarle Corporation, (NYSE: ALB) announces that it has declared a dividend of $0.3675 per share. The dividend, which has an annualized rate of $1.47 , is payable Jan. 2, 2020 , to shareholders of record at the close of business as of Dec. 13, 2019 ., About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, 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. 24, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) announced today that it expects third quarter 2019 diluted earnings per share to be approximately $1.46 and adjusted earnings per share to be $1.53 on net income of approximately $155 million and adjusted EBITDA of approximately $254 million . The Lithium business performance was impacted by discrete items, which…, Preliminary Third Quarter 2019 Results, For the third quarter 2019, the Lithium business is expected to deliver revenue of $330 million , up $59 million or 22%, and adjusted EBITDA of $128 million , up $14 million or 12% year-over-year. Factors impacting Lithium during the quarter include: Sales volume was lower than expected primarily from Typhoon Tapah, in late September, that caused lithium shipments from ports in Shanghai to be…, Fourth Quarter and Full Year 2019 Outlook, Price pressure, combined with the need to utilize more tolled volume to meet customer commitments, will result in fourth quarter 2019 Lithium performance being lower than previously forecasted. While the Company currently expects slight upside in Bromine and Catalysts in the fourth quarter, it will not offset the impact from Lithium. As a result, Albemarle is adjusting its full year 2019…, Prior Guidance, (as of August 7, 2019), Current Guidance, (as of October 24, 2019), Vs. Full Year 2018 Pro Forma Results 1, Net Sales, $3.65 - $3.85 billion $3.6 - $3.7 billion 7% - 10%, Adjusted EBITDA, $1.07 - $1.14 billion $1.02 - $1.06 billion 2% - 6%, Adjusted EPS, (per diluted share) $6.25 - $6.65 $6.00 - $6.20 10% - 14%, 2020 Outlook, Based on expectations for continued Lithium price pressure and no new Albemarle lithium capacity coming online, the Company expects full-year 2020 EBITDA performance to be lower than full-year 2019 results. The Company will provide an update on 2020 performance on its third quarter 2019 conference call scheduled for November 7, 2019 and provide formal full year 2020 guidance on its fourth quarter…, Initiatives to Address Short-term Market Dynamics and Strengthen Long-term Positioning, As previously announced, the Company reduced its multi-year capital expenditure plan from approximately $5.0 billion to approximately $3.5 billion over the next five years. This adjustment reflects the Company's commitment to generating free cash flow in 2021 and investing capital where customer volume and price commitments provide an attractive return. "Despite one-time items impacting our third…, Non-GAAP Reconciliations, It should be noted that adjusted diluted earnings per share, non-operating pension and OPEB items per diluted share, non-recurring and other unusual items per diluted share and adjusted EBITDA, are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered…, Three Months Ended September 30, 2019, Diluted earnings per share attributable to Albemarle Corporation $ 1.46 Add back: Non-operating pension and OPEB items (net of tax) (0.01) Non-recurring and other unusual items (net of tax) Acquisition and integration related costs 0.03 Other 0.05 Total non-recurring and other unusual items 0.08 Adjusted diluted earnings per share…, Consolidated Total, Three months ended September 30, 2019, Net income attributable to Albemarle Corporation $ 155,070 Depreciation and amortization 54,487 Acquisition and integration related costs 4,114 Interest and financing expenses 11,108 Income tax expense 25,341 Non-operating pension and OPEB items (551) Other 4,782 Adjusted EBITDA $ 254,351 , 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 power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, Forward Looking Statements, Some of the information presented in this press release, 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 cost synergies, capital projects, economic trends…
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CHARLOTTE, N.C. , Oct. 10, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will release its third quarter 2019 earnings after the NYSE closes on Wednesday, Nov. 6, 2019 . The company will hold its conference call to discuss third quarter 2019 results on, Thursday, November 7 , at 9:00 a.m. ET ., This call will be webcast and can be accessed through Albemarle Corporation's website at, http://investors.albemarle.com, , via the webcast link below or by phone at the following number: US Toll free: +1 844 347 1034 International direct: +1 209 905 5910 Passcode: 6199517 Webcast: Q3 Webcast Link To avoid registration wait times, participants are encouraged to dial in at least five minutes before the start of the call or pre-register online at any time. An…, About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…
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CHARLOTTE, N.C. , Sept. 17, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Glen Merfeld , Chief Technical Officer, Lithium, will speak at the S&P Global Platts Battery Metals Conference on Monday, Sept. 23, 2019 , in San Francisco . In addition to Merfeld, David Ryan , Vice President, Corporate Strategy and…, About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…
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CHARLOTTE, N.C. , Aug. 29, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Scott Tozier , Albemarle Executive Vice President and Chief Financial Officer, will speak at the Credit Suisse 32 nd Annual Basic Materials Conference on Wednesday, Sept. 11, 2019 in New York . In addition to Tozier, Eric Norris , President…, About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…
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CHARLOTTE, N.C. , Aug. 7, 2019 /PRNewswire/ --, Second quarter 2019 highlights:, Net sales were $885.1 million , an increase of 4% over the prior year; earnings were $1.45 per diluted share Adjusted diluted EPS was $1.55 , an increase of 14% over the prior year Adjusted EBITDA increased 6%, excluding currency exchange impacts Revised agreement with Mineral Resources Limited to acquire a 60% interest in the Wodgina hard rock lithium mine project Raised full year outlook of…, Three Months Ended June 30,, In thousands, except per share amounts, 2019, 2018, $ Change, % Change, Net sales $ 885,052 $ 853,874 $ 31,178 3.7 % Favorable pricing in all reportable segments and increased volume in Lithium and Bromine Specialties Lower volume in Catalysts Growth of 6% excluding unfavorable currency exchange impacts Net income attributable to Albemarle Corporation $ 154,198 $ 302,461 $ (148,263) (49.0) % 2018 included $176.7 million after tax gain on sale of the polyolefin…, Outlook, With first half 2019 performance as expected, we reconfirm our net sales and adjusted EBITDA guidance, while increasing our adjusted EPS guidance to the following:, 2019 Outlook, vs Full Year 2018, Net sales $3.65 - $3.85 billion 8% - 14% Adjusted EBITDA $1,070 - $1,140 million 6% - 13% Adjusted EPS (per diluted share) $6.25 - $6.65 13% - 21%, Quarterly Segment Results, Lithium In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 324.8 $ 317.6 $ 7.2 2.3 % Favorable price impacts and increased sales volume $7.3 million of unfavorable currency exchange Adjusted EBITDA $ 141.8 $ 141.6 $ 0.2 0.1 % Favorable price impacts and increased sales volume Higher tolled product costs and investment to support future operational savings Bromine Specialties In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 255.4 $ 220.5 $ 34.9 15.8 % Increased sales volume and favorable price impacts $3.4 million of unfavorable currency exchange Adjusted EBITDA $ 81.3 $ 69.4 $ 12.0 17.2 % Increased sales volume and favorable price impacts $2.1 million of unfavorable currency impacts Catalysts In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 266.3 $ 285.0 $ (18.7) (6.5) % Lower sales volume and $5.4 million of unfavorable currency exchange impacts Favorable pricing impacts Adjusted EBITDA $ 66.9 $ 75.1 $ (8.2) (11.0) % Lower sales volume, higher material costs and $2.3 million of unfavorable currency exchange impacts Favorable pricing impacts All Other In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 38.6 $ 30.7 $ 7.8 25.4 % • Increased sales volume and favorable pricing in our fine chemistry services business Adjusted EBITDA $ 11.2 $ (0.1) $ 11.3 11,228.7 % • Increased sales volume and favorable pricing in our fine chemistry services business, Corporate Results, In millions, Q2 2019, Q2 2018, $ Change, % Change, Adjusted EBITDA $ (39.3) $ (27.4) $ (11.9) 43.4 % • $8.1 million of unfavorable currency exchange impacts and higher selling, general and administrative spending for professional services, Income Taxes, Our effective income tax rates for the second quarter of 2019 and 2018 of 18.2% and 21.5%, respectively, are influenced by non-recurring, other unusual and non-operating pension and OPEB items (see Non-GAAP Reconciliations). The decrease in the effective tax rate in the second quarter of 2019 compared to 2018 was impacted by a variety of factors, primarily stemming from a change in the geographic…, Cash Flow, Our cash from operations was approximately $199.3 million for the six months ended June 30, 2019, a decrease of $24.6 million versus the same period in 2018, primarily due to increased inventory purchases to meet higher forecasted sales, the timing on collection of certain receivables, lower cash earnings in our Catalysts reportable segment and higher cash taxes paid. These were partially offset…, Earnings Call, The Company's performance for the second quarter ended June 30, 2019 will be discussed on a conference call at 9:00 AM Eastern time on August 8, 2019. The call can be accessed by dialing 844-347-1034 (International Dial-In # 209-905-5910), and entering conference ID 4270876. The Company's earnings presentation and supporting material can be accessed through Albemarle's website under Investors at, www.albemarle.com, ., About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-…, 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, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Net sales, $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503 Cost of goods sold 559,138 542,518 1,107,716 1,059,168, Gross profit, 325,914 311,356 609,400 616,335 Selling, general and administrative expenses 126,715 123,637 240,070 225,007 Research and development expenses 13,462 16,074 28,439 37,060 Gain on sale of business — (218,705) — (218,705), Operating profit, 185,737 390,350 340,891 572,973 Interest and financing expenses (11,601) (13,308) (24,187) (26,846) Other (expenses) income, net (7,065) (5,223) 4,226 (35,699) Income before income taxes and equity in net income of unconsolidated investments 167,071 371,819 320,930 510,428 Income tax expense 30,411 80,102 67,925 100,463 Income before equity in net income of unconsolidated investments 136,660 291,…, June 30,, December 31,, 2019, 2018, ASSETS, Current assets: Cash and cash equivalents $ 398,183 $ 555,320 Trade accounts receivable 624,808 605,712 Other accounts receivable 105,207 52,059 Inventories 814,022 700,540 Other current assets 94,417 84,790 Total current assets 2,036,637 1,998,421 Property, plant and equipment 5,248,994 4,799,063 Less accumulated depreciation and amortization 1,858,369 1,777,979 Net property, plant and equipment…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 558,839 $ 522,516 Accrued expenses 268,666 257,323 Current portion of long-term debt 490,691 307,294 Dividends payable 38,733 35,169 Current operating lease liability 19,441 — Income taxes payable 23,611 60,871 Total current liabilities 1,399,981 1,183,173 Long-term debt 1,398,419 1,397,916 Postretirement benefits 46,025 46,157 Pension benefits 279,342 285,…, Six Months Ended June 30,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash flows from operating activities: Net income 326,496 449,611 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 102,231 100,804 Gain on sale of business — (218,705) Gain on sale of property (11,079) — Stock-based compensation and other 10,136 8,076 Equity in net income…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Net sales:, Lithium $ 324,758 $ 317,563 $ 616,644 $ 615,595 Bromine Specialties 255,433 220,514 504,485 446,153 Catalysts 266,301 284,966 517,949 545,683 All Other 38,560 30,748 78,038 67,913 Corporate — 83 — 159 Total net sales $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503, Adjusted EBITDA:, Lithium $ 141,779 $ 141,617 $ 257,395 $ 272,631 Bromine Specialties 81,332 69,367 159,929 139,336 Catalysts 66,875 75,102 126,946 142,932 All Other 11,240 (101) 18,483 3,761 Corporate (39,326) (27,423) (74,986) (51,380) Total adjusted EBITDA $ 261,900 $ 258,562 $ 487,767 $ 507,280 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, Six Months Ended, June 30,, June 30,, In thousands, except percentages and per share amounts, 2019, 2018, 2019, 2018, Net income attributable to Albemarle Corporation $ 154,198 $ 302,461 $ 287,767 $ 434,221 Add back: Non-operating pension and OPEB items (net of tax) (693) (1,873) (1,262) (3,739) Non-recurring and other unusual items (net of tax) 10,754 (150,618) 8,742 (135,299) Adjusted net income attributable to Albemarle Corporation $ 164,259 $ 149,970 $ 295,247 $ 295,183 Adjusted diluted earnings per share $…, EBITDA, 249,158 446,345 482,110 662,334 Non-operating pension and OPEB items (676) (2,204) (1,259) (4,401) Non-recurring and other unusual items 13,418 (185,579) 6,916 (150,653), Adjusted EBITDA, $ 261,900 $ 258,562 $ 487,767 $ 507,280 Net sales $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503 EBITDA margin 28.2 % 52.3 % 28.1 % 39.5 % Adjusted EBITDA margin 29.6 % 30.3 % 28.4 % 30.3 % 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 June 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 117,303 $ 69,616 $ 54,124 $ 241,043 $ 9,118 $ (95,963) $ 154,198 17.4 % Depreciation and amortization 24,365 11,716 12,751 48,832 2,122 1,994 52,948 6.0 % Non-recurring and other unusual items 111 — — 111 — 13,307 13,418 1.5 % Interest and financing expenses — — — — — 11,601 11,601 1.3 % Income tax expense — — — — — 30,411 30,411 3.5 % Non…, Adjusted EBITDA, $ 141,779 $ 81,332 $ 66,875 $ 289,986 $ 11,240 $ (39,326) $ 261,900 29.6 %, Three months ended June 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 117,292 $ 59,673 $ 280,887 $ 457,852 $ (2,079) $ (153,312) $ 302,461 35.4 % Depreciation and amortization 24,325 9,694 12,920 46,939 1,978 1,557 50,474 5.9 % Non-recurring and other unusual items — — (218,705) (218,705) — 33,126 (185,579) (21.7) % Interest and financing expenses — — — — — 13,308 13,308 1.6 % Income tax expense — — — — — 80…, Adjusted EBITDA, $ 141,617 $ 69,367 $ 75,102 $ 286,086 $ (101) $ (27,423) $ 258,562 30.3 %, Six months ended June 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 210,472 $ 137,096 $ 101,983 $ 449,551 $ 14,324 $ (176,108) $ 287,767 16.8 % Depreciation and amortization 46,457 22,833 24,963 94,253 4,159 3,819 102,231 5.9 % Non-recurring and other unusual items 466 — — 466 — 6,450 6,916 0.4 % Interest and financing expenses — — — — — 24,187 24,187 1.4 % Income tax expense — — — — — 67,925 67,925 4.0 %…, Adjusted EBITDA, $ 257,395 $ 159,929 $ 126,946 $ 544,270 $ 18,483 $ (74,986) $ 487,767 28.4 %, Six months ended June 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 225,626 $ 119,209 $ 336,547 $ 681,382 $ (319) $ (246,842) $ 434,221 25.9 % Depreciation and amortization 48,390 20,127 25,090 93,607 4,080 3,117 100,804 6.0 % Non-recurring and other unusual items (1,385) — (218,705) (220,090) — 69,437 (150,653) (9.0) % Interest and financing expenses — — — — — 26,846 26,846 1.6 % Income tax expense…, Adjusted EBITDA, $ 272,631 $ 139,336 $ 142,932 $ 554,899 $ 3,761 $ (51,380) $ 507,280 30.3 % 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, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Interest cost $ 8,769 $ 8,558 $ 17,638 $ 17,127 Expected return on assets (9,445) (10,762) (18,897) (21,528) Total $ (676) $ (2,204) $ (1,259) $ (4,401) 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…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs (1) 0.04 0.05 $ 0.07 $ 0.06 Albemarle Foundation contribution (2) — 0.11 — 0.11 Gain on sale of business (3) — (1.60) — (1.59) Gain on sale of property (4) — — (0.08) — Legal accrual (5) — 0.07 — 0.19 Environmental accrual (6) — — — 0.11 Other (7) 0.07 0.01 0.07 0.01 Discrete tax items (8) (0.01) — 0.02 (0.11) Total non-recurring and other unusual items…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ — $ 1.0 $ — $ 1.9 Selling, general and administrative expenses 5.0 5.5 10.3 6.8 Total $ 5.0 $ 6.5 $ 10.3 $ 8.7 Total acquisition and integration related costs, after income taxes $ 3.8 $ 5.2 $ 7.9 $ 7.1 Total acquisition and integration related costs, per diluted share $ 0.04 $ 0.05 $ 0.07 $ 0.06 (2) Included in Selling, general and administrative expenses for the three and…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2019:, As reported $ 167,071 $ 30,411 18.2 % Non-recurring, other unusual and non-operating pension and OPEB items 12,742 2,681 As adjusted $ 179,813 $ 33,092 18.4 %, Three months ended June 30, 2018:, As reported $ 371,819 $ 80,102 21.5 % Non-recurring, other unusual and non-operating pension and OPEB items (187,783) (35,292) As adjusted $ 184,036 $ 44,810 24.4 %, Six months ended June 30, 2019:, As reported $ 320,930 $ 67,925 21.2 % Non-recurring, other unusual and non-operating pension and OPEB items 5,657 (1,823) As adjusted $ 326,587 $ 66,102 20.2 %, Six months ended June 30, 2018:, As reported $ 510,428 $ 100,463 19.7 % Non-recurring, other unusual and non-operating pension and OPEB items (155,054) (16,016) As adjusted $ 355,374 $ 84,447 23.8 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-growth-and-raises-full-year-eps-guidance-300898245.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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