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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