CHARLOTTE, N.C. , Aug. 3, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the second quarter ended June 30, 2022., Second Quarter 2022 and Recent Highlights , (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.48 billion, an increase of 91% Net income of $406.8 million, or $3.46 per diluted share; Adjusted diluted EPS of $3.45, an increase of 288% Adjusted EBITDA of $610 million, an increase of 214% Kemerton I lithium conversion plant in Western Australia achieved first product in July 2022 Announced…, Outlook , Albemarle's outlook for 2022 has continued to improve based on expectations for ongoing demand strength and tightness in the markets it serves. Net sales guidance was revised upward primarily due to continued strength in pricing in its Lithium and Bromine businesses. Adjusted EBITDA guidance is also higher based on pricing expectations slightly offset by inflationary cost pressures, particularly…, FY 2022 Guidance, as of May 23, 2022, FY 2022 Guidance, Further Updated, Net sales $5.8 - $6.2 billion $7.1 - $7.5 billion Adjusted EBITDA $2.2 - $2.5 billion $3.2 - $3.5 billion Adjusted EBITDA Margin 38% - 40% 45% - 47% Adjusted Diluted EPS $12.30 - $15.00 $19.25 - $22.25 Net Cash from Operations $550 - $850 million $1.4 - $1.7 billion Capital Expenditures $1.3 - $1.5 billion $1.3 - $1.5 billion , Second Quarter Results, In millions, except per share amounts, Q2 2022, Q2 2021, $ Change, % Change, Net sales $ 1,479.6 $ 773.9 $ 705.7 91.2 % Net income attributable to Albemarle Corporation $ 406.8 $ 424.6 $ (17.8) (4.2) % Adjusted EBITDA (a) $ 610.2 $ 194.6 $ 415.6 213.5 % Diluted earnings per share $ 3.46 $ 3.62 $ (0.16) (4.4) % Non-operating pension and OPEB items (a) (0.03) (0.04) Non-recurring and other…, Business Segment Results, Lithium Results, In millions, Q2 2022, Q2 2021, $ Change, % Change, Net Sales $ 891.5 $ 320.3 $ 571.2 178.3 % Adjusted EBITDA $ 495.2 $ 109.4 $ 385.8 352.5 % Lithium net sales of $891.5 million increased $571.2 million (+178%) due to higher pricing net of FX (+160%) related to renegotiated contracts and increased market pricing. Volume was also higher (+18%) related to the La Negra III/IV expansion in…, Lithium Outlook, Adjusted EBITDA for the full year 2022 is expected to grow approximately 500-550% year over year, up from the previous outlook of +300%. Average realized pricing is now expected to be up 225-250% year-over-year resulting from the renegotiated contracts and increased market pricing. Full-year 2022 volume is expected to be up 20-30% year over year primarily due to new capacity coming online as well…, Bromine Results, In millions, Q2 2022, Q2 2021, $ Change, % Change, Net Sales $ 377.8 $ 279.7 $ 98.0 35.0 % Adjusted EBITDA $ 135.7 $ 92.6 $ 43.0 46.5 % Bromine net sales of $377.8 million increased $98.0 million (+35%) primarily due to increased pricing net of FX (+31%) and slightly higher volumes (+4%). Tight market conditions continue to drive strong demand and favorable pricing across the…, Bromine Outlook, Adjusted EBITDA for the full year 2022 is expected to grow approximately 25-30% from 2021 based on higher pricing resulting from strong demand in diverse end-markets including fire safety solutions and clear completion fluids for offshore new well drilling. Successful execution of growth projects in 2021 is expected to contribute to a 5-10% volume increase in full-year 2022. Bromine's ongoing…, Catalysts Results, In millions, Q2 2022, Q2 2021, $ Change, % Change, Net Sales $ 210.3 $ 148.3 $ 62.0 41.8 % Adjusted EBITDA $ 9.8 $ 21.2 $ (11.4) (53.7) % Catalysts net sales of $210.3 million increased $62.0 million (+42%) compared to the previous year due to higher volumes (+37%) and higher pricing net of FX (+5%). Adjusted EBITDA of $9.8 million declined $11.4 million as higher sales were…, Catalysts Outlook, Albemarle expects full-year 2022 adjusted EBITDA to be down 25-65% year-over-year, down from the previous outlook due to continued volatility of raw materials costs and natural gas pricing in Europe related to the war in Ukraine, partially offset by higher pricing. The strategic review of the Catalysts business is ongoing. The company expects to provide an update as soon as circumstances…, All Other, In millions, Q2 2022, Q2 2021, $ Change, % Change, Net Sales $ — $ 25.5 $ (25.5) (100.0) % Adjusted EBITDA $ — $ 8.4 $ (8.4) (100.0) % Other operations represent the FCS business which was sold on June 1, 2021., Balance Sheet and Liquidity, As of June 30, 2022, Albemarle had estimated liquidity of approximately $2.6 billion, including $930.6 million of cash and equivalents, the full $1 billion under its revolver, $500 million remaining under its amended delayed draw term loan and $200.7 million on other available credit lines. Total debt was $3.5 billion, representing net debt to adjusted EBITDA of approximately 1.7 times., Cash Flow and Capital Deployment, Cash from operations of $60.3 million decreased $325.5 million for the six months ended June 30, 2022, versus the prior year driven by working capital changes, primarily the increase in receivables and inventories from higher lithium pricing, as well as a $332.5 million litigation settlement payment, partially offset by increased adjusted EBITDA. Capital expenditures of $502.6 million increased…, Earnings Call, Date: Thursday, August 4, 2022 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-200-6205 Dial-in (International): 929-526-1599 Passcode: 446425 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 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, productivity…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2022, 2021, 2022, 2021, Net sales, $ 1,479,593 $ 773,896 $ 2,607,321 $ 1,603,187 Cost of goods sold 899,169 525,479 1,577,867 1,091,083, Gross profit, 580,424 248,417 1,029,454 512,104 Selling, general and administrative expenses 128,942 121,516 241,510 214,703 Research and development expenses 17,386 13,976 33,469 28,612 (Gain) loss on sale of business/interest in properties — (429,408) 8,400 (429,408), Operating profit, 434,096 542,333 746,075 698,197 Interest and financing expenses (41,409) (7,152) (69,243) (51,034) Other income, net 8,767 14 24,263 11,326 Income before income taxes and equity in net income of unconsolidated investments 401,454 535,195 701,095 658,489 Income tax expense 89,018 106,985 169,548 129,092 Income before equity in net income of unconsolidated investments 312,436 428,210 531,547 529,…, June 30,, December 31,, 2022, 2021, ASSETS, Current assets: Cash and cash equivalents $ 930,596 $ 439,272 Trade accounts receivable 962,215 556,922 Other accounts receivable 124,409 66,184 Inventories 1,216,213 812,920 Other current assets 116,671 132,683 Total current assets 3,350,104 2,007,981 Property, plant and equipment 8,465,403 8,074,746 Less accumulated depreciation and amortization 2,257,379 2,165,130 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 1,091,583 $ 647,986 Accrued expenses 330,941 763,293 Current portion of long-term debt 251,304 389,920 Dividends payable 46,097 45,469 Income taxes payable 61,837 27,667 Total current liabilities 1,781,762 1,874,335 Long-term debt 3,205,730 2,004,319 Postretirement benefits 43,079 43,693 Pension benefits 205,890 229,187 Other noncurrent…, Six Months Ended, June 30,, 2022, 2021, Cash and cash equivalents at beginning of year $ 439,272 $ 746,724 Cash flows from operating activities: Net income 722,139 563,906 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 137,567 123,683 Loss (gain) on sale of business/interest in properties 8,400 (429,408) Stock-based compensation and other 15,232 8,425 Equity in net…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2022, 2021, 2022, 2021, Net sales:, Lithium $ 891,516 $ 320,334 $ 1,441,788 $ 599,310 Bromine 377,752 279,748 737,331 560,195 Catalysts 210,325 148,344 428,202 368,587 All Other — 25,470 — 75,095 Total net sales $ 1,479,593 $ 773,896 $ 2,607,321 $ 1,603,187, Adjusted EBITDA:, Lithium $ 495,208 $ 109,441 $ 803,823 $ 215,877 Bromine 135,683 92,646 264,917 187,286 Catalysts 9,792 21,164 26,702 46,591 All Other — 8,379 — 29,858 Corporate (30,474) (37,002) (53,303) (54,930) Total adjusted EBITDA $ 610,209 $ 194,628 $ 1,042,139 $ 424,682 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 net income attributable to Albemarle Corporation is defined as net…, Three Months Ended, Six Months Ended, June 30,, June 30,, In thousands, except percentages and per share amounts, 2022, 2021, 2022, 2021, Net income attributable to Albemarle Corporation $ 406,773 $ 424,600 $ 660,156 $ 520,277 Add back: Non-operating pension and OPEB items (net of tax) (3,946) (4,273) (8,085) (8,540) Non-recurring and other unusual items (net of tax) 2,909 (315,996) 33,812 (283,235) Adjusted net income attributable to Albemarle Corporation $ 405,736 $ 104,331 $ 685,883 $ 228,…, EBITDA, 608,193 600,160 1,036,514 824,086 Non-operating pension and OPEB items (5,038) (5,471) (10,318) (10,936) Non-recurring and other unusual items (excluding items associated with interest expense) 7,054 (400,061) 15,943 (388,468), Adjusted EBITDA, $ 610,209 $ 194,628 $ 1,042,139 $ 424,682 Net sales $ 1,479,593 $ 773,896 $ 2,607,321 $ 1,603,187 EBITDA margin 41.1 % 77.6 % 39.8 % 51.4 % Adjusted EBITDA margin 41.2 % 25.1 % 40.0 % 26.5 % 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…, Lithium, Bromine, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended June 30, 2022, Net income (loss) attributable to Albemarle Corporation $ 452,099 $ 122,461 $ (3,383) $ 571,177 $ — $ (164,404) $ 406,773 27.5 % Depreciation and amortization 42,502 13,222 13,175 68,899 — 2,094 70,993 4.8 % Non-recurring and other unusual items 607 — — 607 — 6,447 7,054 0.5 % Interest and financing expenses — — — — — 41,409 41,409 2.8 % Income tax expense — — — — — 89,018 89,018 6.0 %…, Adjusted EBITDA, $ 495,208 $ 135,683 $ 9,792 $ 640,683 $ — $ (30,474) $ 610,209 41.2 %, Three months ended June 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 74,593 $ 80,148 $ 8,446 $ 163,187 $ 7,972 $ 253,441 $ 424,600 54.9 % Depreciation and amortization 33,497 12,498 12,718 58,713 407 2,303 61,423 7.9 % Non-recurring and other unusual items 1,351 — — 1,351 — (401,412) (400,061) (51.7) % Interest and financing expenses — — — — — 7,152 7,152 0.9 % Income tax expense — — — — — 106,985…, Adjusted EBITDA, $ 109,441 $ 92,646 $ 21,164 $ 223,251 $ 8,379 $ (37,002) $ 194,628 25.1 %, Six months ended June 30, 2022, Net income (loss) attributable to Albemarle Corporation $ 713,788 $ 239,022 $ 606 $ 953,416 $ — $ (293,260) $ 660,156 25.3 % Depreciation and amortization 81,028 25,895 26,096 133,019 — 4,548 137,567 5.3 % Non-recurring and other unusual items 9,007 — — 9,007 — 6,936 15,943 0.6 % Interest and financing expenses — — — — — 69,243 69,243 2.7 % Income tax expense — — — — — 169,548 169,…, Adjusted EBITDA, $ 803,823 $ 264,917 $ 26,702 $ 1,095,442 $ — $ (53,303) $ 1,042,139 40.0 %, Six months ended June 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 144,965 $ 162,261 $ 21,362 $ 328,588 $ 27,988 $ 163,701 $ 520,277 32.5 % Depreciation and amortization 65,303 25,025 25,229 115,557 1,870 6,256 123,683 7.7 % Non-recurring and other unusual items (excluding items associated with interest expense) 5,609 — — 5,609 — (394,077) (388,468) (24.2) % Interest and financing expenses — — — — —…, Adjusted EBITDA, $ 215,877 $ 187,286 $ 46,591 $ 449,754 $ 29,858 $ (54,930) $ 424,682 26.5 % 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, Six Months Ended, June 30,, June 30,, 2022, 2021, 2022, 2021, Interest cost $ 5,894 $ 5,430 $ 11,826 $ 10,858 Expected return on assets (10,932) (10,901) (22,144) (21,794) Total $ (5,038) $ (5,471) $ (10,318) $ (10,936) 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, Six Months Ended, June 30,, June 30,, 2022, 2021, 2022, 2021, Restructuring and other (1) $ — $ — $ — $ 0.01 Acquisition and integration related costs (2) 0.03 0.01 0.05 0.03 Albemarle Foundation contribution (3) — 0.13 — 0.13 Loss (gain) on sale of business/interest in properties (4) — (2.82) 0.07 (2.87) Loss on early extinguishment of debt (5) 0.13 0.01 0.13 0.21 Other (6) 0.01 0.04 — 0.10 Tax related items (7) (0.…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2022, As reported $ 401,454 $ 89,018 22.2 % Non-recurring, other unusual and non-operating pension and OPEB items 21,235 22,272 As adjusted $ 422,689 $ 111,290 26.3 %, Three months ended June 30, 2021, As reported $ 535,195 $ 106,985 20.0 % Non-recurring, other unusual and non-operating pension and OPEB items (404,383) (84,114) As adjusted $ 130,812 $ 22,871 17.5 %, Six months ended June 30, 2022, As reported $ 701,095 $ 169,548 24.2 % Non-recurring, other unusual and non-operating pension and OPEB items 24,844 (883) As adjusted $ 725,939 $ 168,665 23.2 %, Six months ended June 30, 2021, As reported $ 658,489 $ 129,092 19.6 % Non-recurring, other unusual and non-operating pension and OPEB items (370,457) (78,682) As adjusted $ 288,032 $ 50,410 17.5 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-strong-second-quarter-sales-growth-raising-…
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