CHARLOTTE, N.C. , July 31, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2024., Second-Quarter, 2024 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.4 billion, as lower pricing year-over-year was partly offset by Energy Storage volume growth of 37% as new capacity additions ramp Net loss of ($188) million, or ($1.96) per diluted share attributable to common shareholders, which included an after-tax charge of $215 million related to capital…, Announcement of Asset and Cost Actions and Initiation of Review to Optimize Cost and Operating Structure, Albemarle announced today asset and cost actions designed to enhance its long-term competitiveness as part of a comprehensive review of its cost and operating structure. The review will help ensure that Albemarle maintains its competitive position throughout the cycle and is positioned for long-term value creation as it navigates end-market challenges, primarily in the lithium value chain. The…, Total Corporate Outlook Considerations, The company is maintaining its prior full-year outlook considerations, which are based on observed lithium market price scenarios. Notably, the previously published $15/kg range is expected to apply even when assuming that lower July market pricing persists for the remainder of the year, due to enterprise-wide cost improvements, strong volume growth, higher shipments from the Talison JV, and…, Total Corporate FY 2024E, Including Energy Storage Scenarios, Observed market price case (a) Recent pricing Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) $12-15 ~$20 ~$25 Net sales $5.5 - $6.2 billion $6.1 - $6.8 billion $6.9 - $7.6 billion Adjusted EBITDA (b)(c) $0.9 - $1.2 billion $1.6 - $1.8 billion $2.3 - $2.6 billion Weighted-average common shares outstanding (diluted) (d) ~118 million ~118 million 135 - 139 million (a)…, 2024 Other Corporate Outlook Considerations, The company is reducing its Specialties adjusted EBITDA outlook due to a slower than expected market rebound and higher logistics costs related to the ongoing conflict in the Middle East. Capital expenditures are now expected to be at the high-end of $1.7 to $1.8 billion related to timing of capital spending. Depreciation and amortization reflects a tighter range in light of year-to-date expense…, Other FY 2024E Considerations, Specialties adj. EBITDA $210 - $260 million Capital expenditures $1.7 - $1.8 billion Depreciation and amortization $580 - $630 million Corporate costs (excluding FX) $60 - $90 million Interest and financing expenses $140 - $170 million, Second Quarter 2024 Results, In millions, except per share amounts, Q2 2024, Q2 2023, $ Change, % Change, Net sales $ 1,430.4 $ 2,370.2 $ (939.8) (39.7) % Net (loss) income attributable to Albemarle Corporation $ (188.2) $ 650.0 $ (838.2) (129.0) % Adjusted EBITDA (a)(b) $ 386.4 $ 1,266.2 $ (879.9) (69.5) % Diluted (loss) earnings per share attributable to common shareholders $ (1.96) $ 5.52 $ (7.48) (135.5) % Non-recurring and other…, Energy Storage Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 830.1 $ 1,763.1 $ (933.0) (52.9) % Adjusted EBITDA $ 283.0 $ 1,165.1 $ (882.1) (75.7) % Energy Storage net sales for the second quarter of 2024 were $830 million, a decrease of $933 million, or 53%, due to lower pricing (-89%), which more than offset higher volumes (+37%) related to the ramp of lithium projects, including the La…, Specialties Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 334.6 $ 371.3 $ (36.7) (9.9) % Adjusted EBITDA $ 54.2 $ 60.2 $ (6.0) (10.0) % Specialties net sales for the second quarter of 2024 were $335 million, a decrease of $37 million, or 10%, primarily due to lower prices (-18%), which more than offset higher volumes (+9%). Adjusted EBITDA of $54 million decreased $6 million…, Ketjen Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 265.7 $ 235.8 $ 29.9 12.7 % Adjusted EBITDA $ 37.8 $ 42.9 $ (5.0) (11.8) % Ketjen net sales of $266 million for the second quarter of 2024 were up 13% compared to the prior-year quarter due to higher volumes (+14%), partially offset by lower prices (-1%), primarily from clean fuel technologies. Adjusted EBITDA of $38…, Cash Flow and Capital Deployment, Second-quarter cash from operations of $363 million increased by $289 million versus the prior year, driven by higher Talison JV dividends and working capital improvements. Year-to-date cash from operations of $461 million decreased $334 million versus the prior-year period, driven by lower adjusted EBITDA and reduced dividends received from equity investments, partially offset by inflows from…, Balance Sheet and Liquidity, As of June 30, 2024, Albemarle had estimated liquidity of approximately $3.5 billion, including $1.8 billion of cash and cash equivalents, $1.5 billion available under its revolver and $144 million available under other credit lines. Total debt was $3.5 billion, representing a debt covenant net debt to adjusted EBITDA of approximately 2.1 times., Earnings Call, Date: Thursday, August 1, 2024 Time: 8:00 AM Eastern time Dial-in (U.S.): 1-800-590-8290 Dial-in (International): 1-240-690-8800 Conference ID: ALBQ2 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 leader 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…, 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, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442 Cost of goods sold 1,440,963 1,811,703 2,762,761 3,115,415 Gross (loss) profit (10,578) 558,487 28,360 1,835,027 Selling, general and administrative expenses 168,948 397,070 346,660 551,376 Capital project asset write-off 292,315 — 309,515 — Research and development expenses 20,770 21,419 44,302 41,890 Operating (loss) profit (492,611) 139…, June 30,, December 31,, 2024, 2023, ASSETS, Current assets: Cash and cash equivalents $ 1,830,227 $ 889,900 Trade accounts receivable 785,553 1,213,160 Other accounts receivable 412,181 509,097 Inventories 1,800,114 2,161,287 Other current assets 397,630 443,475 Total current assets 5,225,705 5,216,919 Property, plant and equipment 12,788,646 12,233,757 Less accumulated depreciation and amortization 2,951,614 2,738,553 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,138,975 $ 1,537,859 Accounts payable to related parties 184,198 550,186 Accrued expenses 508,334 544,835 Current portion of long-term debt 3,213 625,761 Dividends payable 60,668 46,666 Income taxes payable 63,070 255,155 Total current liabilities 1,958,458 3,560,462 Long-term debt 3,519,504 3,541,002 Postretirement benefits…, Six Months Ended, June 30,, 2024, 2023, Cash and cash equivalents at beginning of year $ 889,900 $ 1,499,142 Cash flows from operating activities: Net (loss) income (159,947) 1,953,142 Adjustments to reconcile net (loss) income to cash flows from operating activities: Depreciation and amortization 262,030 180,356 Non-cash capital project assets write-off 276,013 — Stock-based compensation and other 15,439 20,017 Equity in net…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Net sales:, Energy Storage $ 830,110 $ 1,763,065 $ 1,631,008 $ 3,706,747 Specialties 334,600 371,302 650,665 790,080 Ketjen 265,675 235,823 509,448 453,615 Total net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442, Adjusted EBITDA:, Energy Storage $ 282,979 $ 1,165,080 $ 480,975 $ 2,732,772 Specialties 54,175 60,200 99,356 222,358 Ketjen 37,836 42,882 59,815 57,425 Total segment adjusted EBITDA 374,990 1,268,162 640,146 3,012,555 Corporate 11,370 (1,920) 37,450 15,391 Total adjusted EBITDA $ 386,360 $ 1,266,242 $ 677,596 $ 3,027,946 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 net income attributable to Albemarle Corporation common shareholders, adjusted diluted earnings per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net (loss) income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, In thousands, except percentages and per share amounts, $, % of net sales, $, % of net sales, $, % of net sales, $, % of net sales, Net (loss) income attributable to Albemarle Corporation ($188,198) $ 650,043 ($185,750) $ 1,888,623 Add back: Non-operating pension and OPEB items (net of tax) (336) 381 (687) 755 Non-recurring and other unusual items (net of tax) 234,498 213,194 274,542 190,420 Adjusted net income attributable to Albemarle Corporation 45,964 863,618 88,105 2,079,798 Mandatory convertible preferred stock…, EBITDA, (45,392) (3.2) % 811,692 34.2 % 115,055 4.1 % 2,441,283 49.3 % Proportionate share of Windfield income tax expense 119,780 8.4 % 233,976 9.9 % 193,469 6.9 % 399,961 8.1 % Non-operating pension and OPEB items (337) — % 612 — % (662) — % 1,213 — % Non-recurring and other unusual items 312,309 21.8 % 219,962 9.3 % 369,734 13.2 % 185,489 3.7 %, Adjusted EBITDA, $386,360 27.0 % $ 1,266,242 53.4 % $ 677,596 24.3 % $ 3,027,946 61.2 % Net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442 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…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Interest cost $ 8,501 $ 9,027 $ 17,006 $ 18,037 Expected return on assets (8,838) (8,415) (17,668) (16,824) Total $ (337) $ 612 $ (662) $ 1,213 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,, 2024, 2023, 2024, 2023, Restructuring and other charges (1) $ 0.02 $ 0.05 $ 0.13 $ 0.05 Acquisition and integration related costs (2) 0.01 0.04 0.02 0.08 Capital project assets write-off (3) 1.82 — 1.94 — Loss (gain) in fair value of public equity securities (4) 0.12 (0.10) 0.47 (0.39) Legal accrual (5) — 1.82 — 1.82 Other (6) (0.03) 0.02 (0.18) 0.07 Tax related items (7) 0.05 (0.02) (0.…, (Loss) Income before income taxes and equity in net income of unconsolidated investments, Income tax (benefit) expense, Effective income tax rate, Three months ended June 30, 2024, As reported $ (494,132) $ (30,660) 6.2 % Non-recurring, other unusual and non-operating pension and OPEB items 311,972 77,810 As adjusted $ (182,160) $ 47,150 (25.9) %, Three months ended June 30, 2023, As reported $ 168,375 $ 42,987 25.5 % Non-recurring, other unusual and non-operating pension and OPEB items 220,574 6,999 As adjusted $ 388,949 $ 49,986 12.9 %, Six months ended June 30, 2024, As reported $ (661,706) $ (34,381) 5.2 % Non-recurring, other unusual and non-operating pension and OPEB items 369,072 95,217 As adjusted $ (292,634) $ 60,836 (20.8) %, Six months ended June 30, 2023, As reported $ 1,325,853 $ 319,950 24.1 % Non-recurring, other unusual and non-operating pension and OPEB items 186,702 (4,473) As adjusted $ 1,512,555 $ 315,477 20.9 % As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes…, Total adjusted EBITDA, $ 3,545,988, Contact: +1-980-299-5700 View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-2024-results-302211167.html SOURCE Albemarle Corporation
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CHARLOTTE, N.C. , May 1, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2024., First-Quarter, 2024 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.4 billion, driven by Energy Storage volume growth as projects ramp Net income of $2 million, or ($0.08) (a) per diluted share attributable to common shareholders Adjusted diluted EPS attributable to common shareholders of $0.26 Adjusted EBITDA (b) of $291 million On track to deliver more than $…, 2024 Total Corporate Outlook Considerations, The company maintains its prior full-year outlook, which is based on three lithium market price scenarios., Total Corporate FY 2024E, Including Energy Storage Scenarios, Observed market price case (a) YE 2023 Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) ~$15 ~$20 ~$25 Net sales $5.5 - $6.2 billion $6.1 - $6.8 billion $6.9 - $7.6 billion Adjusted EBITDA (b)(c) $0.9 - $1.2 billion $1.6 - $1.8 billion $2.3 - $2.6 billion (a) Price represents blend of relevant Asia and China market indices for the periods referenced. (b) The company…, 2024 Other Corporate Outlook Considerations, Following the company's public offering of depository shares representing an interest in its mandatory convertible preferred stock, interest and financing expenses are expected to be at the low end of the previous range of $180 to $220 million. The change in weighted-average common shares outstanding (diluted) reflects the recently issued shares of mandatory convertible preferred stock on an as-…, Other Corporate FY 2024E, Capital expenditures $1.6 - $1.8 billion Depreciation and amortization $580 - $660 million Adjusted effective tax rate (5%) - 27% Corporate costs $120 - $150 million Interest and financing expenses $180 - $210 million Weighted-average common shares outstanding (diluted) (d) 135 - 139 million (d) Each quarter, Albemarle will report the more dilutive of either: 1) adding the underlying shares in…, First Quarter 2024 Results, In millions, except per share amounts, Q1 2024, Q1 2023, $ Change, % Change, Net sales $ 1,360.7 $ 2,580.3 $ (1,219.5) (47.3) % Net income attributable to Albemarle Corporation $ 2.4 $ 1,238.6 $ (1,236.1) (99.8) % Adjusted EBITDA (a)(b) $ 291.2 $ 1,761.7 $ (1,470.5) (83.5) % Diluted (loss) earnings per share attributable to common shareholders $ (0.08) $ 10.51 $ (10.59) (100.8) % Non-recurring and other unusual items…, Energy Storage Results, In millions, Q1 2024, Q1 2023, $ Change, % Change, Net Sales $ 800.9 $ 1,943.7 $ (1,142.8) (58.8) % Adjusted EBITDA $ 198.0 $ 1,567.7 $ (1,369.7) (87.4) % Energy Storage net sales for the first quarter of 2024 were $801 million, a decrease of $1.1 billion, or 59%, due to lower pricing (-89%), which more than offset higher volumes (+31%) related to the ramp of lithium projects, including the La Negra…, Specialties Results, In millions, Q1 2024, Q1 2023, $ Change, % Change, Net Sales $ 316.1 $ 418.8 $ (102.7) (24.5) % Adjusted EBITDA $ 45.2 $ 162.2 $ (117.0) (72.1) % Specialties net sales for the first quarter of 2024 were $316 million, a decrease of $103 million, or 25%, primarily due to lower prices (-19%) and lower volumes (-6%). Adjusted EBITDA of $45 million decreased $117 million. Both volumes and…, Ketjen Results, In millions, Q1 2024, Q1 2023, $ Change, % Change, Net Sales $ 243.8 $ 217.8 $ 26.0 11.9 % Adjusted EBITDA $ 22.0 $ 14.5 $ 7.4 51.1 % Ketjen net sales of $244 million for the first quarter of 2024 were up 12% compared to the previous year due to higher volumes (+10%) and higher prices (+2%), primarily from clean fuel technologies. Adjusted EBITDA of $22 million increased $7…, Cash Flow and Capital Deployment, Cash from operations of $98 million for the first quarter of 2024 decreased $623 million versus the prior year period. The year-over-year decrease was driven by lower adjusted EBITDA and reduced dividends received from equity investments, partially offset by lower investment in working capital. Capital expenditures of $579 million increased by $164 million versus the prior-year period due to the…, Balance Sheet and Liquidity, As of March 31, 2024, Albemarle had estimated liquidity of approximately $3.7 billion, including $2.1 billion of cash and equivalents, $1.5 billion available under its revolver and $124 million available under other credit lines. Total debt was $3.5 billion, representing a debt covenant net debt to adjusted EBITDA of approximately 0.9 times., Earnings Call, Date: Thursday, May 2, 2024 Time: 9:00 AM Eastern time Dial-in (U.S.): 1-800-590-8290 Dial-in (International): 1-240-690-8800 Conference ID: ALBQ1 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, March 31,, 2024, 2023, Net sales $ 1,360,736 $ 2,580,252 Cost of goods sold 1,321,798 1,303,712 Gross profit 38,938 1,276,540 Selling, general and administrative expenses 194,912 154,306 Research and development expenses 23,532 20,471 Operating (loss) profit (179,506) 1,101,763 Interest and financing expenses (37,969) (26,777) Other income, net 49,901 82,492 (Loss) income before income taxes and equity in net income of…, March 31,, December 31,, 2024, 2023, ASSETS, Current assets: Cash and cash equivalents $ 2,055,813 $ 889,900 Trade accounts receivable 874,038 1,213,160 Other accounts receivable 438,507 509,097 Inventories 1,904,827 2,161,287 Other current assets 549,540 443,475 Total current assets 5,822,725 5,216,919 Property, plant and equipment 12,587,763 12,233,757 Less accumulated depreciation and amortization 2,831,728 2,738,553 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,165,955 $ 1,537,859 Accounts payable to related parties 129,613 550,186 Accrued expenses 454,600 544,835 Current portion of long-term debt 5,076 625,761 Dividends payable 58,354 46,666 Income taxes payable 237,098 255,155 Total current liabilities 2,050,696 3,560,462 Long-term debt 3,519,453 3,541,002 Postretirement benefits…, Three Months Ended, March 31,, 2024, 2023, Cash and cash equivalents at beginning of year $ 889,900 $ 1,499,142 Cash flows from operating activities: Net income 16,647 1,276,703 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 123,751 87,271 Stock-based compensation and other 9,317 10,540 Equity in net income of unconsolidated investments (net of tax) (180,500) (396,188)…, Three Months Ended, March 31,, 2024, 2023, Net sales:, Energy Storage $ 800,898 $ 1,943,682 Specialties 316,065 418,778 Ketjen 243,773 217,792 Total net sales $ 1,360,736 $ 2,580,252, Adjusted EBITDA:, Energy Storage $ 197,996 $ 1,567,692 Specialties 45,181 162,158 Ketjen 21,979 14,543 Total segment adjusted EBITDA 265,156 1,744,393 Corporate 26,080 17,311 Total adjusted EBITDA $ 291,236 $ 1,761,704 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 net income attributable to Albemarle Corporation common shareholders, adjusted diluted earnings per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, 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…, Three Months Ended, March 31,, 2024, 2023, In thousands, except percentages and per share amounts, $, % of net sales, $, % of net sales, Net income attributable to Albemarle Corporation $ 2,448 $ 1,238,580 Add back: Non-operating pension and OPEB items (net of tax) (351) 374 Non-recurring and other unusual items (net of tax) 40,044 (22,774) Adjusted net income attributable to Albemarle Corporation 42,141 1,216,180 Mandatory convertible preferred stock dividends (11,584) — Adjusted net income attributable to Albemarle…, EBITDA, 160,447 11.8 % 1,629,591 63.2 % Proportionate share of Windfield income tax expense 73,689 5.4 % 165,985 6.4 % Non-operating pension and OPEB items (325) — % 601 — % Non-recurring and other unusual items 57,425 4.2 % (34,473) (1.3) %, Adjusted EBITDA, $ 291,236 21.4 % $ 1,761,704 68.3 % Net sales $ 1,360,736 $ 2,580,252 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, March 31,, 2024, 2023, Interest cost $ 8,505 $ 9,010 Expected return on assets (8,830) (8,409) Total $ (325) $ 601 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 presented. A listing of these items, as well as a detailed description of…, Three Months Ended, March 31,, 2024, 2023, Restructuring and other charges (1) $ 0.23 $ — Acquisition and integration related costs (2) 0.01 0.03 Loss (gain) in fair value of public equity securities (3) 0.35 (0.29) Other (4) (0.15) 0.04 Tax related items (5) (0.10) 0.03 Total non-recurring and other unusual items $ 0.34 $ (0.19) (1) In January 2024, the Company announced it was taking measures to unlock…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended March 31, 2024, As reported $ (167,574) $ (3,721) 2.2 % Non-recurring, other unusual and non-operating pension and OPEB items 57,100 17,407 As adjusted $ (110,474) $ 13,686 (12.4) %, Three months ended March 31, 2023, As reported $ 1,157,478 $ 276,963 23.9 % Non-recurring, other unusual and non-operating pension and OPEB items (33,872) (11,472) As adjusted $ 1,123,606 $ 265,491 23.6 % As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes …, Total adjusted EBITDA, $ 3,545,988, Contact: +1-980-299-5700 View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-2024-results-302133681.html SOURCE Albemarle Corporation
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