CHARLOTTE, N.C. , Feb. 27, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today Scott Tozier , Executive Vice President and Chief Financial Officer, will speak at the J.P. Morgan Industrials Conference in New York City on Tuesday, March 10 . In addition to Tozier, David Ryan , Vice President, Corporate Strategy and Investor…, 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. , Feb. 19, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the fourth quarter and full year 2019., Fourth Quarter 2019 Highlights, (Based on year-over-year comparisons) Net sales of $993 million increased ~8%, including an unfavorable currency exchange impact of ~1% Diluted EPS of $0.85 decreased ~30% Adjusted diluted EPS of $1.73 increased ~13% Adjusted EBITDA of $295 million increased ~12%, Full Year 2019 Highlights, (Based on year-over-year comparisons) Net sales of $3.6 billion increased ~6%, including an unfavorable foreign exchange impact of ~1% Diluted EPS of $5.02 decreased ~21% Adjusted diluted EPS of $6.04 increased ~10% Adjusted EBITDA of $1.04 billion increased ~3%, Notable Developments, Completed acquisition of 60% ownership in the Wodgina spodumene mine and formed MARBL Lithium Joint Venture with Mineral Resources Limited on Oct. 31, 2019 . Issued a series of notes totaling ~$1.6 billion to repay 1) $1.0 billion balance of the unsecured credit facility primarily used to fund the Wodgina acquisition, 2) ~$350 million of commercial paper notes and 3) the remaining balance of $175…, Full Year 2020 Outlook, As previously communicated on Oct. 24, 2019 , Albemarle anticipates its 2020 performance to be lower year-over-year based on expected lower results from Lithium and flat-to-slightly lower results from Bromine Specialties, partially offset by flat to slightly higher results from Catalysts., 2020 Outlook, vs Full Year 2019, Net sales $3.48 - $3.53 billion (2)% - (3)% Adjusted EBITDA $880 - $930 million (10)% - (15)% Adjusted EPS (per diluted share) $4.80 - $5.10 (16)% - (21)%, Longer-Term View, During Albemarle's Investor Day on Dec. 12, 2019 , company leaders discussed their view on long-range growth prospects through 2024. The company's four-pillar strategy, revealed in 2017, remains intact with an execution shift to adapt to the current lithium environment. Under this strategy, the company plans to: GROW by investing in lithium and generating strong free cash flow across the…, Fourth Quarter Results, In millions, except per share amounts, Q4 2019, Q4 2018, $ Change, % Change, Net sales $ 992.6 $ 921.7 $ 70.9 7.7 % Net income attributable to Albemarle Corporation $ 90.4 $ 129.6 $ (39.2) (30.2) % Adjusted EBITDA (a) $ 294.7 $ 264.3 $ 30.4 11.5 % Diluted earnings per share $ 0.85 $ 1.21 $ (0.36) (29.8) % Non-operating pension and OPEB items (a) 0.19 0.08 Non-recurring and other unusual items (a) 0.69 0.24 Adjusted diluted earnings per share (b) $ 1.73 $ 1.53 $ 0.20…, Fourth Quarter Business Segment Results, Lithium In millions, Q4 2019, Q4 2018, $ Change, % Change, Net Sales $ 411.1 $ 341.6 $ 69.5 20.3 % Adjusted EBITDA $ 140.1 $ 144.5 $ (4.4) (3.1) % Net sales reflects unfavorable currency exchange of ~2%. Adjusted EBITDA reflects favorable currency exchange of ~2% resulting from a weaker Chilean Peso. Net sales grew because of favorable volume of ~27%, largely in battery-grade lithium hydroxide. Pricing was flat, with unfavorable customer mix impacts of ~…, Q4 2019, Q4 2018, $ Change, % Change, Net Sales $ 243.5 $ 239.1 $ 4.4 1.8 % Adjusted EBITDA $ 79.7 $ 70.2 $ 9.5 13.6 % Net sales and adjusted EBITDA both reflect unfavorable currency exchange of ~1%. Net sales increased due to favorable price impacts and product mix of ~3%. Adjusted EBITDA benefited from price and product mix. For the full year 2019, Bromine Specialties net sales and adjusted EBITDA were up ~9% and ~14%, respectively…, Q4 2019, Q4 2018, $ Change, % Change, Net Sales $ 282.5 $ 304.7 $ (22.2) (7.3) % Adjusted EBITDA $ 76.7 $ 78.8 $ (2.0) (2.6) % Net sales and adjusted EBITDA reflect unfavorable currency exchange of ~1% and ~3%, respectively. Net sales decreased in Clean Fuel Technology, or HPC, and Fluid Catalytic Cracking (FCC) Catalysts due to delays in the start-up of new FCC units, partially offset by favorable price impacts and product mix. For…, Q4 2019, Q4 2018, $ Change, % Change, Net Sales $ 55.4 $ 36.2 $ 19.2 53.1 % Adjusted EBITDA $ 20.7 $ 6.4 $ 14.3 225.3 % Net sales and adjusted EBITDA growth primarily reflects increased sales volume of ~51% and ~123%, respectively, in our FCS business. For the full year 2019, All Other net sales and adjusted EBITDA were up ~30% and ~252%, respectively, year-over-year. Corporate Results In millions, Q4 2019, Q4 2018, $ Change, % Change, Adjusted EBITDA $ (22.6) $ (35.5) $ 13.0 (36.5) % Adjusted EBITDA reflects favorable currency exchange of ~8%. Results reflect lower selling, general and administrative spending for professional services., Income Taxes, The effective income tax rate for the fourth quarter of 2019 was (6.5)% compared to 8.6% in the same period in 2018, largely due to a change in geographic earnings mix and tax discretes. The fourth quarter of 2019 includes a $19.0 million tax benefit for uncertain tax positions primarily related to seeking treaty relief from the competent authority to prevent double taxation. On an adjusted basis…, Cash Flow and Capital Deployment, Cash from operations was $719.4 million for the year ended Dec. 31, 2019, an increase of $173.2 million , or 32%, versus the same period in 2018. The result was primarily due to a reduction in the build-up of inventory in our Lithium and Catalysts businesses, the timing of the collection on certain receivables, higher dividends received from unconsolidated investments and increased cash earnings…, Earnings Call, Date: Thursday, Feb. 20, 2020 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6039717 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, Year Ended, December 31,, December 31,, 2019, 2018, 2019, 2018, Net sales, $ 992,564 $ 921,699 $ 3,589,427 $ 3,374,950 Cost of goods sold 654,053 601,315 2,331,649 2,157,694, Gross profit, 338,511 320,384 1,257,778 1,217,256 Selling, general and administrative expenses 185,163 120,916 533,368 446,090 Research and development expenses 14,263 16,384 58,287 70,054 Loss (gain) on sale of business — 8,277 — (210,428), Operating profit, 139,085 174,807 666,123 911,540 Interest and financing expenses (22,400) (12,571) (57,695) (52,405) Other expenses, net (38,388) (32,528) (45,478) (64,434) Income before income taxes and equity in net income of unconsolidated investments 78,297 129,708 562,950 794,701 Income tax (benefit) expense (5,105) 11,196 88,161 144,826 Income before equity in net income of unconsolidated investments 83,402…, December 31,, December 31,, 2019, 2018, ASSETS, Current assets: Cash and cash equivalents $ 613,110 $ 555,320 Trade accounts receivable 612,651 605,712 Other accounts receivable 67,551 52,059 Inventories 768,984 700,540 Other current assets 162,813 84,790 Total current assets 2,225,109 1,998,421 Property, plant and equipment 6,817,843 4,799,063 Less accumulated depreciation and amortization 1,908,370 1,777,979 Net property, plant and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 574,138 $ 522,516 Accrued expenses 553,160 257,323 Current portion of long-term debt 187,336 307,294 Dividends payable 38,764 35,169 Current operating lease liability 23,137 — Income taxes payable 32,461 60,871 Total current liabilities 1,408,996 1,183,173 Long-term debt 2,862,921 1,397,916 Postretirement benefits 50,899 46,157 Pension benefits…, Year Ended, December 31,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash flows from operating activities: Net income 604,357 739,139 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 213,484 200,698 Gain on sale of business — (210,428) Gain on sale of property (14,411) — Stock-based compensation and other 19,680 15,228 Equity in net income…, Three Months Ended, Year Ended, December 31,, December 31,, 2019, 2018, 2019, 2018, Net sales:, Lithium $ 411,140 $ 341,648 $ 1,358,170 $ 1,228,171 Bromine Specialties 243,464 239,111 1,004,216 917,880 Catalysts 282,522 304,732 1,061,817 1,101,554 All Other 55,438 36,208 165,224 127,186 Corporate — — — 159 Total net sales $ 992,564 $ 921,699 $ 3,589,427 $ 3,374,950, Adjusted EBITDA:, Lithium $ 140,080 $ 144,513 $ 524,934 $ 530,773 Bromine Specialties 79,714 70,195 328,457 288,116 Catalysts 76,734 78,773 270,624 284,307 All Other 20,697 6,362 49,628 14,091 Corporate (22,562) (35,541) (136,862) (110,623) Total adjusted EBITDA $ 294,663 $ 264,302 $ 1,036,781 $ 1,006,664 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, Year Ended, December 31,, December 31,, In thousands, except percentages and per share amounts, 2019, 2018, 2019, 2018, Net income attributable to Albemarle Corporation $ 90,391 $ 129,596 $ 533,228 $ 693,562 Add back: Non-operating pension and OPEB items (net of tax) 20,453 8,829 18,648 3,234 Non-recurring and other unusual items (net of tax) 73,430 25,291 90,669 (96,440) Adjusted net income attributable to Albemarle Corporation $ 184,274 $ 163,716 $ 642,545 $ 600,356 Adjusted diluted earnings per share $ 1.73 $ 1…, EBITDA, 164,452 203,550 892,568 1,091,491 Non-operating pension and OPEB items 28,780 11,881 26,970 5,285 Non-recurring and other unusual items (excluding items associated with interest expense) 101,431 48,871 117,243 (90,112), Adjusted EBITDA, $ 294,663 $ 264,302 $ 1,036,781 $ 1,006,664 Net sales $ 992,564 $ 921,699 $ 3,589,427 $ 3,374,950 EBITDA margin 16.6 % 22.1 % 24.9 % 32.3 % Adjusted EBITDA margin 29.7 % 28.7 % 28.9 % 29.8 % 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 December 31, 2019:, Net income (loss) attributable to Albemarle Corporation $ 29,158 $ 67,625 $ 63,358 $ 160,141 $ 18,559 $ (88,309) $ 90,391 9.1 % Depreciation and amortization 27,755 12,330 12,582 52,667 2,138 1,961 56,766 5.7 % Non-recurring and other unusual items (excluding items associated with interest expense) 83,167 (241) 794 83,720 — 17,711 101,431 10.2 % Interest and financing expenses — — — — — 22,400 22…, Adjusted EBITDA, $ 140,080 $ 79,714 $ 76,734 $ 296,528 $ 20,697 $ (22,562) $ 294,663 29.7 %, Three months ended December 31, 2018:, Net income (loss) attributable to Albemarle Corporation $ 112,273 $ 59,333 $ 58,566 $ 230,172 $ 4,359 $ (104,935) $ 129,596 14.1 % Depreciation and amortization 23,433 10,862 11,930 46,225 2,003 1,959 50,187 5.4 % Non-recurring and other unusual items 8,807 — 8,277 17,084 — 31,787 48,871 5.3 % Interest and financing expenses — — — — — 12,571 12,571 1.4 % Income tax expense — — — — — 11,196 11,196…, Adjusted EBITDA, $ 144,513 $ 70,195 $ 78,773 $ 293,481 $ 6,362 $ (35,541) $ 264,302 28.7 %, Year ended December 31, 2019:, Net income (loss) attributable to Albemarle Corporation $ 341,767 $ 279,945 $ 219,686 $ 841,398 $ 41,188 $ (349,358) $ 533,228 14.9 % Depreciation and amortization 99,424 47,611 50,144 197,179 8,440 7,865 213,484 5.9 % Non-recurring and other unusual items (excluding items associated with interest expense) 83,743 901 794 85,438 — 31,805 117,243 3.3 % Interest and financing expenses — — — — — 57,…, Adjusted EBITDA, $ 524,934 $ 328,457 $ 270,624 $ 1,124,015 $ 49,628 $ (136,862) $ 1,036,781 28.9 %, Year ended December 31, 2018:, Net income (loss) attributable to Albemarle Corporation $ 428,212 $ 246,509 $ 445,604 $ 1,120,325 $ 6,018 $ (432,781) $ 693,562 20.6 % Depreciation and amortization 95,193 41,607 49,131 185,931 8,073 6,694 200,698 5.9 % Non-recurring and other unusual items 7,368 — (210,428) (203,060) — 112,948 (90,112) (2.7) % Interest and financing expenses — — — — — 52,405 52,405 1.5 % Income tax expense…, Adjusted EBITDA, $ 530,773 $ 288,116 $ 284,307 $ 1,103,196 $ 14,091 $ (110,623) $ 1,006,664 29.8 % 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, Year Ended, December 31,, December 31,, 2019, 2018, 2019, 2018, MTM actuarial loss $ 29,339 $ 14,001 $ 29,339 $ 14,001 Interest cost 8,893 8,480 35,394 34,116 Expected return on assets (9,452) (10,600) (37,763) (42,832) Total $ 28,780 $ 11,881 $ 26,970 $ 5,285 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…, Three Months Ended, Year Ended, December 31,, December 31,, 2019, 2018, 2019, 2018, Restructuring and other (1) $ — $ — $ 0.05 $ 0.03 Acquisition and integration related costs (2) 0.05 0.05 0.15 0.14 Albemarle Foundation contribution (3) — — — 0.11 Gain on sale of business (4) — 0.06 — (1.55) Gain on sale of property (5) (0.02) — (0.10) — Stamp duty (6) 0.61 — 0.61 — Windfield tax settlement (7) 0.16 — 0.16 — Legal accrual (8) — — — 0.21 Environmental accrual (9) — — — 0.11 Loss…, Three Months Ended, Year Ended, December 31,, December 31,, 2019, 2018, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ 1.0 $ 0.9 $ 1.0 $ 3.7 Selling, general and administrative expenses 5.3 5.5 19.7 15.7 Total $ 6.3 $ 6.4 $ 20.7 $ 19.4 Total acquisition and integration related costs, after income taxes $ 5.1 $ 5.1 $ 16.1 $ 15.7 Total acquisition and integration related costs, per diluted share $ 0.05 $ 0.05 $ 0.15 $ 0.14 (3) Included in Selling, general and administrative expenses for the…, Income before income taxes and equity in net income of unconsolidated investments, Income tax (benefit) expense, Effective income tax rate, Three months ended December 31, 2019:, As reported $ 78,297 $ (5,105) (6.5) % Non-recurring, other unusual and non-operating pension and OPEB items 117,748 41,157 As adjusted $ 196,045 $ 36,052 18.4 %, Three months ended December 31, 2018:, As reported $ 129,708 $ 11,196 8.6 % Non-recurring, other unusual and non-operating pension and OPEB items 60,752 26,632 As adjusted $ 190,460 $ 37,828 19.9 %, Year ended December 31, 2019:, As reported $ 562,950 $ 88,161 15.7 % Non-recurring, other unusual and non-operating pension and OPEB items 131,750 39,725 As adjusted $ 694,700 $ 127,886 18.4 %, Year ended December 31, 2018:, As reported $ 794,701 $ 144,826 18.2 % Non-recurring, other unusual and non-operating pension and OPEB items (84,827) 8,379 As adjusted $ 709,874 $ 153,205 21.6 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-corporation-finishes-2019-strong-announces-2020-outlook-301007757.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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CHARLOTTE, N.C. , Feb. 5, 2020 /PRNewswire/ --, Albemarle Corporation, (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Chairman and Chief Executive Officer Luke Kissam has advised the Board of Directors that he will retire from his roles as an officer and director of Albemarle effective June 2020 , for health reasons. The Board of Directors will be conducting a comprehensive search process, which will include internal 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. , Jan. 29, 2020 /PRNewswire/ -- , Albemarle Corporation, (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that as part of the company's continued commitment to environmental stewardship it has achieved a Wildlife Habitat Council (WHC) Conservation Certification for the company's pollinator garden located at its Kings Mountain, N.C. , site. In May 2019 , Albemarle's Kings Mountain site opened a nearly 2,000 square-foot…, 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. , Jan. 28, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that effective Feb. 3, 2020 , the company will be named to the S&P 500 Dividend Aristocrats Index. The Index measures the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years. On Feb.…, 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. , Jan. 22, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will release its fourth quarter 2019 earnings after the NYSE closes on Wednesday, Feb. 19 , 2020. The company will hold its conference call to discuss fourth quarter 2019 results on, Thursday, Feb. 20 , 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: 6039717 Webcast: Q4 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…, 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. , 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…
タイプ: Article