CHARLOTTE, N.C. , Nov. 4, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended September 30, 2020 . , Third Quarter 2020 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net income of $98 million , or $0.92 per diluted share; Adjusted diluted EPS of $1.09 Net sales of $747 million decreased by 15%, in-line with Q3 2020 outlook Adjusted EBITDA of $216 million decreased by 15%, exceeding the high-end of Q3 2020 outlook by 14% Our plants continue to operate without material impact…, Outlook, Albemarle anticipates that its full year 2020 performance will be lower year-over-year based on reduced global economic activity due to the global pandemic., FY 2020 Outlook, Net sales $3.05 - $3.15 billion Adjusted EBITDA $780 - $810 million Adjusted EBITDA Margin 25% - 26% Adj. Diluted EPS $3.80 - $4.15 Net Cash from Operations $660 - $710 million Capital Expenditures $850 - $900 million, COVID-19 Response, Albemarle's cross-functional Global Response Team continues to meet biweekly to assess the situation and take necessary actions to address employee health and safety and operational challenges. Our first priority is always the health and well-being of our employees, customers, and communities. Beyond that, our focus has shifted from managing an immediate crisis to building in the flexibility…, Third Quarter Results, In millions, except per share amounts, Q3 2020, Q3 2019, $ Change, % Change, Net sales $ 746.9 $ 879.7 $ (132.9) (15.1) % Net income attributable to Albemarle Corporation $ 98.3 $ 155.1 $ (56.8) (36.6) % Adjusted EBITDA (a) $ 216.1 $ 254.4 $ (38.3) (15.1) % Diluted earnings per share $ 0.92 $ 1.46 $ (0.54) (37.0) % Non-operating pension and OPEB items (a) (0.02) (0.01) Non-recurring and other unusual items (a) 0.19 0.08 Adjusted diluted earnings per share (b) $ 1.09…, Business Segment Results, Lithium, In millions, Q3 2020, Q3 2019, $ Change, % Change, Net Sales $ 265.6 $ 330.4 $ (64.7) (19.6) % Adjusted EBITDA $ 97.8 $ 127.5 $ (29.7) (23.3) % Lithium net sales of $265.6 million declined $64.7 million primarily due to lower contract and market pricing. Lower contract pricing reflects 2020 battery-grade price adjustments that were agreed to in late 2019. Adjusted EBITDA of $97.8 million declined by $29.7 million primarily due to reduced net…, Current Trends:, We expect Q4 2020 adjusted EBITDA to be up between 10% and 20% compared to Q3 2020 as customers continue to meet planned volume commitments for FY 2020. We anticipate FY 2021 volumes to be relatively flat as plants are effectively sold out given volume constraints. Our Kemerton and La Negra expansion projects are expected to be commissioned in 2021 with sales volume beginning in 2022. FY 2021…, Bromine Specialties, In millions, Q3 2020, Q3 2019, $ Change, % Change, Net Sales $ 237.2 $ 256.3 $ (19.1) (7.4) % Adjusted EBITDA $ 79.4 $ 88.8 $ (9.4) (10.5) % Bromine net sales of $237.2 million declined $19.1 million primarily due to lower volumes driven by the recent economic downturn related to the COVID-19 pandemic. Adjusted EBITDA of $79.4 million declined $9.4 million due to lower net sales, partially offset by cost savings initiatives. , Current Trends:, We expect Q4 2020 adjusted EBITDA to be similar to Q3 2020. Stabilization in electronics and building and construction helps offset weakness in other end use markets. We expect FY 2021 results to improve slightly assuming continued economic recovery and on-going cost savings initiatives. , Catalysts, In millions, Q3 2020, Q3 2019, $ Change, % Change, Net Sales $ 197.9 $ 261.3 $ (63.4) (24.3) % Adjusted EBITDA $ 37.8 $ 66.9 $ (29.1) (43.5) % Catalysts net sales of $197.9 million declined $63.4 million due primarily to lower volumes. Fluid Catalytic Cracking (FCC) volume improved sequentially, but remains below prior year due to lower transportation fuel consumption as a result of travel restrictions. Hydroprocessing Catalysts (HPC) volume was…, Current Trends:, We expect Q4 2020 adjusted EBITDA to be down between 20% and 30% sequentially due to HPC volume and mix. FCC demand is expected to continue to gradually recover in line with increased travel and depletion of global gasoline inventories. HPC demand tends to be lumpier than FCC demand and is also expected to continue to be negatively impacted as refiners defer spending into 2021 and 2022. We…, All Other, In millions, Q3 2020, Q3 2019, $ Change, % Change, Net Sales $ 46.1 $ 31.7 $ 14.4 45.2 % Adjusted EBITDA $ 25.0 $ 10.4 $ 14.5 139.1 % Other operations represents our Fine Chemistry Services (FCS) business. FCS net sales of $46.1 million increased $14.4 million and adjusted EBITDA of $25.0 million increased $14.5 million . The FCS business tends to be contract driven. Recent contracts include life sciences products which are typically anti-…, Balance Sheet and Liquidity, As of September 30, 2020 , Albemarle had estimated liquidity of over $1.5 billion , including $702 million of cash and equivalents, $610 million remaining under our $1 billion revolver, and $223 million on other available credit lines. Total debt was $3.5 billion , representing net debt to adjusted EBITDA of approximately 3.2 times., Cash Flow and Capital Deployment, Cash from operations for the nine months ended September 30, 2020 , of $461.7 million , increased $116.1 million versus the prior year as reduced working capital outflows and cost savings more than offset lower revenues. Capital expenditures of $621.4 million were in-line with the prior year as progress continued on our Lithium expansion projects. Our primary capital allocation priorities are to…, Earnings Call, Date: Thursday, November 5, 2020 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6829479 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), headquartered in Charlotte, N.C. , is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think 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. We actively pursue a sustainable approach…, 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 ,, 2020, 2019, 2020, 2019, Net sales, $ 746,868 $ 879,747 $ 2,249,762 $ 2,596,863 Cost of goods sold 492,812 569,880 1,520,329 1,677,596, Gross profit, 254,056 309,867 729,433 919,267 Selling, general and administrative expenses 96,092 108,135 304,918 348,205 Research and development expenses 13,532 15,585 43,839 44,024, Operating profit, 144,432 186,147 380,676 527,038 Interest and financing expenses (19,227) (11,108) (53,964) (35,295) Other expenses, net (3,661) (11,316) (1,620) (7,090) Income before income taxes and equity in net income of unconsolidated investments 121,544 163,723 325,092 484,653 Income tax expense 30,653 25,341 64,526 93,266 Income before equity in net income of unconsolidated investments 90,891 138,382 260,…, September 30 ,, December 31 ,, 2020, 2019, ASSETS, Current assets: Cash and cash equivalents $ 702,073 $ 613,110 Trade accounts receivable 516,166 612,651 Other accounts receivable 61,522 67,551 Inventories 828,080 768,984 Other current assets 119,171 162,813 Total current assets 2,227,012 2,225,109 Property, plant and equipment 7,284,575 6,817,843 Less accumulated depreciation and amortization 2,041,851 1,908,370 Net property, plant and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 465,644 $ 574,138 Accrued expenses 477,510 576,297 Current portion of long-term debt 603,787 187,336 Dividends payable 40,787 38,764 Income taxes payable 25,011 32,461 Total current liabilities 1,612,739 1,408,996 Long-term debt 2,940,533 2,862,921 Postretirement benefits 49,926 50,899 Pension benefits 285,942 292,073 Other noncurrent liabilities 612,013…, Nine Months Ended, September 30 ,, 2020, 2019, Cash and cash equivalents at beginning of year $ 613,110 $ 555,320 Cash flows from operating activities: Net income 344,438 498,114 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 170,214 156,718 Gain on sale of property — (11,079) Stock-based compensation and other 15,864 15,169 Equity in net income of unconsolidated investments (net of…, Three Months Ended, Nine Months Ended, September 30 ,, September 30 ,, 2020, 2019, 2020, 2019, Net sales:, Lithium $ 265,646 $ 330,386 $ 786,186 $ 947,030 Bromine Specialties 237,193 256,267 701,564 760,752 Catalysts 197,919 261,346 602,179 779,295 All Other 46,110 31,748 159,833 109,786 Total net sales $ 746,868 $ 879,747 $ 2,249,762 $ 2,596,863, Adjusted EBITDA:, Lithium $ 97,789 $ 127,459 $ 270,962 $ 384,854 Bromine Specialties 79,448 88,814 235,751 248,743 Catalysts 37,834 66,944 108,081 193,890 All Other 24,985 10,448 66,407 28,931 Corporate (24,001) (39,314) (83,588) (114,300) Total adjusted EBITDA $ 216,055 $ 254,351 $ 597,613 $ 742,118 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, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $ 98,301 $ 155,070 $ 291,129 $ 442,837 Add back: Non-operating pension and OPEB items (net of tax) (2,294) (543) (6,904) (1,805) Non-recurring and other unusual items (net of tax) 20,278 8,497 29,678 17,239 Adjusted net income attributable to Albemarle Corporation $ 116,285 $ 163,024 $ 313,903 $ 458,271 Adjusted diluted earnings per share $ 1.09 $…, EBITDA, 206,860 246,006 579,833 728,116 Non-operating pension and OPEB items (2,901) (551) (8,704) (1,810) Non-recurring and other unusual items 12,096 8,896 26,484 15,812, Adjusted EBITDA, $ 216,055 $ 254,351 $ 597,613 $ 742,118 Net sales $ 746,868 $ 879,747 $ 2,249,762 $ 2,596,863 EBITDA margin 27.7 % 28.0 % 25.8 % 28.0 % Adjusted EBITDA margin 28.9 % 28.9 % 26.6 % 28.6 % 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, 2020, Net income (loss) attributable to Albemarle Corporation $ 69,102 $ 66,548 $ 25,176 $ 160,826 $ 22,798 $ (85,323) $ 98,301 13.2 % Depreciation and amortization 28,687 12,900 12,658 54,245 2,187 2,247 58,679 7.9 % Non-recurring and other unusual items — — — — — 12,096 12,096 1.6 % Interest and financing expenses — — — — — 19,227 19,227 2.6 % Income tax expense — — — — — 30,653 30,653 4.1 % Non-…, Adjusted EBITDA, $ 97,789 $ 79,448 $ 37,834 $ 215,071 $ 24,985 $ (24,001) $ 216,055 28.9 %, 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 %, Nine months ended September 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 188,380 $ 198,905 $ 70,770 $ 458,055 $ 60,069 $ (226,995) $ 291,129 12.9 % Depreciation and amortization 82,582 36,846 37,311 156,739 6,338 7,137 170,214 7.6 % Non-recurring and other unusual items — — — — — 26,484 26,484 1.2 % Interest and financing expenses — — — — — 53,964 53,964 2.4 % Income tax expense — — — — — 64,526 64,526 2.9 %…, Adjusted EBITDA, $ 270,962 $ 235,751 $ 108,081 $ 614,794 $ 66,407 $ (83,588) $ 597,613 26.6 %, 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 % 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 ,, 2020, 2019, 2020, 2019, Interest cost $ 7,164 $ 8,863 $ 21,452 $ 26,501 Expected return on assets (10,065) (9,414) (30,156) (28,311) Total $ (2,901) $ (551) $ (8,704) $ (1,810) In addition to the non-operating pension and OPEB items disclosed above, we have identified certain other items and excluded them from our adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed…, Three Months Ended, Nine Months Ended, September 30 ,, September 30 ,, 2020, 2019, 2020, 2019, Restructuring and other (1) $ 0.02 $ — $ 0.08 $ 0.05 Acquisition and integration related costs (2) 0.04 0.03 0.10 0.10 Gain on sale of property (3) — — — (0.08) Other (4) 0.02 0.05 0.01 0.07 Discrete tax items (5) 0.11 — 0.09 0.02 Total non-recurring and other unusual items $ 0.19 $ 0.08 $ 0.28 $ 0.16 (1) In 2020, we recorded severance expenses as part of business reorganization plans,…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended September 30, 2020, As reported $ 121,544 $ 30,653 25.2 % Non-recurring, other unusual and non-operating pension and OPEB items 9,195 (8,789) As adjusted $ 130,739 $ 21,864 16.7 %, 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 %, Nine months ended September 30, 2020, As reported $ 325,092 $ 64,526 19.8 % Non-recurring, other unusual and non-operating pension and OPEB items 18,101 (4,994) As adjusted $ 343,193 $ 59,532 17.4 %, 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 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-results-301166593.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
タイプ: Article