CHARLOTTE, N.C. , Aug. 7, 2018 /PRNewswire/ --, Second quarter 2018 highlights:, Second quarter net sales were $853.9 million , an increase of 16% over the prior year; earnings were $302.5 million , or $2.73 per diluted share, an increase of 197% over the prior year Second quarter adjusted EBITDA was $258.6 million , an increase of 18% over the prior year; adjusted diluted earnings per share was $1.36 , an increase of 20% over the prior year Closed the sale of the polyolefin…, Three Months Ended, Six Months Ended, June 30,, June 30,, In thousands, except per share amounts, 2018, 2017, 2018, 2017, Net sales $ 853,874 $ 737,258 $ 1,675,503 $ 1,459,321 Net income attributable to Albemarle Corporation $ 302,461 $ 103,333 $ 434,221 $ 154,546 Adjusted EBITDA $ 258,562 $ 218,941 $ 507,280 $ 430,317 Diluted earnings per share $ 2.73 $ 0.92 $ 3.90 $ 1.37 Non-operating pension and OPEB items (a) (0.02) (0.01) (0.03) (0.01) Non-recurring and other unusual items (a) (1.36) 0.21 (1.22) 0.82…, Outlook, Based on our strong performance in the first half of 2018, we are increasing our guidance as follows:, 2018 Outlook, vs Full Year 2017, Net sales $3.3 - $3.5 billion 7% - 14% Adjusted EBITDA $990 - $1,020 million 12% - 15% Adjusted EPS (per diluted share) $5.30 - $5.50 15% - 20%, Results, Second quarter 2018 earnings were $302.5 million , or $2.73 per diluted share, compared to $103.3 million , or $0.92 per diluted share in the second quarter 2017. The increase in 2018 was primarily driven by the $1.60 per diluted share gain on sale of the polyolefin catalysts and components portion of the PCS business, as well as earnings growth in each of our reportable segments. Second quarter…, Quarterly Segment Results, During 2018, the PCS product category merged with the Refining Solutions reportable segment to form a global business focused on catalysts. As a result, our three reportable segments include: (1) Lithium; (2) Bromine Specialties; and (3) Catalysts. For comparison purposes, prior year periods have been reclassified to conform to the current presentation. Lithium reported net sales of $317.6…, Corporate Results, Corporate adjusted EBITDA was a charge of $27.4 million in the second quarter of 2018 compared to a charge of $28.2 million in the second quarter of 2017. The improvement in Corporate adjusted EBITDA was primarily due to lower selling, general and administrative spend., Income Taxes, In December 2017 , the Tax Cuts and Jobs Act ("TCJA") was enacted, requiring companies, among other things, to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and reducing the U.S. federal corporate income tax rate from 35% to 21%. The SEC staff issued SAB 118, which will allow us to record provisional amounts during a measurement period…, Cash Flow, Our cash from operations was approximately $223.9 million for the six months ended June 30, 2018, an increase of $278.3 million versus the same period in 2017, primarily due to changes in working capital, including the payment of approximately $255 million in taxes related to the sale of the Chemetall Surface Treatment business in 2017, as well as increased earnings in each of our reportable…, Earnings Call, The Company's performance for the second quarter ended June 30, 2018 will be discussed on a conference call at 9:00 AM Eastern time on August 8, 2018. The call can be accessed by dialing 800-219-3192 (International Dial-In # 617-597-5412), and entering conference ID 17275571. The Company's earnings presentation and supporting material can be accessed through Albemarle's website under Investors at, www.albemarle.com, ., 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-…, Forward-Looking Statements, Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, product development, changes in productivity, market trends, price, expected growth, earnings and demand for our products, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, portfolio diversification…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2018, 2017, 2018, 2017, Net sales, $ 853,874 $ 737,258 $ 1,675,503 $ 1,459,321 Cost of goods sold 542,518 465,297 1,059,168 932,404, Gross profit, 311,356 271,961 616,335 526,917 Selling, general and administrative expenses 123,637 116,585 225,007 225,513 Research and development expenses 16,074 17,337 37,060 41,660 Gain on sale of business (218,705) — (218,705) —, Operating profit, 390,350 138,039 572,973 259,744 Interest and financing expenses (13,308) (14,590) (26,846) (83,103) Other expenses, net (5,223) (1,678) (35,699) (1,413) Income before income taxes and equity in net income of unconsolidated investments 371,819 121,771 510,428 175,228 Income tax expense 80,102 23,130 100,463 35,101 Income before equity in net income of unconsolidated investments 291,717 98,641 409,…, June 30,, December 31,, 2018, 2017, ASSETS, Cash and cash equivalents $ 908,144 $ 1,137,303 Other current assets 1,374,926 1,301,108 Assets held for sale — 39,152 Total current assets 2,283,070 2,477,563 Property, plant and equipment 4,375,335 4,124,335 Less accumulated depreciation and amortization 1,705,675 1,631,025 Net property, plant and equipment 2,669,660 2,493,310 Noncurrent assets held for sale — 139,813 Other assets and…, LIABILITIES AND EQUITY, Current portion of long-term debt $ 208,681 $ 422,012 Other current liabilities 832,980 776,975 Liabilities held for sale — 1,938 Total current liabilities 1,041,661 1,200,925 Long-term debt 1,406,724 1,415,360 Noncurrent liabilities held for sale — 614 Other noncurrent liabilities 886,486 945,788 Deferred income taxes 366,212 370,389 Albemarle Corporation shareholders' equity 3,693,576 3,674,549…, Six Months Ended, June 30,, 2018, 2017, Cash and cash equivalents at beginning of year $ 1,137,303 $ 2,269,756 Cash and cash equivalents at end of period $ 908,144 $ 1,006,945, Sources of cash and cash equivalents:, Net income $ 449,611 $ 176,346 Cash proceeds from divestitures, net 416,711 6,857 Other borrowings, net — 58,886 Dividends received from unconsolidated investments and nonmarketable securities 30,045 8,454 Proceeds from exercise of stock options 1,288 3,337, Uses of cash and cash equivalents:, Working capital changes (91,189) (353,138) Capital expenditures (280,945) (97,765) Acquisitions, net of cash acquired (7,643) (39,525) Repayments of long-term debt — (751,209) Repurchases of common stock (250,000) (250,000) Repayments of other borrowings, net (211,833) — Pension and postretirement contributions (7,089) (6,288) Dividends paid to shareholders (72,484) (69,762) Fees related to early…, Non-cash and other items:, Depreciation and amortization 100,804 94,192 Gain on sale of business (218,705) — Gain on acquisition — (7,433) Pension and postretirement benefit (1,793) (7) Loss on early extinguishment of debt — 52,801 Deferred income taxes 30,708 (3,204) Equity in net income of unconsolidated investments (net of tax) (39,646) (36,219) See accompanying notes to the condensed consolidated financial information…, 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…, www.albemarle.com ., The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the Company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the Company's…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2018, 2017, 2018, 2017, Net sales:, Lithium $ 317,563 $ 243,821 $ 615,595 $ 460,050 Bromine Specialties 220,514 203,945 446,153 423,136 Catalysts 284,966 258,255 545,683 511,813 All Other 30,748 30,704 67,913 63,123 Corporate 83 533 159 1,199 Total net sales $ 853,874 $ 737,258 $ 1,675,503 $ 1,459,321, Adjusted EBITDA:, Lithium $ 141,617 $ 115,200 $ 272,631 $ 215,052 Bromine Specialties 69,367 62,075 139,336 130,563 Catalysts 75,102 67,427 142,932 137,176 All Other (101) 2,444 3,761 7,600 Corporate (27,423) (28,205) (51,380) (60,074) Total adjusted EBITDA $ 258,562 $ 218,941 $ 507,280 $ 430,317 See accompanying non-GAAP reconciliations below. , 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, Six Months Ended, June 30,, June 30,, In thousands, except percentages and per share amounts, 2018, 2017, 2018, 2017, Net income attributable to Albemarle Corporation $ 302,461 $ 103,333 $ 434,221 $ 154,546 Add back: Non-operating pension and OPEB items (net of tax) (1,873) (589) (3,739) (1,399) Non-recurring and other unusual items (net of tax) (150,618) 23,738 (135,299) 92,343 Adjusted net income attributable to Albemarle Corporation $ 149,970 $ 126,482 $ 295,183 $ 245,490 Adjusted diluted earnings per share…, EBITDA, 446,345 190,175 662,334 366,942 Non-operating pension and OPEB items (2,204) (1,053) (4,401) (2,116) Non-recurring and other unusual items (excluding items associated with interest expense) (185,579) 29,819 (150,653) 65,491, Adjusted EBITDA, $ 258,562 $ 218,941 $ 507,280 $ 430,317 Net sales $ 853,874 $ 737,258 $ 1,675,503 $ 1,459,321 EBITDA margin 52.3 % 25.8 % 39.5 % 25.1 % Adjusted EBITDA margin 30.3 % 29.7 % 30.3 % 29.5 % 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 comparable financial measure…, Lithium, Bromine Specialties, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended June 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 117,292 $ 59,673 $ 280,887 $ 457,852 $ (2,079) $ (153,312) $ 302,461 35.4 % Depreciation and amortization 24,325 9,694 12,920 46,939 1,978 1,557 50,474 5.9 % Non-recurring and other unusual items — — (218,705) (218,705) — 33,126 (185,579) (21.7) % Interest and financing expenses — — — — — 13,308 13,308 1.6 % Income tax expense — — — — — 80…, Adjusted EBITDA, $ 141,617 $ 69,367 $ 75,102 $ 286,086 $ (101) $ (27,423) $ 258,562 30.3 %, Three months ended June 30, 2017:, Net income (loss) attributable to Albemarle Corporation $ 81,819 $ 51,739 $ 53,994 $ 187,552 $ 152 $ (84,371) $ 103,333 14.0 % Depreciation and amortization 21,460 10,336 13,433 45,229 2,292 1,601 49,122 6.7 % Non-recurring and other unusual items 11,921 — — 11,921 — 17,898 29,819 4.0 % Interest and financing expenses — — — — — 14,590 14,590 2.0 % Income tax expense — — — — — 23,130 23,130 3.1 %…, Adjusted EBITDA, $ 115,200 $ 62,075 $ 67,427 $ 244,702 $ 2,444 $ (28,205) $ 218,941 29.7 %, Six months ended June 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 225,626 $ 119,209 $ 336,547 $ 681,382 $ (319) $ (246,842) $ 434,221 25.9 % Depreciation and amortization 48,390 20,127 25,090 93,607 4,080 3,117 100,804 6.0 % Non-recurring and other unusual items (1,385) — (218,705) (220,090) — 69,437 (150,653) (9.0) % Interest and financing expenses — — — — — 26,846 26,846 1.6 % Income tax expense…, Adjusted EBITDA, $ 272,631 $ 139,336 $ 142,932 $ 554,899 $ 3,761 $ (51,380) $ 507,280 30.3 %, Six months ended June 30, 2017:, Net income (loss) attributable to Albemarle Corporation $ 159,433 $ 110,433 $ 110,960 $ 380,826 $ 3,398 $ (229,678) $ 154,546 10.6 % Depreciation and amortization 40,525 20,130 26,216 86,871 4,202 3,119 94,192 6.5 % Non-recurring and other unusual items (excluding items associated with interest expense) 15,094 — — 15,094 — 50,397 65,491 4.5 % Interest and financing expenses — — — — — 83,103 83,…, Adjusted EBITDA, $ 215,052 $ 130,563 $ 137,176 $ 482,791 $ 7,600 $ (60,074) $ 430,317 29.5 % Non-operating pension and OPEB items, consisting of MTM 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 mainly driven by…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2018, 2017, 2018, 2017, Interest cost $ 8,558 $ 8,905 $ 17,127 $ 17,778 Expected return on assets (10,762) (9,958) (21,528) (19,894) Total $ (2,204) $ (1,053) $ (4,401) $ (2,116) 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, Six Months Ended, June 30,, June 30,, 2018, 2017, 2018, 2017, Utilization of inventory markup (1) $ — $ 0.08 $ — $ 0.16 Restructuring and other (2) — 0.02 — 0.11 Acquisition and integration related costs (3) 0.05 0.04 0.06 0.15 Albemarle Foundation contribution (4) 0.11 — 0.11 — Gain on sale of business (5) (1.60) — (1.59) — Gain on acquisition (6) — — — (0.05) Legal accrual (7) 0.07 — 0.19 — Loss on extinguishment of debt (8) — — — 0.34 Multiemployer plan…, Three Months Ended, Six Months Ended, June 30, 2017, June 30, 2017, Restructuring and other costs:, Cost of goods sold $ — $ 2.9 Selling, general and administrative expenses 4.2 8.4 Research and development expenses — 5.8 Total $ 4.2 $ 17.1 Total restructuring and other costs, after income taxes $ 2.8 $ 13.0 Total restructuring and other costs, per diluted share $ 0.02 $ 0.11 (3) Acquisition and integration related costs for the three and six months ended June 30, 2018 and 2017 related to…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2018, 2017, 2018, 2017, Acquisition and integration related costs:, Cost of goods sold $ 1.0 $ 1.8 $ 1.9 $ 10.7 Selling, general and administrative expenses 5.5 4.7 6.8 10.1 Total $ 6.5 $ 6.5 $ 8.7 $ 20.8 Total acquisition and integration related costs, after income taxes $ 5.2 $ 4.8 $ 7.1 $ 17.6 Total acquisition and integration related costs, per diluted share $ 0.05 $ 0.04 $ 0.06 $ 0.15 (4) Included in Selling, general and administrative expenses for the…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2018:, As reported $ 371,819 $ 80,102 21.5 % Non-recurring, other unusual and non-operating pension and OPEB items (187,783) (35,292) As adjusted $ 184,036 $ 44,810 24.4 %, Three months ended June 30, 2017:, As reported $ 121,771 $ 23,130 19.0 % Non-recurring, other unusual and non-operating pension and OPEB items 28,766 5,617 As adjusted $ 150,537 $ 28,747 19.1 %, Six months ended June 30, 2018:, As reported $ 510,428 $ 100,463 19.7 % Non-recurring, other unusual and non-operating pension and OPEB items (155,054) (16,016) As adjusted $ 355,374 $ 84,447 23.8 %, Six months ended June 30, 2017:, As reported $ 175,228 $ 35,101 20.0 % Non-recurring, other unusual and non-operating pension and OPEB items 116,176 25,232 As adjusted $ 291,404 $ 60,333 20.7 % View original content with multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-strong-growth-and-raises-guidance---lithium-powers-ahead-300693457.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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