CHARLOTTE, N.C. , Aug. 4, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the second quarter ended June 30, 2021 . , Second Quarter 2021 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net income of $424.6 million , or $3.62 per diluted share, including a gain on the sale of Fine Chemistry Services (FCS) business Adjusted diluted EPS of $0.89 , an increase of 4% Net sales of $773.9 million , an increase of 1%; Net sales increased 5% excluding FCS Adjusted EBITDA of $194.6 million , an…, Outlook, The company continues to expect a modest improvement in operating performance compared to full year 2020, assuming continued global economic recovery. Full-year 2021 net sales guidance is improved compared to previous guidance primarily due to increased Lithium sales and improving Catalysts trends offset by reduced expectations for the Bromine business as a result of higher raw material costs and…, Revised, FCS Adjustment, Pro Forma Revised, FY 2021 Guidance, ( Jun 1 - Dec 31, 2021 ), FY 2021 Guidance, Net sales $3.3 - $3.4 billion $95 - $105 million $3.2 - $3.3 billion Adjusted EBITDA $810 - $860 million $35 - $45 million $775 - $815 million Adjusted EBITDA Margin 24% - 25% 24% - 25% Adjusted Diluted EPS $3.60 - $4.00 $0.25 - $0.30 $3.35 - $3.70 Net Cash from Operations $590 - $690 million $40 - $45 million $550 - $650 million Capital Expenditures $850 - $950 million $4 - $8 million $850 - $…, COVID-19 Response, Albemarle's cross-functional Global Response Team continues to meet regularly to address employee health and safety and operational challenges. The company's priority is always the health and well-being of its employees, customers, and communities. The company continues to focus on building in the flexibility needed to adjust for regional differences and changing conditions. , Second-Quarter Results, In millions, except per share amounts, Q2 2021, Q2 2020, $ Change, % Change, Net sales $ 773.9 $ 764.0 $ 9.8 1.3 % Net income attributable to Albemarle Corporation $ 424.6 $ 85.6 $ 339.0 395.9 % Adjusted EBITDA (a) $ 194.6 $ 185.2 $ 9.4 5.1 % Diluted earnings per share $ 3.62 $ 0.80 $ 2.82 352.5 % Non-operating pension and OPEB items (a) (0.04) (0.02) Non-recurring and other unusual items (a) (2.69) 0.07 Adjusted diluted earnings per share (b) $ 0.89 $ 0.86 $ 0.03 3…, Business Segment Results, Lithium, In millions, Q2 2021, Q2 2020, $ Change, % Change, Net Sales $ 320.3 $ 283.7 $ 36.6 12.9 % Adjusted EBITDA $ 109.4 $ 94.5 $ 14.9 15.8 % Lithium net sales of $320.3 million increased $36.6 million (+13%) primarily driven by higher volumes (+17%) primarily related to accelerated orders under long-term agreements. Pricing in the quarter was slightly lower year over year (-4%) due to lower average pricing for carbonate and technical grade products.…, Current Trends:, Full-year 2021 volume growth is expected to be in the mid-teens year-over-year due to North American plant restarts, productivity improvements, and tolling. Average realized pricing is expected to increase sequentially but remain flat compared to 2020. Full-year 2021 adjusted EBITDA is expected to grow between 10% and 15% year over year. Full-year 2021 average margin is expected to remain below…, Bromine Specialties, In millions, Q2 2021, Q2 2020, $ Change, % Change, Net Sales $ 279.7 $ 232.8 $ 47.0 20.2 % Adjusted EBITDA $ 92.6 $ 73.0 $ 19.6 26.8 % Bromine net sales of $279.7 million increased $47.0 million (+20%) with improved pricing (+9%) and volumes (+11%) driven by higher demand across the portfolio. Adjusted EBITDA of $92.6 million increased $19.6 million due to higher net sales. Cost savings initiatives and higher pricing helped offset raw materials…, Current Trends:, The company expects full-year 2021 adjusted EBITDA growth in the mid-single digits year-over-year, below previous outlook primarily due to a force majeure declaration by our chlorine supplier in the U.S. The company continues to see strength in certain end markets, including electronics, and building and construction. Volumes are also expected to be lower in the second half due to inventory…, Catalysts, In millions, Q2 2021, Q2 2020, $ Change, % Change, Net Sales $ 148.3 $ 197.1 $ (48.7) (24.7) % Adjusted EBITDA $ 21.2 $ 22.8 $ (1.6) (7.1) % Catalysts net sales of $148.3 million decreased $48.7 million (-25%) compared to the previous year, primarily due to lower volumes (-25%) while pricing was flat. Clean Fuels Technologies (CFT) volumes decreased due to timing of shipments. Fluid Catalytic Cracking (FCC) volumes were down slightly versus prior…, Current Trends:, The company continues to expect full-year 2021 adjusted EBITDA to decline by between 30% and 40%. Market conditions are improving, but results are expected to be down from prior year primarily due to the impact of the U.S. Gulf Coast winter storm, product mix, and the previously disclosed change in order patterns from a large North American customer., All Other, In millions, Q2 2021, Q2 2020, $ Change, % Change, Net Sales $ 25.5 $ 50.5 $ (25.0) (49.6) % Adjusted EBITDA $ 8.4 $ 18.6 $ (10.2) (54.9) % Other operations represents the company's recently sold FCS business. FCS net sales of $25.5 million declined $25.0 million and adjusted EBITDA of $8.4 million declined $10.2 million . Second-quarter 2021 results include only two months of performance following the sale of FCS on June 1, 2021 . Albemarle…, Balance Sheet and Liquidity, As of June 30, 2021 , Albemarle had estimated liquidity of approximately $2.2 billion , including $823.6 million of cash and equivalents, the full $1.0 billion available under the company's revolver, $270.0 million remaining under its delayed draw term loan and $132.0 million on other available credit lines. Total debt was $2.0 billion , representing net debt to adjusted EBITDA of approximately 1…, Cash Flow and Capital Deployment, Cash from operations for the six months ended June 30, 2021 , of $385.9 million increased $177.9 million versus the prior year driven by working capital inflows and higher revenues in the company's Lithium and Bromine segments. Capital expenditures of $396.9 million decreased by approximately $22.0 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion…, Earnings Call, Date: Thursday, August 5, 2021 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6747789 The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com ., About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. 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 to managing our diverse global…, Forward-Looking Statements, Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, information related to the timing of active and proposed projects, product development, production capacity, committed volumes, market trends, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for our…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2021, 2020, 2021, 2020, Net sales, $ 773,896 $ 764,049 $ 1,603,187 $ 1,502,894 Cost of goods sold 525,479 530,690 1,091,083 1,027,517, Gross profit, 248,417 233,359 512,104 475,377 Selling, general and administrative expenses 121,516 106,949 214,703 208,826 Research and development expenses 13,976 14,210 28,612 30,307 Gain on sale of business (429,408) — (429,408) —, Operating profit, 542,333 112,200 698,197 236,244 Interest and financing expenses (7,152) (17,852) (51,034) (34,737) Other income (expense), net 14 (6,273) 11,326 2,041 Income before income taxes and equity in net income of unconsolidated investments 535,195 88,075 658,489 203,548 Income tax expense 106,985 15,431 129,092 33,873 Income before equity in net income of unconsolidated investments 428,210 72,644 529,…, June 30 ,, December 31 ,, 2021, 2020, ASSETS, Current assets: Cash and cash equivalents $ 823,572 $ 746,724 Trade accounts receivable 455,222 530,838 Other accounts receivable 58,256 61,958 Inventories 732,563 750,237 Other current assets 81,741 116,427 Total current assets 2,151,354 2,206,184 Property, plant and equipment 7,596,684 7,427,641 Less accumulated depreciation and amortization 2,086,085 2,073,016 Net property, plant and equipment…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 535,153 $ 483,221 Accrued expenses 317,954 440,763 Current portion of long-term debt 623 804,677 Dividends payable 45,428 40,937 Income taxes payable 85,770 32,251 Total current liabilities 984,928 1,801,849 Long-term debt 2,043,794 2,767,381 Postretirement benefits 47,371 48,075 Pension benefits 309,712 340,818 Other noncurrent liabilities 616,912 629,377…, Six Months Ended, June 30 ,, 2021, 2020, Cash and cash equivalents at beginning of year $ 746,724 $ 613,110 Cash flows from operating activities: Net income 563,906 227,393 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 123,683 111,535 Gain on sale of business (429,408) — Stock-based compensation and other 8,425 9,765 Equity in net income of unconsolidated investments (net of…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2021, 2020, 2021, 2020, Net sales:, Lithium $ 320,334 $ 283,722 $ 599,310 $ 520,540 Bromine Specialties 279,748 232,779 560,195 464,371 Catalysts 148,344 197,053 368,587 404,260 All Other 25,470 50,495 75,095 113,723 Total net sales $ 773,896 $ 764,049 $ 1,603,187 $ 1,502,894, Adjusted EBITDA:, Lithium $ 109,441 $ 94,536 $ 215,877 $ 173,173 Bromine Specialties 92,646 73,041 187,286 156,303 Catalysts 21,164 22,777 46,591 70,247 All Other 8,379 18,598 29,858 41,422 Corporate (37,002) (23,759) (54,930) (59,587) Total adjusted EBITDA $ 194,628 $ 185,193 $ 424,682 $ 381,558 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, Six Months Ended, June 30 ,, June 30 ,, In thousands, except percentages and per share amounts, 2021, 2020, 2021, 2020, Net income attributable to Albemarle Corporation $ 424,600 $ 85,624 $ 520,277 $ 192,828 Add back: Non-operating pension and OPEB items (net of tax) (4,273) (2,299) (8,540) (4,610) Non-recurring and other unusual items (net of tax) (315,996) 7,907 (283,235) 9,400 Adjusted net income attributable to Albemarle Corporation $ 104,331 $ 91,232 $ 228,502 $ 197,618 Adjusted diluted earnings per share $ 0…, EBITDA, 600,160 176,748 824,086 372,973 Non-operating pension and OPEB items (5,471) (2,895) (10,936) (5,803) Non-recurring and other unusual items (400,061) 11,340 (388,468) 14,388, Adjusted EBITDA, $ 194,628 $ 185,193 $ 424,682 $ 381,558 Net sales $ 773,896 $ 764,049 $ 1,603,187 $ 1,502,894 EBITDA margin 77.6 % 23.1 % 51.4 % 24.8 % Adjusted EBITDA margin 25.1 % 24.2 % 26.5 % 25.4 % 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, 2021, Net income (loss) attributable to Albemarle Corporation $ 74,593 $ 80,148 $ 8,446 $ 163,187 $ 7,972 $ 253,441 $ 424,600 54.9 % Depreciation and amortization 33,497 12,498 12,718 58,713 407 2,303 61,423 7.9 % Non-recurring and other unusual items 1,351 — — 1,351 — (401,412) (400,061) (51.7) % Interest and financing expenses — — — — — 7,152 7,152 0.9 % Income tax expense — — — — — 106,985 106,985…, Adjusted EBITDA, $ 109,441 $ 92,646 $ 21,164 $ 223,251 $ 8,379 $ (37,002) $ 194,628 25.1 %, Three months ended June 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 66,038 $ 60,692 $ 10,702 $ 137,432 $ 16,425 $ (68,233) $ 85,624 11.2 % Depreciation and amortization 28,498 12,349 12,075 52,922 2,173 2,746 57,841 7.6 % Non-recurring and other unusual items — — — — — 11,340 11,340 1.5 % Interest and financing expenses — — — — — 17,852 17,852 2.3 % Income tax expense — — — — — 15,431 15,431 2.1 % Non-…, Adjusted EBITDA, $ 94,536 $ 73,041 $ 22,777 $ 190,354 $ 18,598 $ (23,759) $ 185,193 24.2 %, Six months ended June 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 144,965 $ 162,261 $ 21,362 $ 328,588 $ 27,988 $ 163,701 $ 520,277 32.5 % Depreciation and amortization 65,303 25,025 25,229 115,557 1,870 6,256 123,683 7.7 % Non-recurring and other unusual items 5,609 — — 5,609 — (394,077) (388,468) (24.2) % Interest and financing expenses — — — — — 51,034 51,034 3.2 % Income tax expense — — — — — 129,092…, Adjusted EBITDA, $ 215,877 $ 187,286 $ 46,591 $ 449,754 $ 29,858 $ (54,930) $ 424,682 26.5 %, Six months ended June 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 119,278 $ 132,357 $ 45,594 $ 297,229 $ 37,271 $ (141,672) $ 192,828 12.8 % Depreciation and amortization 53,895 23,946 24,653 102,494 4,151 4,890 111,535 7.4 % Non-recurring and other unusual items — — — — — 14,388 14,388 1.0 % Interest and financing expenses — — — — — 34,737 34,737 2.3 % Income tax expense — — — — — 33,873 33,873 2.3 %…, Adjusted EBITDA, $ 173,173 $ 156,303 $ 70,247 $ 399,723 $ 41,422 $ (59,587) $ 381,558 25.4 % Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2021, 2020, 2021, 2020, Interest cost $ 5,430 $ 7,133 $ 10,858 $ 14,288 Expected return on assets (10,901) (10,028) (21,794) (20,091) Total $ (5,471) $ (2,895) $ (10,936) $ (5,803) 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,…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2021, 2020, 2021, 2020, Restructuring and other (1) $ — $ 0.04 $ 0.01 $ 0.06 Acquisition and integration related costs (2) 0.01 0.04 0.03 0.06 Albemarle Foundation contribution (3) 0.13 — 0.13 — Gain on sale of business (4) (2.82) — (2.87) — Loss on early extinguishment of debt (5) 0.01 — 0.21 — Other (6) 0.04 (0.01) 0.10 (0.02) Discrete tax items (7) (0.06) — (0.06) (0.01) Total non-recurring and other unusual items…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2021, As reported $ 535,195 $ 106,985 20.0 % Non-recurring, other unusual and non-operating pension and OPEB items (404,383) (84,114) As adjusted $ 130,812 $ 22,871 17.5 %, Three months ended June 30, 2020, As reported $ 88,075 $ 15,431 17.5 % Non-recurring, other unusual and non-operating pension and OPEB items 8,445 2,837 As adjusted $ 96,520 $ 18,268 18.9 %, Six months ended June 30, 2021, As reported $ 658,489 $ 129,092 19.6 % Non-recurring, other unusual and non-operating pension and OPEB items (370,457) (78,682) As adjusted $ 288,032 $ 50,410 17.5 %, Six months ended June 30, 2020, As reported $ 203,548 $ 33,873 16.6 % Non-recurring, other unusual and non-operating pension and OPEB items 8,906 3,795 As adjusted $ 212,454 $ 37,668 17.7 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-results-301348671.html SOURCE Albemarle Corporation David Burke, 980.299.5533
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