CHARLOTTE, N.C. , Feb. 17, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the fourth quarter and full year ended December 31, 2020 . , Fourth Quarter 2020 and Recent Highlights, (Unless otherwise stated, all percent changes represent year-over-year comparisons) Net income of $84.6 million , or $0.79 per diluted share; Adjusted diluted EPS of $1.17 Net sales of $879 million , which was at the high-end of previous outlook, a year-over-year decrease of 11% Adjusted EBITDA of $221 million , which exceeded the high-end of previous outlook, a year-over-year decrease of 25% Our…, Outlook, Albemarle anticipates that its full year 2021 operating performance will improve modestly relative to full year 2020 assuming continued recovery following reduced global economic activity due to the global pandemic., FY 2021 Outlook, Net sales $3.2 - $3.3 billion Adjusted EBITDA $810 - $860 million Adjusted EBITDA Margin 25% - 26% Adj. Diluted EPS $3.25 - $3.65 Net Cash from Operations $475 - $575 million Capital Expenditures $850 - $950 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…, Fourth Quarter Results, In millions, except per share amounts, Q4 2020, Q4 2019, $ Change, % Change, Net sales $ 879.1 $ 992.6 $ (113.5) (11.4) % Net income attributable to Albemarle Corporation $ 84.6 $ 90.4 $ (5.8) (6.4) % Adjusted EBITDA (a) $ 221.1 $ 294.7 $ (73.6) (25.0) % Diluted earnings per share $ 0.79 $ 0.85 $ (0.06) (7.1) % Non-operating pension and OPEB items (a) 0.35 0.19 Non-recurring and other unusual items (a) 0.03 0.69 Adjusted diluted earnings per share (b) $ 1.17 $ 1.73…, Cash Flow and Capital Deployment, Cash from operations for the year ended December 31, 2020 , of $798.9 million , increased $79.5 million versus the prior year as reduced working capital outflows, deferred tax payments as allowed by various jurisdictions during the pandemic and cost savings more than offset lower revenues. Capital expenditures of $850.5 million were in-line with the prior year as progress continued on our Lithium…, Balance Sheet and Liquidity, As of December 31, 2020 , Albemarle had estimated liquidity of over $2.1 billion , including $747 million of cash and equivalents, $675 million remaining under our $1 billion revolver, $500 million remaining under our delayed draw term loan and $196 million on other available credit lines. Total debt was $3.6 billion , representing net debt to adjusted EBITDA of approximately 3.4 times., Business Segment Results, Lithium, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 358.6 $ 411.1 $ (52.5) (12.8) % Adjusted EBITDA $ 122.1 $ 140.1 $ (17.9) (12.8) % Lithium net sales of $358.6 million declined $52.5 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 $122.1 million declined by $17.9 million primarily due to reduced net…, Current Trends:, We anticipate FY 2021 volumes to be higher due to North American restarts and efficiency improvements. We expect mechanical completion of our La Negra and Kemerton expansion projects in 2021 and expect to see increased sales volumes from these projects beginning in 2022. We expect FY 2021 pricing to be down slightly, primarily due to anticipated lower average realized pricing for carbonate and…, Bromine Specialties, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 263.4 $ 243.5 $ 19.9 8.2 % Adjusted EBITDA $ 87.9 $ 79.7 $ 8.1 10.2 % Bromine net sales of $263.4 million increased $19.9 million primarily due to a rebound in demand following the recent economic downturn related to the COVID-19 pandemic. Adjusted EBITDA of $87.9 million increased $8.1 million due to higher net sales volume and pricing, partially offset by higher input costs…, Current Trends:, We expect FY 2021 results to improve modestly year-over-year assuming continued economic recovery following the pandemic. Further recovery and positive long-term trends in electronics and automotive end markets are expected to continue to drive demand across our product portfolio., Catalysts, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 195.7 $ 282.5 $ (86.8) (30.7) % Adjusted EBITDA $ 22.1 $ 76.7 $ (54.7) (71.3) % Catalysts net sales of $195.7 million declined $86.8 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. Lower Hydroprocessing Catalysts (HPC)…, Current Trends:, We expect total Catalysts to be flat year-over-year, with PCS improving from 2020 levels. We expect lower year-over-year refining catalysts volumes resulting from a recent change in customer order patterns in North America , with Q1 expected to be the strongest quarter of the year. Strategically, we continue to position the Catalysts business to take advantage of growth in emerging markets,…, All Other, In millions, Q4 2020, Q4 2019, $ Change, % Change, Net Sales $ 61.4 $ 55.4 $ 6.0 10.8 % Adjusted EBITDA $ 18.4 $ 20.7 $ (2.3) (11.0) % Other operations represent our Fine Chemistry Services (FCS) business. FCS net sales of $61.4 million increased $6.0 million and adjusted EBITDA of $18.4 million decreased $2.3 million . The FCS business tends to be contract driven. Recent contracts include life sciences products, which are typically anti-…, Earnings Call, Date: Thursday, Feb. 18, 2020 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6989169 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 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, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net sales, $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427 Cost of goods sold 613,727 654,053 2,134,056 2,331,649, Gross profit, 265,420 338,511 994,853 1,257,778 Selling, general and administrative expenses 124,909 185,163 429,827 533,368 Research and development expenses 15,375 14,263 59,214 58,287, Operating profit, 125,136 139,085 505,812 666,123 Interest and financing expenses (19,152) (22,400) (73,116) (57,695) Other expenses, net (57,557) (38,388) (59,177) (45,478) Income before income taxes and equity in net income of unconsolidated investments 48,427 78,297 373,519 562,950 Income tax (benefit) expense (10,101) (5,105) 54,425 88,161 Income before equity in net income of unconsolidated investments 58,528…, December 31 ,, December 31 ,, 2020, 2019, ASSETS, Current assets: Cash and cash equivalents $ 746,724 $ 613,110 Trade accounts receivable 530,838 612,651 Other accounts receivable 61,958 67,551 Inventories 750,237 768,984 Other current assets 116,427 162,813 Total current assets 2,206,184 2,225,109 Property, plant and equipment 7,427,641 6,817,843 Less accumulated depreciation and amortization 2,073,016 1,908,370 Net property, plant…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 483,221 $ 574,138 Accrued expenses 440,763 576,297 Current portion of long-term debt 804,677 187,336 Dividends payable 40,937 38,764 Income taxes payable 32,251 32,461 Total current liabilities 1,801,849 1,408,996 Long-term debt 2,767,381 2,862,921 Postretirement benefits 48,075 50,899 Pension benefits 340,818 292,073 Other noncurrent liabilities…, Year Ended, December 31 ,, 2020, 2019, Cash and cash equivalents at beginning of year $ 613,110 $ 555,320 Cash flows from operating activities: Net income 446,615 604,357 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 231,984 213,484 Gain on sale of joint venture (7,168) — Gain on sale of property — (14,411) Stock-based compensation and other 22,837 19,680 Equity in net…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net sales:, Lithium $ 358,592 $ 411,140 $ 1,144,778 $ 1,358,170 Bromine Specialties 263,398 243,464 964,962 1,004,216 Catalysts 195,735 282,522 797,914 1,061,817 All Other 61,422 55,438 221,255 165,224 Total net sales $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427, Adjusted EBITDA:, Lithium $ 122,131 $ 140,080 $ 393,093 $ 524,934 Bromine Specialties 87,854 79,714 323,605 328,457 Catalysts 22,053 76,734 130,134 270,624 All Other 18,414 20,697 84,821 49,628 Corporate (29,327) (22,562) (112,915) (136,862) Total adjusted EBITDA $ 221,125 $ 294,663 $ 818,738 $ 1,036,781 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, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $ 84,635 $ 90,391 $ 375,764 $ 533,228 Add back: Non-operating pension and OPEB items (net of tax) 37,572 20,453 30,668 18,648 Non-recurring and other unusual items (net of tax) 3,409 73,430 33,087 90,669 Adjusted net income attributable to Albemarle Corporation $ 125,616 $ 184,274 $ 439,519 $ 642,545 Adjusted diluted earnings per share $ 1.17 $ 1.…, EBITDA, 155,456 164,452 735,289 892,568 Non-operating pension and OPEB items 49,372 28,780 40,668 26,970 Non-recurring and other unusual items (excluding items associated with interest expense) 16,297 101,431 42,781 117,243, Adjusted EBITDA, $ 221,125 $ 294,663 $ 818,738 $ 1,036,781 Net sales $ 879,147 $ 992,564 $ 3,128,909 $ 3,589,427 EBITDA margin 17.7 % 16.6 % 23.5 % 24.9 % Adjusted EBITDA margin 25.2 % 29.7 % 26.2 % 28.9 % 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, 2020 :, Net income (loss) attributable to Albemarle Corporation $ 89,331 $ 75,590 $ 9,379 $ 174,300 $ 16,254 $ (105,919) $ 84,635 9.6 % Depreciation and amortization 30,272 13,464 12,674 56,410 2,160 3,200 61,770 7.0 % Non-recurring and other unusual items 2,528 (1,200) — 1,328 — 14,969 16,297 1.9 % Interest and financing expenses — — — — — 19,152 19,152 2.2 % Income tax benefit — — — — — (10,101) (10,…, Adjusted EBITDA, $ 122,131 $ 87,854 $ 22,053 $ 232,038 $ 18,414 $ (29,327) $ 221,125 25.2 %, 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 %, Year ended December 31, 2020 :, Net income (loss) attributable to Albemarle Corporation $ 277,711 $ 274,495 $ 80,149 $ 632,355 $ 76,323 $ (332,914) $ 375,764 12.0 % Depreciation and amortization 112,854 50,310 49,985 213,149 8,498 10,337 231,984 7.4 % Non-recurring and other unusual items 2,528 (1,200) — 1,328 — 41,453 42,781 1.4 % Interest and financing expenses — — — — — 73,116 73,116 2.3 % Income tax expense — — — — — 54,425…, Adjusted EBITDA, $ 393,093 $ 323,605 $ 130,134 $ 846,832 $ 84,821 $ (112,915) $ 818,738 26.2 %, 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 % 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 ,, 2020, 2019, 2020, 2019, MTM actuarial loss $ 52,269 $ 29,339 $ 52,269 $ 29,339 Interest cost 7,178 8,893 28,630 35,394 Expected return on assets (10,075) (9,452) (40,231) (37,763) Total $ 49,372 $ 28,780 $ 40,668 $ 26,970 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 ,, 2020, 2019, 2020, 2019, Restructuring and other (1) $ 0.08 $ — $ 0.15 $ 0.05 Acquisition and integration related costs (2) 0.02 0.05 0.13 0.15 Gain on sale of property (3) — (0.02) — (0.10) Stamp duty (4) — 0.61 — 0.61 Windfield tax settlement (5) — 0.16 — 0.16 Loss on extinguishment of debt (6) — 0.04 — 0.04 Other (7) 0.06 0.13 0.07 0.20 Discrete tax items (8) (0.13) (0.28) (0.04) (0.26) Total non-recurring and other…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Restructuring and other:, Cost of goods sold $ — $ — $ 0.7 $ — Selling, general and administrative expenses 8.6 0.6 19.2 5.9 Net income attributable to noncontrolling interests — — (0.3) — Total $ 8.6 $ 0.6 $ 19.6 $ 5.9 Total restructuring and other, after income taxes $ 8.4 $ 0.4 $ 16.3 $ 5.4 Total restructuring and other, per diluted share $ 0.08 $ — $ 0.15 $ 0.05 (2) Costs related to the acquisition,…, 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, 2020 :, As reported $ 48,427 $ (10,101) (20.9) % Non-recurring, other unusual and non-operating pension and OPEB items 65,669 24,688 As adjusted $ 114,096 $ 14,587 12.8 %, 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 %, Year ended December 31, 2020 :, As reported $ 373,519 $ 54,425 14.6 % Non-recurring, other unusual and non-operating pension and OPEB items 83,770 19,694 As adjusted $ 457,289 $ 74,119 16.2 %, 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 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-fourth-quarter-and-full-year-2020-results-301230329.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
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CHARLOTTE, N.C. , Feb. 2, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, today announced preliminary results for the fourth quarter ended December 31, 2020 . , Fourth-Quarter 2020 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net sales of between $870 million and $880 million , down 11% to 12%, but above prior outlook Net income in the range of $77 million to $87 million , down 3% to 15%; $0.73 to $0.81 per diluted share Adjusted diluted EPS of between $1.11 and $1.19 , excluding an after-tax $40 million mark-to-market actuary loss…, Outlook, Albemarle anticipates that its full-year 2021 performance will improve relative to 2020 with continued economic recovery following the COVID-19 pandemic. We expect our Lithium business to experience lower pricing, offset by higher volumes. Higher Lithium costs related to project start-ups are expected to be partially offset by efficiency improvements. Bromine results are expected to be up on…, Fourth Quarter and Full-Year Results, Three Months Ended, Year Ended, December 31 ,, December 31 ,, In millions, except per share amounts, 2020, 2019, 2020, 2019, Net sales $870 - $880 $ 992.6 $3,120 - $3,130 $ 3,589.4 Net income attributable to Albemarle Corporation (a) $77 - $87 $ 90.4 $368 - $378 $ 533.2 Adjusted EBITDA (b) $213 - $223 $ 294.7 $811 - $821 $ 1,036.8 Diluted earnings per share $0.73 - $0.81 $ 0.85 $3.46 - $3.54 $ 5.02 Adjusted diluted earnings per share (b) $1.11 - $1.19 $ 1.73 $4.06 - $4.14 $ 6.04 (a) Fourth-quarter and full-year 2020…, Consolidated Summary of Segment Results, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net sales:, Lithium $356 - $359 $ 411.1 $1,142 - $1,145 $ 1,358.2 Bromine Specialties $260 - $263 243.5 $962 - $965 1,004.2 Catalysts $194 - $196 282.5 $796 - $798 1,061.8 All Other $60 - $62 55.4 $220 - $222 165.2 Total net sales $870 - $880 $ 992.6 $3,120 - $3,130 $ 3,589.4 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 and adjusted EBITDA are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle…, Earnings Release, Albemarle will release its fourth-quarter 2020 earnings after the NYSE closes on Wednesday, Feb. 17, 2021 . The company will hold a conference call to discuss fourth-quarter 2020 results on Thursday, Feb. 18 , 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…, Q4 Webcast Link, Due to the COVID-19 pandemic, teleconference providers globally are experiencing increases in conference call volume. To avoid registration wait times, participants are encouraged to use the webcast link as the primary listening source. If a caller is anticipating asking a question, please dial in 15 minutes before the start of the call to be placed in the queue early. An online replay of this…, 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, 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 cost synergies, capital projects, economic trends…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation 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 and non-operating pension and other postretirement benefit ("…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, In millions, except per share amounts, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $77 - $87 $ 90.4 $368 - $378 $ 533.2 Add back: Non-operating pension and OPEB items (net of tax) 37.6 20.5 30.7 18.6 Non-recurring and other unusual items (net of tax) 3.2 73.4 32.9 90.7 Adjusted net income attributable to Albemarle Corporation $118 - $128 $ 184.3 $432 - $442 $ 642.5 Adjusted diluted earnings per share $1.11 - $1.19 $ 1.73 $4.06…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $77 - $87 $ 90.4 $368 - $378 $ 533.2 Depreciation and amortization 61.8 56.8 232.0 213.5 Non-recurring and other unusual items: Restructuring and other (a) 8.6 0.6 19.6 5.9 Acquisition and integration related costs (b) 2.9 6.3 17.3 20.7 Gain on sale of property (c) — (3.3) — (14.4) Stamp duty (d) — 64.8 — 64.8 Windfield tax settlement (e) — 17.3 —…, Adjusted EBITDA, $213 - $223 $ 294.7 $811 - $821 $ 1,036.8 (a) In 2020, we expect to record severance expenses as part of business reorganization plans, impacting each of our businesses and Corporate, primarily in the U.S. , Belgium , Germany and with our Jordanian joint venture partner. During the three months and year ended December 31, 2019 , severance expenses were recorded as part of a business…
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