CHARLOTTE, N.C. , Aug. 7, 2019 /PRNewswire/ --, Second quarter 2019 highlights:, Net sales were $885.1 million , an increase of 4% over the prior year; earnings were $1.45 per diluted share Adjusted diluted EPS was $1.55 , an increase of 14% over the prior year Adjusted EBITDA increased 6%, excluding currency exchange impacts Revised agreement with Mineral Resources Limited to acquire a 60% interest in the Wodgina hard rock lithium mine project Raised full year outlook of…, Three Months Ended June 30,, In thousands, except per share amounts, 2019, 2018, $ Change, % Change, Net sales $ 885,052 $ 853,874 $ 31,178 3.7 % Favorable pricing in all reportable segments and increased volume in Lithium and Bromine Specialties Lower volume in Catalysts Growth of 6% excluding unfavorable currency exchange impacts Net income attributable to Albemarle Corporation $ 154,198 $ 302,461 $ (148,263) (49.0) % 2018 included $176.7 million after tax gain on sale of the polyolefin…, Outlook, With first half 2019 performance as expected, we reconfirm our net sales and adjusted EBITDA guidance, while increasing our adjusted EPS guidance to the following:, 2019 Outlook, vs Full Year 2018, Net sales $3.65 - $3.85 billion 8% - 14% Adjusted EBITDA $1,070 - $1,140 million 6% - 13% Adjusted EPS (per diluted share) $6.25 - $6.65 13% - 21%, Quarterly Segment Results, Lithium In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 324.8 $ 317.6 $ 7.2 2.3 % Favorable price impacts and increased sales volume $7.3 million of unfavorable currency exchange Adjusted EBITDA $ 141.8 $ 141.6 $ 0.2 0.1 % Favorable price impacts and increased sales volume Higher tolled product costs and investment to support future operational savings Bromine Specialties In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 255.4 $ 220.5 $ 34.9 15.8 % Increased sales volume and favorable price impacts $3.4 million of unfavorable currency exchange Adjusted EBITDA $ 81.3 $ 69.4 $ 12.0 17.2 % Increased sales volume and favorable price impacts $2.1 million of unfavorable currency impacts Catalysts In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 266.3 $ 285.0 $ (18.7) (6.5) % Lower sales volume and $5.4 million of unfavorable currency exchange impacts Favorable pricing impacts Adjusted EBITDA $ 66.9 $ 75.1 $ (8.2) (11.0) % Lower sales volume, higher material costs and $2.3 million of unfavorable currency exchange impacts Favorable pricing impacts All Other In millions, Q2 2019, Q2 2018, $ Change, % Change, Net Sales $ 38.6 $ 30.7 $ 7.8 25.4 % • Increased sales volume and favorable pricing in our fine chemistry services business Adjusted EBITDA $ 11.2 $ (0.1) $ 11.3 11,228.7 % • Increased sales volume and favorable pricing in our fine chemistry services business, Corporate Results, In millions, Q2 2019, Q2 2018, $ Change, % Change, Adjusted EBITDA $ (39.3) $ (27.4) $ (11.9) 43.4 % • $8.1 million of unfavorable currency exchange impacts and higher selling, general and administrative spending for professional services, Income Taxes, Our effective income tax rates for the second quarter of 2019 and 2018 of 18.2% and 21.5%, respectively, are influenced by non-recurring, other unusual and non-operating pension and OPEB items (see Non-GAAP Reconciliations). The decrease in the effective tax rate in the second quarter of 2019 compared to 2018 was impacted by a variety of factors, primarily stemming from a change in the geographic…, Cash Flow, Our cash from operations was approximately $199.3 million for the six months ended June 30, 2019, a decrease of $24.6 million versus the same period in 2018, primarily due to increased inventory purchases to meet higher forecasted sales, the timing on collection of certain receivables, lower cash earnings in our Catalysts reportable segment and higher cash taxes paid. These were partially offset…, Earnings Call, The Company's performance for the second quarter ended June 30, 2019 will be discussed on a conference call at 9:00 AM Eastern time on August 8, 2019. The call can be accessed by dialing 844-347-1034 (International Dial-In # 209-905-5910), and entering conference ID 4270876. 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, 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, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Net sales, $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503 Cost of goods sold 559,138 542,518 1,107,716 1,059,168, Gross profit, 325,914 311,356 609,400 616,335 Selling, general and administrative expenses 126,715 123,637 240,070 225,007 Research and development expenses 13,462 16,074 28,439 37,060 Gain on sale of business — (218,705) — (218,705), Operating profit, 185,737 390,350 340,891 572,973 Interest and financing expenses (11,601) (13,308) (24,187) (26,846) Other (expenses) income, net (7,065) (5,223) 4,226 (35,699) Income before income taxes and equity in net income of unconsolidated investments 167,071 371,819 320,930 510,428 Income tax expense 30,411 80,102 67,925 100,463 Income before equity in net income of unconsolidated investments 136,660 291,…, June 30,, December 31,, 2019, 2018, ASSETS, Current assets: Cash and cash equivalents $ 398,183 $ 555,320 Trade accounts receivable 624,808 605,712 Other accounts receivable 105,207 52,059 Inventories 814,022 700,540 Other current assets 94,417 84,790 Total current assets 2,036,637 1,998,421 Property, plant and equipment 5,248,994 4,799,063 Less accumulated depreciation and amortization 1,858,369 1,777,979 Net property, plant and equipment…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 558,839 $ 522,516 Accrued expenses 268,666 257,323 Current portion of long-term debt 490,691 307,294 Dividends payable 38,733 35,169 Current operating lease liability 19,441 — Income taxes payable 23,611 60,871 Total current liabilities 1,399,981 1,183,173 Long-term debt 1,398,419 1,397,916 Postretirement benefits 46,025 46,157 Pension benefits 279,342 285,…, Six Months Ended June 30,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash flows from operating activities: Net income 326,496 449,611 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 102,231 100,804 Gain on sale of business — (218,705) Gain on sale of property (11,079) — Stock-based compensation and other 10,136 8,076 Equity in net income…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Net sales:, Lithium $ 324,758 $ 317,563 $ 616,644 $ 615,595 Bromine Specialties 255,433 220,514 504,485 446,153 Catalysts 266,301 284,966 517,949 545,683 All Other 38,560 30,748 78,038 67,913 Corporate — 83 — 159 Total net sales $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503, Adjusted EBITDA:, Lithium $ 141,779 $ 141,617 $ 257,395 $ 272,631 Bromine Specialties 81,332 69,367 159,929 139,336 Catalysts 66,875 75,102 126,946 142,932 All Other 11,240 (101) 18,483 3,761 Corporate (39,326) (27,423) (74,986) (51,380) Total adjusted EBITDA $ 261,900 $ 258,562 $ 487,767 $ 507,280 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, 2019, 2018, 2019, 2018, Net income attributable to Albemarle Corporation $ 154,198 $ 302,461 $ 287,767 $ 434,221 Add back: Non-operating pension and OPEB items (net of tax) (693) (1,873) (1,262) (3,739) Non-recurring and other unusual items (net of tax) 10,754 (150,618) 8,742 (135,299) Adjusted net income attributable to Albemarle Corporation $ 164,259 $ 149,970 $ 295,247 $ 295,183 Adjusted diluted earnings per share $…, EBITDA, 249,158 446,345 482,110 662,334 Non-operating pension and OPEB items (676) (2,204) (1,259) (4,401) Non-recurring and other unusual items 13,418 (185,579) 6,916 (150,653), Adjusted EBITDA, $ 261,900 $ 258,562 $ 487,767 $ 507,280 Net sales $ 885,052 $ 853,874 $ 1,717,116 $ 1,675,503 EBITDA margin 28.2 % 52.3 % 28.1 % 39.5 % Adjusted EBITDA margin 29.6 % 30.3 % 28.4 % 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 June 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 117,303 $ 69,616 $ 54,124 $ 241,043 $ 9,118 $ (95,963) $ 154,198 17.4 % Depreciation and amortization 24,365 11,716 12,751 48,832 2,122 1,994 52,948 6.0 % Non-recurring and other unusual items 111 — — 111 — 13,307 13,418 1.5 % Interest and financing expenses — — — — — 11,601 11,601 1.3 % Income tax expense — — — — — 30,411 30,411 3.5 % Non…, Adjusted EBITDA, $ 141,779 $ 81,332 $ 66,875 $ 289,986 $ 11,240 $ (39,326) $ 261,900 29.6 %, 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 %, Six months ended June 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 210,472 $ 137,096 $ 101,983 $ 449,551 $ 14,324 $ (176,108) $ 287,767 16.8 % Depreciation and amortization 46,457 22,833 24,963 94,253 4,159 3,819 102,231 5.9 % Non-recurring and other unusual items 466 — — 466 — 6,450 6,916 0.4 % Interest and financing expenses — — — — — 24,187 24,187 1.4 % Income tax expense — — — — — 67,925 67,925 4.0 %…, Adjusted EBITDA, $ 257,395 $ 159,929 $ 126,946 $ 544,270 $ 18,483 $ (74,986) $ 487,767 28.4 %, 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 % 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 mainly…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Interest cost $ 8,769 $ 8,558 $ 17,638 $ 17,127 Expected return on assets (9,445) (10,762) (18,897) (21,528) Total $ (676) $ (2,204) $ (1,259) $ (4,401) 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, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs (1) 0.04 0.05 $ 0.07 $ 0.06 Albemarle Foundation contribution (2) — 0.11 — 0.11 Gain on sale of business (3) — (1.60) — (1.59) Gain on sale of property (4) — — (0.08) — Legal accrual (5) — 0.07 — 0.19 Environmental accrual (6) — — — 0.11 Other (7) 0.07 0.01 0.07 0.01 Discrete tax items (8) (0.01) — 0.02 (0.11) Total non-recurring and other unusual items…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ — $ 1.0 $ — $ 1.9 Selling, general and administrative expenses 5.0 5.5 10.3 6.8 Total $ 5.0 $ 6.5 $ 10.3 $ 8.7 Total acquisition and integration related costs, after income taxes $ 3.8 $ 5.2 $ 7.9 $ 7.1 Total acquisition and integration related costs, per diluted share $ 0.04 $ 0.05 $ 0.07 $ 0.06 (2) Included in Selling, general and administrative expenses for the three and…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2019:, As reported $ 167,071 $ 30,411 18.2 % Non-recurring, other unusual and non-operating pension and OPEB items 12,742 2,681 As adjusted $ 179,813 $ 33,092 18.4 %, 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 %, Six months ended June 30, 2019:, As reported $ 320,930 $ 67,925 21.2 % Non-recurring, other unusual and non-operating pension and OPEB items 5,657 (1,823) As adjusted $ 326,587 $ 66,102 20.2 %, 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 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-growth-and-raises-full-year-eps-guidance-300898245.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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