CHARLOTTE, N.C. , Feb. 16, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the fourth quarter and full year ended December 31, 2021 . , Fourth-Quarter 2021 and Recent Highlights, (Unless otherwise stated, all percent changes represent year-over-year comparisons) Net sales of $894 million , an increase of 2% Net loss of ($3.8) million , or ( $0.03 ) per diluted share; Adjusted diluted EPS of $1.01 Adjusted EBITDA of $229 million , an increase of 3% Improved full-year 2022 outlook based on anticipated ability to capitalize on favorable market conditions for lithium and…, Outlook, Albemarle expects that its full-year 2022 results across all business units will improve relative to full-year 2021. Capital expenditures are anticipated to be higher than previously planned as the company invests to accelerate conversion capacity additions and meet evolving industry standards, as well as continued inflationary pressures., FY 2022 Guidance, Net sales $4.2 - $4.5 billion Adjusted EBITDA $1.15 - $1.3 billion Adjusted EBITDA Margin 27% - 29% Adjusted Diluted EPS $5.65 - $6.65 Net Cash from Operations $400 - $500 million Capital Expenditures $1.3 - $1.5 billion, Fourth-Quarter Results, In millions, except per share amounts, Q4 2021, Q4 2020, $ Change, % Change, Net sales $ 894.2 $ 879.1 $ 15.1 1.7 % Net (loss) income attributable to Albemarle Corporation $ (3.8) $ 84.6 $ (88.4) (104.5) % Adjusted EBITDA (a) $ 228.7 $ 221.1 $ 7.6 3.4 % Diluted loss earnings per share $ (0.03) $ 0.79 $ (0.82) (103.8) % Non-operating pension and OPEB items (a) (0.41) 0.35 Non-…, Business Segment Results, Lithium Results, In millions, Q4 2021, Q4 2020, $ Change, % Change, Net Sales $ 404.7 $ 358.6 $ 46.2 12.9 % Adjusted EBITDA $ 138.2 $ 122.1 $ 16.1 13.2 % Lithium net sales of $404.7 million increased $46.2 million (+12.9%) due to higher pricing (+18%), partially offset by lower volumes (-5%). Lower volumes were primarily related to the timing of shipments and a more even distribution of…, Lithium Outlook, Full-year 2022 adjusted EBITDA is expected to grow 65-85% year over year, up from previous outlook. Volume growth for full-year 2022 is expected to be 20-30% with added capacity from La Negra III/IV, Kemerton I, and the expected acquisition of the Qinzhou plant in China . Tolling is expected to be flat year over year. Average realized pricing is expected to increase 40-45% reflecting tight market…, Bromine Results, In millions, Q4 2021, Q4 2020, $ Change, % Change, Net Sales $ 290.4 $ 263.4 $ 27.0 10.2 % Adjusted EBITDA $ 87.4 $ 87.9 $ (0.5) (0.5) % Bromine net sales of $290.4 million increased $27.0 million (+10.2%) primarily due to strong pricing (+16%) while volume decreased (-6%). Tight market conditions continue to drive strong demand and favorable pricing across the…, Bromine Outlook, Albemarle expects full-year 2022 adjusted EBITDA to increase by 5%-10%, up slightly from previous outlook. Year-over-year improved expectations are based on higher volume and pricing due to strength in demand for flame retardants in diverse end markets. Successful execution of growth projects in 2021 is expected to contribute to higher volumes in full-year 2022. Bromine's ongoing cost savings…, Catalysts Results, In millions, Q4 2021, Q4 2020, $ Change, % Change, Net Sales $ 199.1 $ 195.7 $ 3.4 1.7 % Adjusted EBITDA $ 27.2 $ 22.1 $ 5.2 23.6 % Catalysts net sales of $199.1 million increased $3.4 million (+1.7%) compared to the previous year, primarily due to higher pricing and FX (+3%), partially offset by decreased volume (-1%). Adjusted EBITDA of $27.2 million increased $5.2…, Catalyst Outlook, Albemarle expects full-year 2022 adjusted EBITDA to increase by 5%-15%, down from previous outlook in part due to higher input costs, particularly for natural gas. Year-over-year results are expected to continue to improve with overall refining markets and as travel lock-down conditions abate. Volumes are expected to grow across all segments. The company expects pricing to also increase to…, All Other, In millions, Q4 2021, Q4 2020, $ Change, % Change, Net Sales $ — $ 61.4 $ (61.4) (100.0) % Adjusted EBITDA $ — $ 18.4 $ (18.4) (100.0) % Other operations represent the FCS business which was sold on June 1, 2021 ., Balance Sheet and Liquidity, As of December 31, 2021 , Albemarle had estimated liquidity of over $2.0 billion , including $439 million of cash and equivalents, $612 million remaining under its $1 billion revolver, $750 million remaining under our amended delayed draw term loan and $211 million on other available credit lines. Total debt was $2.4 billion , representing net debt to adjusted EBITDA of approximately 2.3 times., Cash Flow and Capital Deployment, Cash from operations for the year ended December 31, 2021 , of $344.3 million decreased $454.7 million versus the prior year driven by working capital inflows and higher revenues in the company's Lithium and Bromine segments. Capital expenditures of $953.7 million increased by $103.2 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion projects. Albemarle'…, Earnings Call, Date: Thursday, February 17, 2022 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 3389287 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. Albemarle thinks 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. Albemarle actively pursues a sustainable approach to managing its…, 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, production capacity, committed volumes, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for our products, productivity improvements, tax…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2021, 2020, 2021, 2020, Net sales, $ 894,204 $ 879,147 $ 3,327,957 $ 3,128,909 Cost of goods sold 657,610 613,727 2,329,986 2,134,056, Gross profit, 236,594 265,420 997,971 994,853 Selling, general and administrative expenses 123,302 124,909 441,482 429,827 Research and development expenses 12,125 15,375 54,026 59,214 Loss (gain) on sale of business/interest in properties, net 132,453 — (295,971) —, Operating profit, (31,286) 125,136 798,434 505,812 Interest and financing expenses (5,306) (19,152) (61,476) (73,116) Other income (expenses), net 28,530 (57,557) (603,340) (59,177) Income (loss) before income taxes and equity in net income of unconsolidated investments (8,062) 48,427 133,618 373,519 Income tax expense (benefit) 15,024 (10,101) 29,446 54,425 Income before equity in net income of unconsolidated…, December 31 ,, December 31 ,, 2021, 2020, ASSETS, Current assets: Cash and cash equivalents $ 439,272 $ 746,724 Trade accounts receivable 556,922 530,838 Other accounts receivable 66,184 61,958 Inventories 812,920 750,237 Other current assets 132,683 116,427 Total current assets 2,007,981 2,206,184 Property, plant and equipment 8,074,746 7,427,641 Less accumulated depreciation and amortization 2,165,130 2,073,016…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 647,986 $ 483,221 Accrued expenses 763,293 440,763 Current portion of long-term debt 389,920 804,677 Dividends payable 45,469 40,937 Income taxes payable 27,667 32,251 Total current liabilities 1,874,335 1,801,849 Long-term debt 2,004,319 2,767,381 Postretirement benefits 43,693 48,075 Pension benefits 229,187 340,818 Other…, Year Ended, December 31 ,, 2021, 2020, Cash and cash equivalents at beginning of year $ 746,724 $ 613,110 Cash flows from operating activities: Net income 199,942 446,615 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 254,000 231,984 Gain on sale of business/interest in properties, net (295,971) (7,168) Stock-based compensation and other 20,120 22,837 Equity in net…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2021, 2020, 2021, 2020, Net sales:, Lithium $ 404,745 $ 358,592 $ 1,363,284 $ 1,144,778 Bromine 290,365 263,398 1,128,343 964,962 Catalysts 199,094 195,735 761,235 797,914 All Other — 61,422 75,095 221,255 Total net sales $ 894,204 $ 879,147 $ 3,327,957 $ 3,128,909, Adjusted EBITDA:, Lithium $ 138,245 $ 122,131 $ 479,538 $ 393,093 Bromine 87,384 87,854 360,682 323,605 Catalysts 27,247 22,053 106,941 130,134 All Other — 18,414 29,858 84,821 Corporate (24,153) (29,327) (106,045) (112,915) Total adjusted EBITDA $ 228,723 $ 221,125 $ 870,974 $ 818,738 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 net income attributable to Albemarle Corporation is defined as net income…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, In thousands, except percentages and per share amounts, 2021, 2020, 2021, 2020, Net (loss) income attributable to Albemarle Corporation $ (3,824) $ 84,635 $ 123,672 $ 375,764 Add back: Non-operating pension and OPEB items (net of tax) (47,848) 37,572 (60,659) 30,668 Non-recurring and other unusual items (net of tax) 170,180 3,409 407,337 33,087 Adjusted net income attributable to Albemarle Corporation $ 118,508 $ 125,616 $ 470,350…, EBITDA, 84,741 155,456 468,594 735,289 Non-operating pension and OPEB items (62,407) 49,372 (78,814) 40,668 Non-recurring and other unusual items (excluding items associated with interest expense) 206,389 16,297 481,194 42,781, Adjusted EBITDA, $ 228,723 $ 221,125 $ 870,974 $ 818,738 Net sales $ 894,204 $ 879,147 $ 3,327,957 $ 3,128,909 EBITDA margin 9.5 % 17.7 % 14.1 % 23.5 % Adjusted EBITDA margin 25.6 % 25.2 % 26.2 % 26.2 % 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…, Lithium, Bromine, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended December 31, 2021 :, Net income (loss) attributable to Albemarle Corporation $ (45,049) $ 73,831 $ 13,952 $ 42,734 $ — $ (46,558) $ (3,824) (0.4) % Depreciation and amortization 39,213 13,553 13,295 66,061 — 2,174 68,235 7.6 % Non-recurring and other unusual items 144,081 — — 144,081 — 62,308 206,389 23.1 % Interest and financing expenses — — — — — 5,306 5,306 0.6 % Income tax…, Adjusted EBITDA, $ 138,245 $ 87,384 $ 27,247 $ 252,876 $ — $ (24,153) $ 228,723 25.6 %, 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…, Adjusted EBITDA, $ 122,131 $ 87,854 $ 22,053 $ 232,038 $ 18,414 $ (29,327) $ 221,125 25.2 %, Year ended December 31, 2021 :, Net income (loss) attributable to Albemarle Corporation $ 192,244 $ 309,501 $ 55,353 $ 557,098 $ 27,988 $ (461,414) $ 123,672 3.7 % Depreciation and amortization 138,772 51,181 51,588 241,541 1,870 10,589 254,000 7.6 % Non-recurring and other unusual items (excluding items associated with interest expense) 148,522 — — 148,522 — 332,672 481,194 14.5 % Interest and financing…, Adjusted EBITDA, $ 479,538 $ 360,682 $ 106,941 $ 947,161 $ 29,858 $ (106,045) $ 870,974 26.2 %, 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…, Adjusted EBITDA, $ 393,093 $ 323,605 $ 130,134 $ 846,832 $ 84,821 $ (112,915) $ 818,738 26.2 % 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…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2021, 2020, 2021, 2020, MTM actuarial (gain) loss $ (56,919) $ 52,269 $ (56,919) $ 52,269 Interest cost 7,390 7,178 21,670 28,630 Expected return on assets (10,878) (10,075) (43,565) (40,231) Total $ (60,407) $ 49,372 $ (78,814) $ 40,668 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…, Three Months Ended, Year Ended, December 31 ,, December 31 ,, 2021, 2020, 2021, 2020, Restructuring and other (1) $ — $ 0.08 $ 0.02 $ 0.15 Acquisition and integration related costs (2) 0.05 0.02 0.06 0.13 Loss (gain) on sale of business/interest in properties, net (3) 1.13 — (1.70) — Albemarle Foundation contribution (4) — — 0.13 — Loss on extinguishment of debt (5) — — 0.20 — Legacy Rockwood legal matter (6) 0.03 — 4.36 — Indemnification…, (Loss) income before income taxes and equity in net income of unconsolidated investments, Income tax expense (benefit), Effective income tax rate, Three months ended December 31, 2021 :, As reported $ (8,062) $ 15,024 (186.4) % Non-recurring, other unusual and non-operating pension and OPEB items 143,982 21,650 As adjusted $ 135,920 $ 36,674 27.0 %, 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 %, Year ended December 31, 2021 :, As reported $ 133,618 $ 29,446 22.0 % Non-recurring, other unusual and non-operating pension and OPEB items 431,327 84,649 As adjusted $ 564,945 $ 114,095 20.2 %, 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 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-corporation-finishes-2021-strong-raises-2022-outlook-…
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