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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CHARLOTTE, N.C. , Feb. 9, 2022 /PRNewswire/ --, Albemarle Corporation, (NYSE: ALB) ("Albemarle"), a leader in the global specialty chemicals industry, announced today that it has signed a non-binding letter agreement with Mineral Resources Limited (ASX: MIN) ("MRL") to explore a potential expansion of the MARBL Lithium Joint Venture ("MARBL"). "The expansion of MARBL would be consistent with our corporate strategy to pursue profitable growth and to be…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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 footprint of…, Forward-Looking Statements, Some of the information presented in this press release, including information related to any potential expansion of the MARBL Lithium Joint Venture and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views…
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CHARLOTTE, N.C. , Jan. 26, 2022 /PRNewswire/ --, Albemarle Corporation, (NYSE: ALB), a leader in the global specialty chemicals industry, announced today it is one of 418 companies across 11 sectors to be included in the 2022 Bloomberg Gender-Equality Index (GEI), a modified market capitalization-weighted index that aims to track the performance of public companies committed to transparency in gender-data reporting. Albemarle earned inclusion in this year's index…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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 footprint of…
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CHARLOTTE, N.C. and NORTH ANDOVER, Mass. , Jan. 13, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in advanced lithium materials, and 6K , an emerging leader of microwave-controlled plasma technology, today announced they have signed a joint development agreement (JDA) to explore the use of 6K's patented UniMelt® advanced, sustainable materials production platform to…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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 footprint of…, Forward-Looking Statements, Some of the information presented in this press release, including, without limitation, information related to the exploration of the use of 6K's patented UniMelt® advanced, sustainable materials production platform to develop novel lithium battery materials through potentially disruptive manufacturing processes; Albemarle's developing advanced lithium materials in an effort to enable…, About 6K, 6K represents 6000 degrees, setting 6K technology apart from all others. It is the temperature of operation of UniMelt (5778°K to be exact), the world's only microwave production-scale plasma, and also is the temperature of the surface of the sun. 6K uses proprietary, advanced plasma processing and industrial systems to create materials that are enabling the next generation of commercial and…, About Volta Energy Technologies, Volta Energy Technologies is a venture capital firm spun out of the U.S. Department of Energy's Argonne National Laboratory , focused on identifying and investing in breakthrough energy storage and battery innovations after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors Albemarle, Exelon, Equinor and Hanon Systems…, Notes for editors, Albemarle press releases are available here . 6K press releases are available here . Volta press releases are available here . View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-and-6k-sign-joint-development-agreement-to-develop-novel-lithium-battery-materials-301460880.html SOURCE Albemarle Corporation Albemarle Media Contact: Kelli Hopp-…
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CHARLOTTE, N.C. , Jan. 6, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, today announced a price increase for Catalysts global business unit customers. These price increases are effective immediately, or as contracts allow. Albemarle and its suppliers are continuing to see unprecedented increases worldwide in energy costs (gas and…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company who 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. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly…
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CHARLOTTE, N.C. , Jan. 4, 2022 /PRNewswire/ -- , Albemarle Corporation, (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will release its fourth-quarter 2021 earnings after the NYSE closes on Wednesday, Feb. 16, 2022 . The company will hold its conference call to discuss fourth-quarter 2021 results on Thursday, Feb. 17 , at 9:00 a.m. ET . This call will be webcast and can be accessed through Albemarle Corporation's website…, http://investors.albemarle.com, , via the webcast link below or by phone at the following number: US Toll free: +1 844 347 1034 International direct: +1 209 905 5910 Passcode: 3389287 Webcast: Q4 Webcast Link 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…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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 footprint of…
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CHARLOTTE, N.C. , Nov. 17, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Eric Norris , Albemarle President, Lithium, will participate in a virtual fireside chat hosted by Deutsche Bank on Dec. 9, 2021 , at 8:05 a.m. ET . The presentation materials will be accessible at the time of the event through the Events…, About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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 footprint of…
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CHARLOTTE, N.C. , Nov. 3, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended September 30, 2021 . , Third-Quarter 2021 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net sales of $830.6 million , an increase of 11%; Net sales increased 19% excluding FCS Net loss of ($392.8) million , or ( $3.36 ) per diluted share Adjusted diluted EPS of $1.05 , a decrease of 4%, excludes a $4.29 per share charge for a recent arbitration decision Adjusted EBITDA of $217.6 million , an…, Outlook, Albemarle's improved outlook for full-year 2021 reflects a strong third-quarter performance and assumes continued global economic recovery as well as a modest improvement in operating performance compared to full-year 2020. Full-year 2021 net sales guidance was revised higher which reflects higher volumes in its Lithium business and stronger pricing in its Bromine businesses. Adjusted EBITDA…, FY 2021 Guidance (1), Net sales $3.3 - $3.4 billion Adjusted EBITDA $830 - $860 million Adjusted EBITDA Margin ~25% Adjusted Diluted EPS $3.85 - $4.15 Net Cash from Operations $550 - $650 million Capital Expenditures $925 - $975 million (1) Guidance reflects the sale of Albemarle's Fine Chemistry Services (FCS) business to W.R. Grace which closed on June 1, 2021 ., 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., Third-Quarter Results, In millions, except per share amounts, Q3 2021, Q3 2020, $ Change, % Change, Net sales $ 830.6 $ 746.9 $ 83.7 11.2 % Net (loss) income attributable to Albemarle Corporation $ (392.8) $ 98.3 $ (491.1) (499.6) % Adjusted EBITDA (a) $ 217.6 $ 216.1 $ 1.5 0.7 % Diluted earnings per share $ (3.36) $ 0.92 $ (4.28) (465.2) % Non-operating pension and OPEB items (a) (0.04) (0.02) Non-recurring and other unusual items (a) 4.42 0.19 Adjusted diluted earnings per share (a)(b…, Business Segment Results, Lithium, In millions, Q3 2021, Q3 2020, $ Change, % Change, Net Sales $ 359.2 $ 265.6 $ 93.6 35.2 % Adjusted EBITDA $ 125.4 $ 97.8 $ 27.6 28.3 % Lithium net sales of $359.2 million increased $93.6 million (+35%) primarily due to higher volume (+30%) from tolling to help meet growing customer demand and higher pricing and FX (+5%). Adjusted EBITDA of $125.4 million increased $27.6 million primarily due to increased net sales and higher volume at its…, Current Trends:, Full-year 2021 adjusted EBITDA is expected to grow in the mid- to high-teens year over year, up from previous guidance. Volume growth for full-year 2021 is expected to grow in the mid-teens driven primarily by tolling. Average realized pricing is expected to increase sequentially due to tightening market conditions and full-year pricing will be flat to slightly higher compared to 2020. Full-year…, Bromine Specialties, In millions, Q3 2021, Q3 2020, $ Change, % Change, Net Sales $ 277.8 $ 237.2 $ 40.6 17.1 % Adjusted EBITDA $ 86.0 $ 79.4 $ 6.6 8.3 % Bromine net sales of $277.8 million increased $40.6 million (+17%) owing to strong pricing and FX (+17%) while volume remained flat (0%). Pricing was driven by high demand across the product portfolio and tight market conditions. Adjusted EBITDA of $86.0 million increased $6.6 million due to higher net sales,…, Current Trends:, The company expects full-year 2021 adjusted EBITDA growth in the low-double digits, up from previous guidance due to strength in demand for flame retardants, as well as benefiting from diverse end markets. Volumes will remain constrained during the remainder of the year due to sold-out conditions and the lack of inventory. Bromine's ongoing cost savings initiatives and higher pricing are…, Catalysts, In millions, Q3 2021, Q3 2020, $ Change, % Change, Net Sales $ 193.6 $ 197.9 $ (4.4) (2.2) % Adjusted EBITDA $ 33.1 $ 37.8 $ (4.7) (12.5) % Catalysts net sales of $193.6 million decreased $4.4 million (-2%) compared to the previous year, primarily due to slightly lower volume (-1%) and pricing and FX (-1%). Adjusted EBITDA of $33.1 million declined $4.7 million mostly due to lower sales and cost pressures, partially offset by higher-than-expected…, Current Trends:, The company revised its expectations for full-year 2021 adjusted EBITDA to decline between 20% and 25%, an improvement from previous guidance, owing to higher-than-expected joint venture income. The year-over-year decline in adjusted EBITDA is primarily due to the impact of the U.S. Gulf Coast winter storm, product mix, and the previously disclosed change in a customer's order patterns during…, All Other, In millions, Q3 2021, Q3 2020, $ Change, % Change, Net Sales $ — $ 46.1 $ (46.1) (100.0) % Adjusted EBITDA $ — $ 25.0 $ (25.0) (100.0) % Other operations represent the FCS business which was sold on June 1, 2021 ., Balance Sheet and Liquidity, As of September 30, 2021 , Albemarle had estimated liquidity of approximately $2.0 billion , including $595.0 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 $131.5 million on other available credit lines. Total debt was $2.0 billion , representing net debt to adjusted EBITDA of…, Cash Flow and Capital Deployment, Cash from operations for the nine months ended September 30, 2021 , of $490.6 million increased $28.9 million versus the prior year driven by working capital inflows and higher revenues in the company's Lithium and Bromine segments. Capital expenditures of $652.7 million increased by $31.4 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion projects.…, Earnings Call, Date: Thursday, November 4, 2021 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6875708 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, Nine Months Ended, September 30 ,, September 30 ,, 2021, 2020, 2021, 2020, Net sales, $ 830,566 $ 746,868 $ 2,433,753 $ 2,249,762 Cost of goods sold 581,293 492,812 1,672,376 1,520,329, Gross profit, 249,273 254,056 761,377 729,433 Selling, general and administrative expenses 103,477 96,092 318,180 304,918 Research and development expenses 13,289 13,532 41,901 43,839 Gain on sale of business 984 — (428,424) —, Operating profit, 131,523 144,432 829,720 380,676 Interest and financing expenses (5,136) (19,227) (56,170) (53,964) Other expense, net (643,196) (3,661) (631,870) (1,620) (Loss) income before income taxes and equity in net income of unconsolidated investments (516,809) 121,544 141,680 325,092 Income tax (benefit) expense (114,670) 30,653 14,422 64,526 (Loss) income before equity in net income of unconsolidated…, September 30 ,, December 31 ,, 2021, 2020, ASSETS, Current assets: Cash and cash equivalents $ 595,049 $ 746,724 Trade accounts receivable 520,746 530,838 Other accounts receivable 56,298 61,958 Inventories 745,598 750,237 Other current assets 160,415 116,427 Total current assets 2,078,106 2,206,184 Property, plant and equipment 7,783,962 7,427,641 Less accumulated depreciation and amortization 2,128,485 2,073,016 Net property, plant and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 545,922 $ 483,221 Accrued expenses 956,506 440,763 Current portion of long-term debt 611 804,677 Dividends payable 45,450 40,937 Income taxes payable 42,553 32,251 Total current liabilities 1,591,042 1,801,849 Long-term debt 2,021,487 2,767,381 Postretirement benefits 47,020 48,075 Pension benefits 299,875 340,818 Other noncurrent liabilities 617,488 629,…, Nine Months Ended, September 30 ,, 2021, 2020, Cash and cash equivalents at beginning of year $ 746,724 $ 613,110 Cash flows from operating activities: Net income 189,473 344,438 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 185,765 170,214 Gain on sale of business (428,424) — Stock-based compensation and other 14,668 15,864 Equity in net income of unconsolidated investments (net of…, Three Months Ended, Nine Months Ended, September 30 ,, September 30 ,, 2021, 2020, 2021, 2020, Net sales:, Lithium $ 359,229 $ 265,646 $ 958,539 $ 786,186 Bromine Specialties 277,783 237,193 837,978 701,564 Catalysts 193,554 197,919 562,141 602,179 All Other — 46,110 75,095 159,833 Total net sales $ 830,566 $ 746,868 $ 2,433,753 $ 2,249,762, Adjusted EBITDA:, Lithium $ 125,416 $ 97,789 $ 341,293 $ 270,962 Bromine Specialties 86,012 79,448 273,298 235,751 Catalysts 33,103 37,834 79,694 108,081 All Other — 24,985 29,858 66,407 Corporate (26,962) (24,001) (81,892) (83,588) Total adjusted EBITDA $ 217,569 $ 216,055 $ 642,251 $ 597,613 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, Nine Months Ended, September 30 ,, September 30 ,, In thousands, except percentages and per share amounts, 2021, 2020, 2021, 2020, Net (loss) income attributable to Albemarle Corporation $ (392,781) $ 98,301 $ 127,496 $ 291,129 Add back: Non-operating pension and OPEB items (net of tax) (4,271) (2,294) (12,811) (6,904) Non-recurring and other unusual items (net of tax) 520,392 20,278 237,157 29,678 Adjusted net income attributable to Albemarle Corporation $ 123,340 $ 116,285 $ 351,842 $ 313,903 Adjusted diluted earnings per…, EBITDA, (440,233) 206,860 383,853 579,833 Non-operating pension and OPEB items (5,471) (2,901) (16,407) (8,704) Non-recurring and other unusual items (excluding items associated with interest expense) 663,273 12,096 274,805 26,484, Adjusted EBITDA, $ 217,569 $ 216,055 $ 642,251 $ 597,613 Net sales $ 830,566 $ 746,868 $ 2,433,753 $ 2,249,762 EBITDA margin (53.0) % 27.7 % 15.8 % 25.8 % Adjusted EBITDA margin 26.2 % 28.9 % 26.4 % 26.6 % 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 September 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 92,449 $ 73,409 $ 20,039 $ 185,897 $ — $ (578,678) $ (392,781) (47.3) % Depreciation and amortization 34,256 12,603 13,064 59,923 — 2,159 62,082 7.5 % Non-recurring and other unusual items (1,289) — — (1,289) — 664,562 663,273 79.9 % Interest and financing expenses — — — — — 5,136 5,136 0.6 % Income tax expense — — — — — (114,670) (114,670…, Adjusted EBITDA, $ 125,416 $ 86,012 $ 33,103 $ 244,531 $ — $ (26,962) $ 217,569 26.2 %, Three months ended September 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 69,102 $ 66,548 $ 25,176 $ 160,826 $ 22,798 $ (85,323) $ 98,301 13.2 % Depreciation and amortization 28,687 12,900 12,658 54,245 2,187 2,247 58,679 7.9 % Non-recurring and other unusual items — — — — — 12,096 12,096 1.6 % Interest and financing expenses — — — — — 19,227 19,227 2.6 % Income tax expense — — — — — 30,653 30,653 4.1 % Non-…, Adjusted EBITDA, $ 97,789 $ 79,448 $ 37,834 $ 215,071 $ 24,985 $ (24,001) $ 216,055 28.9 %, Nine months ended September 30, 2021, Net income (loss) attributable to Albemarle Corporation $ 237,293 $ 235,670 $ 41,401 $ 514,364 $ 27,988 $ (414,856) $ 127,496 5.2 % Depreciation and amortization 99,559 37,628 38,293 175,480 1,870 8,415 185,765 7.6 % Non-recurring and other unusual items (excluding items associated with interest expense) 4,441 — — 4,441 — 270,364 274,805 11.3 % Interest and financing expenses — — — — — 56,170 56,…, Adjusted EBITDA, $ 341,293 $ 273,298 $ 79,694 $ 694,285 $ 29,858 $ (81,892) $ 642,251 26.4 %, Nine months ended September 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 188,380 $ 198,905 $ 70,770 $ 458,055 $ 60,069 $ (226,995) $ 291,129 12.9 % Depreciation and amortization 82,582 36,846 37,311 156,739 6,338 7,137 170,214 7.6 % Non-recurring and other unusual items — — — — — 26,484 26,484 1.2 % Interest and financing expenses — — — — — 53,964 53,964 2.4 % Income tax expense — — — — — 64,526 64,526 2.9 %…, Adjusted EBITDA, $ 270,962 $ 235,751 $ 108,081 $ 614,794 $ 66,407 $ (83,588) $ 597,613 26.6 % 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, Nine Months Ended, September 30 ,, September 30 ,, 2021, 2020, 2021, 2020, Interest cost $ 5,422 $ 7,164 $ 16,280 $ 21,452 Expected return on assets (10,893) (10,065) (32,687) (30,156) Total $ (5,471) $ (2,901) $ (16,407) $ (8,704) 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, as…, Three Months Ended, Nine Months Ended, September 30 ,, September 30 ,, 2021, 2020, 2021, 2020, Restructuring and other (1) $ — $ 0.02 $ 0.01 $ 0.08 Acquisition and integration related costs (2) 0.01 0.04 0.04 0.10 Albemarle Foundation contribution (3) — — 0.13 — Gain on sale of business (4) 0.01 — (2.85) — Loss on early extinguishment of debt (5) — — 0.21 — Legal accrual (6) 4.29 — 4.34 — Other (7) 0.02 0.02 0.11 0.01 Discrete tax items (8) 0.09 0.11 0.05 0.09 Total non-recurring and other…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended September 30, 2021, As reported $ (516,809) $ (114,670) 22.2 % Non-recurring, other unusual and non-operating pension and OPEB items 657,802 141,681 As adjusted $ 140,993 $ 27,011 19.2 %, Three months ended September 30, 2020, As reported $ 121,544 $ 30,653 25.2 % Non-recurring, other unusual and non-operating pension and OPEB items 9,195 (8,789) As adjusted $ 130,739 $ 21,864 16.7 %, Nine months ended September 30, 2021, As reported $ 141,680 $ 14,422 10.2 % Non-recurring, other unusual and non-operating pension and OPEB items 287,345 62,999 As adjusted $ 429,025 $ 77,421 18.0 %, Nine months ended September 30, 2020, As reported $ 325,092 $ 64,526 19.8 % Non-recurring, other unusual and non-operating pension and OPEB items 18,101 (4,994) As adjusted $ 343,193 $ 59,532 17.4 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-sales-growth-of-11-and-increases-guidance-301415725.html SOURCE Albemarle Corporation David Burke, 980.299.5533
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CHARLOTTE, N.C. , Oct. 29, 2021 /PRNewswire/ -- , Albemarle Corporation, (NYSE: ALB) today issued a response to a recent arbitration decision on a dispute between Huntsman Corporation and Rockwood Holdings, Inc. related to Huntsman's acquisition of Rockwood's Pigments & Additives business. The Huntsman-Rockwood dispute stems from a transaction between Huntsman Corporation and Rockwood Holdings, Inc. which was signed in 2013 and closed in 2014 before Albemarle…, About Albemarle Corporation, 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, including statements regarding our intentions with respect to any litigation or arbitration and pursuit of any remedies and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements…
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CHARLOTTE, N.C. , Oct. 28, 2021 /PRNewswire/ -- , Albemarle Corporation, (NYSE: ALB), a leader in the global specialty chemicals industry, today announced that EcoVadis , a global sustainability ratings provider, has awarded Albemarle gold-medal status for its sustainability commitment and results. The award marks six consecutive years of gold status for Albemarle. The rating places the company in the top five percent of more than 75,000 global companies assessed by…, About Albemarle Corporation, 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…
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