CHARLOTTE, N.C. , July 31, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2024., Second-Quarter, 2024 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.4 billion, as lower pricing year-over-year was partly offset by Energy Storage volume growth of 37% as new capacity additions ramp Net loss of ($188) million, or ($1.96) per diluted share attributable to common shareholders, which included an after-tax charge of $215 million related to capital…, Announcement of Asset and Cost Actions and Initiation of Review to Optimize Cost and Operating Structure, Albemarle announced today asset and cost actions designed to enhance its long-term competitiveness as part of a comprehensive review of its cost and operating structure. The review will help ensure that Albemarle maintains its competitive position throughout the cycle and is positioned for long-term value creation as it navigates end-market challenges, primarily in the lithium value chain. The…, Total Corporate Outlook Considerations, The company is maintaining its prior full-year outlook considerations, which are based on observed lithium market price scenarios. Notably, the previously published $15/kg range is expected to apply even when assuming that lower July market pricing persists for the remainder of the year, due to enterprise-wide cost improvements, strong volume growth, higher shipments from the Talison JV, and…, Total Corporate FY 2024E, Including Energy Storage Scenarios, Observed market price case (a) Recent pricing Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) $12-15 ~$20 ~$25 Net sales $5.5 - $6.2 billion $6.1 - $6.8 billion $6.9 - $7.6 billion Adjusted EBITDA (b)(c) $0.9 - $1.2 billion $1.6 - $1.8 billion $2.3 - $2.6 billion Weighted-average common shares outstanding (diluted) (d) ~118 million ~118 million 135 - 139 million (a)…, 2024 Other Corporate Outlook Considerations, The company is reducing its Specialties adjusted EBITDA outlook due to a slower than expected market rebound and higher logistics costs related to the ongoing conflict in the Middle East. Capital expenditures are now expected to be at the high-end of $1.7 to $1.8 billion related to timing of capital spending. Depreciation and amortization reflects a tighter range in light of year-to-date expense…, Other FY 2024E Considerations, Specialties adj. EBITDA $210 - $260 million Capital expenditures $1.7 - $1.8 billion Depreciation and amortization $580 - $630 million Corporate costs (excluding FX) $60 - $90 million Interest and financing expenses $140 - $170 million, Second Quarter 2024 Results, In millions, except per share amounts, Q2 2024, Q2 2023, $ Change, % Change, Net sales $ 1,430.4 $ 2,370.2 $ (939.8) (39.7) % Net (loss) income attributable to Albemarle Corporation $ (188.2) $ 650.0 $ (838.2) (129.0) % Adjusted EBITDA (a)(b) $ 386.4 $ 1,266.2 $ (879.9) (69.5) % Diluted (loss) earnings per share attributable to common shareholders $ (1.96) $ 5.52 $ (7.48) (135.5) % Non-recurring and other…, Energy Storage Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 830.1 $ 1,763.1 $ (933.0) (52.9) % Adjusted EBITDA $ 283.0 $ 1,165.1 $ (882.1) (75.7) % Energy Storage net sales for the second quarter of 2024 were $830 million, a decrease of $933 million, or 53%, due to lower pricing (-89%), which more than offset higher volumes (+37%) related to the ramp of lithium projects, including the La…, Specialties Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 334.6 $ 371.3 $ (36.7) (9.9) % Adjusted EBITDA $ 54.2 $ 60.2 $ (6.0) (10.0) % Specialties net sales for the second quarter of 2024 were $335 million, a decrease of $37 million, or 10%, primarily due to lower prices (-18%), which more than offset higher volumes (+9%). Adjusted EBITDA of $54 million decreased $6 million…, Ketjen Results, In millions, Q2 2024, Q2 2023, $ Change, % Change, Net Sales $ 265.7 $ 235.8 $ 29.9 12.7 % Adjusted EBITDA $ 37.8 $ 42.9 $ (5.0) (11.8) % Ketjen net sales of $266 million for the second quarter of 2024 were up 13% compared to the prior-year quarter due to higher volumes (+14%), partially offset by lower prices (-1%), primarily from clean fuel technologies. Adjusted EBITDA of $38…, Cash Flow and Capital Deployment, Second-quarter cash from operations of $363 million increased by $289 million versus the prior year, driven by higher Talison JV dividends and working capital improvements. Year-to-date cash from operations of $461 million decreased $334 million versus the prior-year period, driven by lower adjusted EBITDA and reduced dividends received from equity investments, partially offset by inflows from…, Balance Sheet and Liquidity, As of June 30, 2024, Albemarle had estimated liquidity of approximately $3.5 billion, including $1.8 billion of cash and cash equivalents, $1.5 billion available under its revolver and $144 million available under other credit lines. Total debt was $3.5 billion, representing a debt covenant net debt to adjusted EBITDA of approximately 2.1 times., Earnings Call, Date: Thursday, August 1, 2024 Time: 8:00 AM Eastern time Dial-in (U.S.): 1-800-590-8290 Dial-in (International): 1-240-690-8800 Conference ID: ALBQ2 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 leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more…, www.albemarle.com, , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves., Forward-Looking Statements, This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442 Cost of goods sold 1,440,963 1,811,703 2,762,761 3,115,415 Gross (loss) profit (10,578) 558,487 28,360 1,835,027 Selling, general and administrative expenses 168,948 397,070 346,660 551,376 Capital project asset write-off 292,315 — 309,515 — Research and development expenses 20,770 21,419 44,302 41,890 Operating (loss) profit (492,611) 139…, June 30,, December 31,, 2024, 2023, ASSETS, Current assets: Cash and cash equivalents $ 1,830,227 $ 889,900 Trade accounts receivable 785,553 1,213,160 Other accounts receivable 412,181 509,097 Inventories 1,800,114 2,161,287 Other current assets 397,630 443,475 Total current assets 5,225,705 5,216,919 Property, plant and equipment 12,788,646 12,233,757 Less accumulated depreciation and amortization 2,951,614 2,738,553 Net…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,138,975 $ 1,537,859 Accounts payable to related parties 184,198 550,186 Accrued expenses 508,334 544,835 Current portion of long-term debt 3,213 625,761 Dividends payable 60,668 46,666 Income taxes payable 63,070 255,155 Total current liabilities 1,958,458 3,560,462 Long-term debt 3,519,504 3,541,002 Postretirement benefits…, Six Months Ended, June 30,, 2024, 2023, Cash and cash equivalents at beginning of year $ 889,900 $ 1,499,142 Cash flows from operating activities: Net (loss) income (159,947) 1,953,142 Adjustments to reconcile net (loss) income to cash flows from operating activities: Depreciation and amortization 262,030 180,356 Non-cash capital project assets write-off 276,013 — Stock-based compensation and other 15,439 20,017 Equity in net…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Net sales:, Energy Storage $ 830,110 $ 1,763,065 $ 1,631,008 $ 3,706,747 Specialties 334,600 371,302 650,665 790,080 Ketjen 265,675 235,823 509,448 453,615 Total net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442, Adjusted EBITDA:, Energy Storage $ 282,979 $ 1,165,080 $ 480,975 $ 2,732,772 Specialties 54,175 60,200 99,356 222,358 Ketjen 37,836 42,882 59,815 57,425 Total segment adjusted EBITDA 374,990 1,268,162 640,146 3,012,555 Corporate 11,370 (1,920) 37,450 15,391 Total adjusted EBITDA $ 386,360 $ 1,266,242 $ 677,596 $ 3,027,946 See accompanying non-GAAP reconciliations below., Additional Information regarding Non-GAAP Measures, It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, adjusted diluted earnings per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net (loss) income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, In thousands, except percentages and per share amounts, $, % of net sales, $, % of net sales, $, % of net sales, $, % of net sales, Net (loss) income attributable to Albemarle Corporation ($188,198) $ 650,043 ($185,750) $ 1,888,623 Add back: Non-operating pension and OPEB items (net of tax) (336) 381 (687) 755 Non-recurring and other unusual items (net of tax) 234,498 213,194 274,542 190,420 Adjusted net income attributable to Albemarle Corporation 45,964 863,618 88,105 2,079,798 Mandatory convertible preferred stock…, EBITDA, (45,392) (3.2) % 811,692 34.2 % 115,055 4.1 % 2,441,283 49.3 % Proportionate share of Windfield income tax expense 119,780 8.4 % 233,976 9.9 % 193,469 6.9 % 399,961 8.1 % Non-operating pension and OPEB items (337) — % 612 — % (662) — % 1,213 — % Non-recurring and other unusual items 312,309 21.8 % 219,962 9.3 % 369,734 13.2 % 185,489 3.7 %, Adjusted EBITDA, $386,360 27.0 % $ 1,266,242 53.4 % $ 677,596 24.3 % $ 3,027,946 61.2 % Net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442 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…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Interest cost $ 8,501 $ 9,027 $ 17,006 $ 18,037 Expected return on assets (8,838) (8,415) (17,668) (16,824) Total $ (337) $ 612 $ (662) $ 1,213 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…, Three Months Ended, Six Months Ended, June 30,, June 30,, 2024, 2023, 2024, 2023, Restructuring and other charges (1) $ 0.02 $ 0.05 $ 0.13 $ 0.05 Acquisition and integration related costs (2) 0.01 0.04 0.02 0.08 Capital project assets write-off (3) 1.82 — 1.94 — Loss (gain) in fair value of public equity securities (4) 0.12 (0.10) 0.47 (0.39) Legal accrual (5) — 1.82 — 1.82 Other (6) (0.03) 0.02 (0.18) 0.07 Tax related items (7) 0.05 (0.02) (0.…, (Loss) Income before income taxes and equity in net income of unconsolidated investments, Income tax (benefit) expense, Effective income tax rate, Three months ended June 30, 2024, As reported $ (494,132) $ (30,660) 6.2 % Non-recurring, other unusual and non-operating pension and OPEB items 311,972 77,810 As adjusted $ (182,160) $ 47,150 (25.9) %, Three months ended June 30, 2023, As reported $ 168,375 $ 42,987 25.5 % Non-recurring, other unusual and non-operating pension and OPEB items 220,574 6,999 As adjusted $ 388,949 $ 49,986 12.9 %, Six months ended June 30, 2024, As reported $ (661,706) $ (34,381) 5.2 % Non-recurring, other unusual and non-operating pension and OPEB items 369,072 95,217 As adjusted $ (292,634) $ 60,836 (20.8) %, Six months ended June 30, 2023, As reported $ 1,325,853 $ 319,950 24.1 % Non-recurring, other unusual and non-operating pension and OPEB items 186,702 (4,473) As adjusted $ 1,512,555 $ 315,477 20.9 % As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes…, Total adjusted EBITDA, $ 3,545,988, Contact: +1-980-299-5700 View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-2024-results-302211167.html SOURCE Albemarle Corporation
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