CHARLOTTE, N.C. , Nov. 6, 2019 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended Sept. 30, 2019 ., Third Quarter 2019 Highlights, (Based on year-over-year comparisons unless otherwise noted) Net sales of $879.7 million increased 14%, excluding foreign exchange impact of 1%, largely driven by strong volume and favorable pricing Earnings were $1.46 per diluted share, an increase of 22% Adjusted EPS were $1.53 per diluted share, an increase of 17% Adjusted EBITDA was $254.4 million , an increase of 8%, Notable Developments, Completed previously announced lithium joint venture with Mineral Resources Limited on Oct. 31, 2019 ; funded Wodgina mine project and other general corporate projects with $1 billion , borrowed from new $1.2 billion unsecured credit facility Previously announced Company's full year 2019 adjusted diluted EPS outlook is $6.00 - $6.20 from $6.25 - $6.65 Initiating cost management program targeting…, Third Quarter Results, In millions, except per share amounts, Q3 2019, Q3 2018, $ Change, % Change, Net sales $ 879.7 $ 777.7 $ 102.0 13.1 % Net income attributable to Albemarle Corporation $ 155.1 $ 129.7 $ 25.3 19.5 % Adjusted EBITDA (a) $ 254.4 $ 235.1 $ 19.3 8.2 % Diluted earnings per share $ 1.46 $ 1.20 $ 0.26 21.7 % Non-operating pension and OPEB items (a) (0.01) (0.02) Non-recurring and other unusual items (a) 0.08 0.13 Adjusted diluted earnings per share (b) $ 1.53 $ 1.31 $ 0.22…, Third Quarter Business Segment Results, Lithium In millions, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 330.4 $ 270.9 $ 59.5 21.9 % Adjusted EBITDA $ 127.5 $ 113.6 $ 13.8 12.2 % Net sales and adjusted EBITDA growth were driven by increased volume and slightly favorable pricing of 1%, which more than offset deferred shipments due to disruption caused by Typhoon Tapah in late September. As previously communicated, impacted volume is expected to be fully recovered in the fourth quarter.…, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 256.3 $ 232.6 $ 23.7 10.2 % Adjusted EBITDA $ 88.8 $ 78.6 $ 10.2 13.0 % Net sales and adjusted EBITDA growth reflects favorable price impacts and increased volume, more than offsetting unfavorable currency exchange of 1%. Catalysts In millions, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 261.3 $ 251.1 $ 10.2 4.1 % Adjusted EBITDA $ 66.9 $ 62.6 $ 4.3 6.9 % Favorable pricing in Fluid Catalytic Cracking (FCC) Catalysts was offset by lower volumes related to delays in the start-up of new FCC units. Clean Fuel Technology , or HPC, benefited from higher sales volume and a favorable product mix. Net sales reflects unfavorable currency exchange of 1%. Results also reflect a…, Q3 2019, Q3 2018, $ Change, % Change, Net Sales $ 31.7 $ 23.1 $ 8.7 37.6 % Adjusted EBITDA $ 10.4 $ 4.0 $ 6.5 163.3 % Net sales growth reflects increased sales volume of $9.3 million in our fine chemistry services business. Results also reflect a $4.4 million decrease from the re-measurement of the fair value of our investment in private equity securities. Corporate Results In millions, Q3 2019, Q3 2018, $ Change, % Change, Adjusted EBITDA $ (39.3) $ (23.7) $ (15.6) 65.9 % Results reflect higher selling, general and administrative spending for professional services and $11.3 million of unfavorable currency exchange impacts., Income Taxes, The effective income tax rate for the third quarter of 2019 was 15.5% compared to 21.5% in the same period in 2018, largely due to change in geographic earnings mix. On an adjusted basis, the effective income tax rates were 15.0% and 18.9% for the third quarter of 2019 and 2018, respectively., Cash Flow and Capital Deployment, Cash from operations was $345.6 million for the nine months ended Sept. 30, 2019, a decrease of $31.3 million versus the same period in 2018. The result was primarily due to the timing on payables and the collection of certain receivables, lower cash earnings in Catalysts, and higher cash taxes. This was partially offset by higher dividends received from unconsolidated investments and increased…, Full Year 2019 Outlook, As previously announced on Oct. 24, 2019 , discrete and operational items impacting Lithium will likely cause the business's fourth quarter 2019 performance to be lower than previously forecasted. The Company expects continued upside in Bromine Specialties and Catalysts in the fourth quarter, but does not expect this to offset the impact from Lithium on total Company results. As a result,…, Current Outlook, vs Pro Forma, Full Year 2018 (a), Net sales $3.6 - $3.7 billion 7% - 10% Adjusted EBITDA $1.02 - $1.06 billion 2% - 6% Adjusted EPS (per diluted share) $6.00 - $6.20 10% - 14% (a) Pro forma excludes the impact of the polyolefin catalysts and components business sold on April 1, 2018 . Additionally, the Company expects its full year 2019 income tax rate to be between 18% and 19%., Earnings Call, Date: Thursday, Nov. 7, 2019 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 6199517 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 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, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Net sales, $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251 Cost of goods sold 569,880 497,211 1,677,596 1,556,379, Gross profit, 309,867 280,537 919,267 896,872 Selling, general and administrative expenses 108,135 100,167 348,205 325,174 Research and development expenses 15,585 16,610 44,024 53,670 Gain on sale of business — — — (218,705), Operating profit, 186,147 163,760 527,038 736,733 Interest and financing expenses (11,108) (12,988) (35,295) (39,834) Other (expenses) income, net (11,316) 3,793 (7,090) (31,906) Income before income taxes and equity in net income of unconsolidated investments 163,723 154,565 484,653 664,993 Income tax expense 25,341 33,167 93,266 133,630 Income before equity in net income of unconsolidated investments 138,382 121…, September 30,, December 31,, 2019, 2018, ASSETS, Current assets: Cash and cash equivalents $ 317,823 $ 555,320 Trade accounts receivable 637,037 605,712 Other accounts receivable 86,556 52,059 Inventories 802,434 700,540 Other current assets 125,902 84,790 Total current assets 1,969,752 1,998,421 Property, plant and equipment 5,406,123 4,799,063 Less accumulated depreciation and amortization 1,882,086 1,777,979 Net property, plant and equipment…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 527,052 $ 522,516 Accrued expenses 273,709 257,323 Current portion of long-term debt 539,960 307,294 Dividends payable 38,678 35,169 Current operating lease liability 24,606 — Income taxes payable 17,238 60,871 Total current liabilities 1,421,243 1,183,173 Long-term debt 1,381,984 1,397,916 Postretirement benefits 45,752 46,157 Pension benefits 272,345 285,…, Nine Months Ended, , September 30,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash flows from operating activities: Net income 498,114 593,090 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 156,718 150,511 Gain on sale of business — (218,705) Gain on sale of property (11,079) — Stock-based compensation and other 15,169 11,785 Equity in net income…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Net sales:, Lithium $ 330,386 $ 270,928 $ 947,030 $ 886,523 Bromine Specialties 256,267 232,616 760,752 678,769 Catalysts 261,346 251,139 779,295 796,822 All Other 31,748 23,065 109,786 90,978 Corporate — — — 159 Total net sales $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251, Adjusted EBITDA:, Lithium $ 127,459 $ 113,629 $ 384,854 $ 386,260 Bromine Specialties 88,814 78,585 248,743 217,921 Catalysts 66,944 62,602 193,890 205,534 All Other 10,448 3,968 28,931 7,729 Corporate (39,314) (23,702) (114,300) (75,082) Total adjusted EBITDA $ 254,351 $ 235,082 $ 742,118 $ 742,362 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, 2019, 2018, 2019, 2018, Net income attributable to Albemarle Corporation $ 155,070 $ 129,745 $ 442,837 $ 563,966 Add back: Non-operating pension and OPEB items (net of tax) (543) (1,856) (1,805) (5,595) Non-recurring and other unusual items (net of tax) 8,497 13,568 17,239 (121,731) Adjusted net income attributable to Albemarle Corporation $ 163,024 $ 141,457 $ 458,271 $ 436,640 Adjusted diluted earnings per share $ 1.…, EBITDA, 246,006 225,607 728,116 887,941 Non-operating pension and OPEB items (551) (2,195) (1,810) (6,596) Non-recurring and other unusual items 8,896 11,670 15,812 (138,983), Adjusted EBITDA, $ 254,351 $ 235,082 $ 742,118 $ 742,362 Net sales $ 879,747 $ 777,748 $ 2,596,863 $ 2,453,251 EBITDA margin 28.0 % 29.0 % 28.0 % 36.2 % Adjusted EBITDA margin 28.9 % 30.2 % 28.6 % 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 September 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 102,136 $ 75,224 $ 54,345 $ 231,705 $ 8,305 $ (84,940) $ 155,070 17.6 % Depreciation and amortization 25,212 12,448 12,599 50,259 2,143 2,085 54,487 6.2 % Non-recurring and other unusual items 111 1,142 — 1,253 — 7,643 8,896 1.0 % Interest and financing expenses — — — — — 11,108 11,108 1.3 % Income tax expense — — — — — 25,341 25,341 2.9…, Adjusted EBITDA, $ 127,459 $ 88,814 $ 66,944 $ 283,217 $ 10,448 $ (39,314) $ 254,351 28.9 %, Three months ended September 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 90,313 $ 67,967 $ 50,491 $ 208,771 $ 1,978 $ (81,004) $ 129,745 16.7 % Depreciation and amortization 23,370 10,618 12,111 46,099 1,990 1,618 49,707 6.4 % Non-recurring and other unusual items (54) — — (54) — 11,724 11,670 1.5 % Interest and financing expenses — — — — — 12,988 12,988 1.7 % Income tax expense — — — — — 33,167 33,167 4.2 %…, Adjusted EBITDA, $ 113,629 $ 78,585 $ 62,602 $ 254,816 $ 3,968 $ (23,702) $ 235,082 30.2 %, Nine months ended September 30, 2019:, Net income (loss) attributable to Albemarle Corporation $ 312,609 $ 212,320 $ 156,328 $ 681,257 $ 22,629 $ (261,049) $ 442,837 17.1 % Depreciation and amortization 71,669 35,281 37,562 144,512 6,302 5,904 156,718 6.0 % Non-recurring and other unusual items 576 1,142 — 1,718 — 14,094 15,812 0.6 % Interest and financing expenses — — — — — 35,295 35,295 1.4 % Income tax expense — — — — — 93,266 93,…, Adjusted EBITDA, $ 384,854 $ 248,743 $ 193,890 $ 827,487 $ 28,931 $ (114,300) $ 742,118 28.6 %, Nine months ended September 30, 2018:, Net income (loss) attributable to Albemarle Corporation $ 315,939 $ 187,176 $ 387,038 $ 890,153 $ 1,659 $ (327,846) $ 563,966 23.0 % Depreciation and amortization 71,760 30,745 37,201 139,706 6,070 4,735 150,511 6.2 % Non-recurring and other unusual items (1,439) — (218,705) (220,144) — 81,161 (138,983) (5.7) % Interest and financing expenses — — — — — 39,834 39,834 1.6 % Income tax expense…, Adjusted EBITDA, $ 386,260 $ 217,921 $ 205,534 $ 809,715 $ 7,729 $ (75,082) $ 742,362 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…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Interest cost $ 8,863 $ 8,509 $ 26,501 $ 25,636 Expected return on assets (9,414) (10,704) (28,311) (32,232) Total $ (551) $ (2,195) $ (1,810) $ (6,596) 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…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Restructuring and other (1) $ — $ 0.04 $ — $ 0.04 Acquisition and integration related costs (2) 0.03 0.03 0.10 0.10 Albemarle Foundation contribution (3) — — — 0.10 Gain on sale of business (4) — — — (1.60) Gain on sale of property (5) — — (0.08) — Legal accrual (6) — 0.02 — 0.21 Environmental accrual (7) — — — 0.11 Other (8) 0.05 0.04 0.12 0.05 Discrete tax items (9) — — 0.02 (0.11) Total non-…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2019, 2018, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ — $ 0.9 $ — $ 2.9 Selling, general and administrative expenses 4.1 3.4 14.4 10.2 Total $ 4.1 $ 4.3 $ 14.4 $ 13.1 Total acquisition and integration related costs, after income taxes $ 3.2 $ 3.5 $ 11.1 $ 10.7 Total acquisition and integration related costs, per diluted share $ 0.03 $ 0.03 $ 0.10 $ 0.10 (3) Included in Selling, general and administrative expenses for the nine…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended September 30, 2019:, As reported $ 163,723 $ 25,341 15.5 % Non-recurring, other unusual and non-operating pension and OPEB items 8,345 391 As adjusted $ 172,068 $ 25,732 15.0 %, Three months ended September 30, 2018:, As reported $ 154,565 $ 33,167 21.5 % Non-recurring, other unusual and non-operating pension and OPEB ems 9,475 (2,237) As adjusted $ 164,040 $ 30,930 18.9 %, Nine months ended September 30, 2019:, As reported $ 484,653 $ 93,266 19.2 % Non-recurring, other unusual and non-operating pension and OPEB items 14,002 (1,432) As adjusted $ 498,655 $ 91,834 18.4 %, Nine months ended September 30, 2018:, As reported $ 664,993 $ 133,630 20.1 % Non-recurring, other unusual and non-operating pension and OPEB items (145,579) (18,253) As adjusted $ 519,414 $ 115,377 22.2 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-growth-300953165.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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