CHARLOTTE, N.C. , May 4, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the first quarter ended March 31, 2022., First-Quarter 2022 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.13 billion, an increase of 36%; Net sales increased 44% excluding Fine Chemistry Services (FCS) business sold in June 2021 Net income of $253.4 million, or $2.15 per diluted share; Adjusted diluted EPS of $2.38, an increase of 116% Adjusted EBITDA of $432 million, an increase of 88%; Adjusted…, Outlook, Albemarle's outlook for 2022 has improved based on expectations of continued demand growth and tightness in the markets it serves. Net sales guidance was revised upward primarily due to continued strength in pricing in its Lithium and Bromine businesses. Adjusted EBITDA guidance is higher based on pricing expectations partially offset by inflationary cost pressures, particularly for natural gas…, FY 2022 Guidance, Net sales $5.2 - $5.6 billion Adjusted EBITDA $1.7 - $2.0 billion Adjusted EBITDA Margin 33% - 36% Adjusted Diluted EPS $9.25 - $12.25 Net Cash from Operations $500 - $800 million Capital Expenditures $1.3 - $1.5 billion, First-Quarter Results, In millions, except per share amounts, Q1 2022, Q1 2021, $ Change, % Change, Net sales $ 1,127.7 $ 829.3 $ 298.4 36.0% Net income attributable to Albemarle Corporation $ 253.4 $ 95.7 $ 157.7 164.8% Adjusted EBITDA (a) $ 431.9 $ 230.1 $ 201.9 87.8% Diluted earnings per share $ 2.15 $ 0.84 $ 1.31 156.0% Non-operating pension and OPEB items (a) (0.04) (0.04) Non-recurring and other unusual…, Business Segment Results, Lithium Results, In millions, Q1 2022, Q1 2021, $ Change, % Change, Net Sales $ 550.3 $ 279.0 $ 271.3 97.2% Adjusted EBITDA $ 308.6 $ 106.4 $ 202.2 190.0% Lithium net sales of $550.3 million increased $271.3 million (+97%) due to higher pricing net of FX (+66%) and a one-time sale of spodumene produced during the initial startup of the MARBL Lithium Wodgina mine. Volume was higher (+31%) from tolling to…, Lithium Outlook, Adjusted EBITDA for the full year 2022 is expected to grow approximately 200-225% year over year, up from the previous outlook. Average realized pricing is now expected to be up approximately 100% year over year resulting from the renegotiated index-referenced variable price contracts and increased market pricing. Full-year 2022 volume is expected to be up +20-30% year over year (unchanged)…, Bromine Results, In millions, Q1 2022, Q1 2021, $ Change, % Change, Net Sales $ 359.6 $ 280.4 $ 79.1 28.2% Adjusted EBITDA $ 129.2 $ 94.6 $ 34.6 36.6% Bromine net sales of $359.6 million increased $79.1 million (+28%) primarily due to increased pricing net of FX (+25%) and slightly higher volumes (+3%). Tight market conditions continue to drive strong demand and favorable pricing across the product…, Bromine Outlook, Adjusted EBITDA for the full year 2022 is expected to grow approximately 15-20% from 2021 based on higher volumes and pricing as a result of strength in demand for fire safety solutions 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 initiatives and favorable pricing are expected…, Catalysts Results, In millions, Q1 2022, Q1 2021, $ Change, % Change, Net Sales $ 217.9 $ 220.2 $ (2.4) (1.1)% Adjusted EBITDA $ 16.9 $ 25.4 $ (8.5) (33.5)% Catalysts net sales of $217.9 million decreased by $2.4 million (-1%) compared to the previous year due to lower volumes (-2%), partially offset by slightly higher pricing net of FX (+1%). Adjusted EBITDA of $16.9 million declined $8.5…, Catalysts Outlook, Albemarle expects full-year 2022 adjusted EBITDA to be flat to down 65% year over year, down from the previous outlook due to continued volatility of natural gas pricing in Europe related to the war in Ukraine, partially offset by higher pricing. The strategic review of the Catalysts business is ongoing. The company expects to provide an update in the second quarter., All Other, In millions, Q1 2022, Q1 2021, $ Change, % Change, Net Sales $ — $ 49.6 $ (49.6) (100.0)% Adjusted EBITDA $ — $ 21.5 $ (21.5) (100.0)% Other operations represent the FCS business which was sold on June 1, 2021., Balance Sheet and Liquidity, As of March 31, 2022, Albemarle had estimated liquidity of approximately $1.9 billion, including $463.3 million of cash and equivalents, $777.6 million remaining under its $1 billion revolver, $500 million remaining under its amended delayed draw term loan, and $176.9 million on other available credit lines. Total debt was $2.5 billion, representing net debt to adjusted EBITDA of approximately 1.…, Cash Flow and Capital Deployment, Cash from operations for the three months ended March 31, 2022, of $206.2 million increased $48.2 million versus the prior year driven by higher adjusted EBITDA partially offset by working capital changes. Capital expenditures of $231.7 million increased by $52.0 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion projects and progresses the next wave of…, Earnings Call, Date: Thursday, May 5, 2022 Time: 9:00 AM Eastern time Dial-in (U.S.): 844-200-6205 Dial-in (International): 929-526-1599 Passcode: 277103 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 its products, productivity improvements, tax…, Three Months Ended, March 31,, 2022, 2021, Net sales, $ 1,127,728 $ 829,291 Cost of goods sold 678,698 565,604, Gross profit, 449,030 263,687 Selling, general and administrative expenses 112,568 93,187 Research and development expenses 16,083 14,636 Loss on sale of interest in properties 8,400 —, Operating profit, 311,979 155,864 Interest and financing expenses (27,834) (43,882) Other expense, net 15,496 11,312 Income before income taxes and equity in net income of unconsolidated investments 299,641 123,294 Income tax expense 80,530 22,107 Income before equity in net income of unconsolidated investments 219,111 101,187 Equity in net income of unconsolidated investments (net of tax) 62,436 16,511 Net income…, March 31,, December 31,, 2022, 2021, ASSETS, Current assets: Cash and cash equivalents $ 463,325 $ 439,272 Trade accounts receivable 658,733 556,922 Other accounts receivable 71,225 66,184 Inventories 1,013,793 812,920 Other current assets 129,407 132,683 Total current assets 2,336,483 2,007,981 Property, plant and equipment 8,238,317 8,074,746 Less accumulated depreciation and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 845,710 $ 647,986 Accrued expenses 667,610 763,293 Current portion of long-term debt 503,795 389,920 Dividends payable 46,091 45,469 Income taxes payable 40,132 27,667 Total current liabilities 2,103,338 1,874,335 Long-term debt 1,985,696 2,004,319 Postretirement benefits 43,397 43,693 Pension benefits…, Three Months Ended, March 31,, 2022, 2021, Cash and cash equivalents at beginning of year $ 439,272 $ 746,724 Cash flows from operating activities: Net income 281,547 117,698 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 66,574 62,260 Loss on sale of interest in properties 8,400 — Stock-based compensation and other 4,245 2,560 Equity in net income of…, Three Months Ended, March 31,, 2022, 2021, Net sales:, Lithium $ 550,272 $ 278,976 Bromine 359,579 280,447 Catalysts 217,877 220,243 All Other — 49,625 Total net sales $ 1,127,728 $ 829,291, Adjusted EBITDA:, Lithium $ 308,615 $ 106,436 Bromine 129,234 94,640 Catalysts 16,910 25,427 All Other — 21,479 Corporate (22,829) (17,928) Total adjusted EBITDA $ 431,930 $ 230,054 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, March 31,, In thousands, except percentages and per share amounts, 2022, 2021, Net income attributable to Albemarle Corporation $ 253,383 $ 95,677 Add back: Non-operating pension and OPEB items (net of tax) (4,139) (4,267) Non-recurring and other unusual items (net of tax) 30,903 32,761 Adjusted net income attributable to Albemarle Corporation $ 280,147 $ 124,171 Adjusted diluted earnings per share $ 2.38 $ 1.10 Weighted…, EBITDA, 428,321 223,926 Non-operating pension and OPEB items (5,280) (5,465) Non-recurring and other unusual items (excluding items associated with interest expense) 8,889 11,593, Adjusted EBITDA, $ 431,930 $ 230,054 Net sales $ 1,127,728 $ 829,291 EBITDA margin 38.0% 27.0% Adjusted EBITDA margin 38.3% 27.7% 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 calculated and reported in accordance with GAAP (in thousands,…, Lithium, Bromine, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended March 31, 2022, Net income (loss) attributable to Albemarle Corporation $ 261,689 $ 116,561 $ 3,989 $ 382,239 $ — $ (128,856) $ 253,383 22.5% Depreciation and amortization 38,526 12,673 12,921 64,120 — 2,454 66,574 5.9% Non-recurring and other unusual items 8,400 — — 8,400 — 489 8,889 0.8% Interest and financing expenses — — — — — 27,834 27,834 2.5% Income tax expense — — — — — 80…, Adjusted EBITDA, $ 308,615 $ 129,234 $ 16,910 $ 454,759 $ — $ (22,829) $ 431,930 38.3%, Three months ended March 31, 2021, Net income (loss) attributable to Albemarle Corporation $ 74,630 $ 82,113 $ 12,916 $ 169,659 $ 20,016 $ (93,998) $ 95,677 11.5% Depreciation and amortization 31,806 12,527 12,511 56,844 1,463 3,953 62,260 7.5% Non-recurring and other unusual items (excluding items associated with interest expense) — — — — — 11,593 11,593 1.4% Interest and financing expenses…, Adjusted EBITDA, $ 106,436 $ 94,640 $ 25,427 $ 226,503 $ 21,479 $ (17,928) $ 230,054 27.7% 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, March 31,, 2022, 2021, Interest cost $ 5,932 $ 5,428 Expected return on assets (11,212) (10,893) Total $ (5,280) $ (5,465) 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 well as a detailed…, Three Months Ended, March 31,, 2022, 2021, Acquisition and integration related costs (1) $ 0.01 $ 0.02 Loss on sale of interest in properties (2) 0.07 — Loss on early extinguishment of debt (3) — 0.20 Other (4) (0.01) 0.06 Tax related items (5) 0.19 0.01 Total non-recurring and other unusual items $ 0.26 $ 0.29 (1) Costs related to the acquisition, integration and divestitures for various significant…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended March 31, 2022, As reported $ 299,641 $ 80,530 26.9% Non-recurring, other unusual and non-operating pension and OPEB items 3,609 (23,155) As adjusted $ 303,250 $ 57,375 18.9%, Three months ended March 31, 2021, As reported $ 123,294 $ 22,107 17.9% Non-recurring, other unusual and non-operating pension and OPEB items 33,926 5,432 As adjusted $ 157,220 $ 27,539 17.5% View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-sales-growth-of-36-raising-guidance-…
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