CHARLOTTE, N.C. , Sept. 24, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today Eric Norris , President, Lithium, Meredith Bandy , Vice President, Investor Relations and Sustainability, and Sharon McGee , Vice President, Investor Relations and Corporate Development, will attend a virtual fireside chat and Q&A session…, 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 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…
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CHARLOTTE, N.C. , Sept. 22, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will release its third quarter 2020 earnings after the NYSE closes on Wednesday, Nov. 4, 2020 . The company will hold its conference call to discuss third quarter 2020 results on, Thursday, Nov. 5 , at 9:00 a.m. ET ., This call will be webcast and can be accessed through Albemarle Corporation's website at, 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: 6829479 Webcast: Q3 Webcast Link Due to the COVID-19 pandemic, teleconference providers globally are experiencing increases in conference call volume. To avoid registration wait times,…, About Albemarle Corporation, 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 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…
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CHARLOTTE, N.C. , Aug. 20, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today the release of its annual global Sustainability Report. Featuring Albemarle 's renewed approach to sustainability efforts, this report shares the company's results against 2019 sustainability activities around the globe and demonstrates Albemarle…, 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 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…
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CHARLOTTE, N.C. , Aug. 18, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today the company plans to attend the RBC Capital Markets Global Industrials virtual conference and fireside chat on Tuesday, Sept. 15, 2020 . Bromine President Netha Johnson is scheduled to present a fireside chat at the conference at 3:40 p.m. ET…, 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 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…
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CHARLOTTE, N.C. , Aug. 5, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the second quarter ended June 30, 2020 . , Second Quarter 2020 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net income of $86 million , or $0.80 per diluted share; Adjusted diluted EPS of $0.86 Net sales of $764 million decreased by 14%, in-line with Q2 2020 outlook Adjusted EBITDA of $185 million decreased by 29%, in-line with Q2 2020 outlook Our plants continue to operate without material impact from the COVID-19…, Outlook, Albemarle anticipates that its third quarter 2020 performance will be lower year-over-year based on reduced global economic activity due to the global pandemic. As previously disclosed, we have withdrawn full-year 2020 outlook given the uncertainty around the duration and economic impact of the pandemic. We intend to reintroduce our full-year outlook as the situation allows. In an effort to help…, Q3 2020 Outlook, Net sales $700 - $775 million Adjusted EBITDA $140 - $190 million, COVID-19 Response, Albemarle's cross-functional Global Response Team continues to meet weekly to assess the situation and take necessary actions to address employee health and safety and operational challenges. Protocols including restricted travel, shift adjustments, increased hygiene, and social distancing for the essential workers at our plants remain in place at all locations. In some regions, including China…, Second Quarter Results, In millions, except per share amounts, Q2 2020, Q2 2019, $ Change, % Change, Net sales $ 764.0 $ 885.1 $ (121.0) (13.7) % Net income attributable to Albemarle Corporation $ 85.6 $ 154.2 $ (68.6) (44.5) % Adjusted EBITDA (a) $ 185.2 $ 261.9 $ (76.7) (29.3) % Diluted earnings per share $ 0.80 $ 1.45 $ (0.65) (44.8) % Non-operating pension and OPEB items (a) (0.02) (0.01) Non-recurring and other unusual items (a) 0.07 0.10 Adjusted diluted earnings per share (b) $ 0.86…, Business Segment Results, Lithium, In millions, Q2 2020, Q2 2019, $ Change, % Change, Net Sales $ 283.7 $ 324.8 $ (41.0) (12.6) % Adjusted EBITDA $ 94.5 $ 141.8 $ (47.2) (33.3) % Lithium net sales of $283.7 million declined $41.0 million primarily due to lower market and contract pricing. Lower contract pricing reflects 2020 battery-grade price adjustments that were agreed to in late 2019. Adjusted EBITDA of $94.5 million declined by $47.2 million primarily due to reduced net…, Current Trends:, We expect the impact of low OEM automotive production to be felt more acutely in Q3 2020. At the same time, we are seeing impacts of lower market prices, higher inventory in the battery channel, and reduced demand in the glass and ceramics markets. As a result, we expect Q3 2020 EBITDA to be down about 10% to 20% compared to Q2 2020. , Bromine Specialties, In millions, Q2 2020, Q2 2019, $ Change, % Change, Net Sales $ 232.8 $ 255.4 $ (22.7) (8.9) % Adjusted EBITDA $ 73.0 $ 81.3 $ (8.3) (10.2) % Bromine net sales of $232.8 million declined $22.7 million primarily due to lower volumes driven by COVID-19 related impacts. Adjusted EBITDA of $73.0 million declined $8.3 million due to lower net sales, which were partially offset by cost savings initiatives. , Current Trends:, Third quarter 2020 EBITDA is expected to be similar to Q2 2020. Due to our position in the supply chain, the impact of COVID-19 related weakness began in Q2 2020 and is expected to continue into Q3 2020. Strong demand for surfactants and stabilization in building and construction helps offset weakness in other end use markets. , Catalysts, In millions, Q2 2020, Q2 2019, $ Change, % Change, Net Sales $ 197.1 $ 266.3 $ (69.2) (26.0) % Adjusted EBITDA $ 22.8 $ 66.9 $ (44.1) (65.9) % Catalysts net sales of $197.1 million declined $69.2 million due primarily to lower volumes. Fluid Catalytic Cracking (FCC) volume was down primarily from lower transportation fuel consumption as a result of stay-at-home orders and travel restrictions. Hydroprocessing Catalysts (HPC) volumes were also down…, Current Trends:, We expect FCC demand to partially recover in H2 2020 as travel begins to increase and global gasoline inventories deplete. Conversely, we expect that HPC will be negatively impacted in H2 2020 as refiners defer spending into 2021 and 2022. As a result, Q3 2020 EBITDA is expected to remain down about 50% to 60% from prior year. , All Other, In millions, Q2 2020, Q2 2019, $ Change, % Change, Net Sales $ 50.5 $ 38.6 $ 11.9 31.0 % Adjusted EBITDA $ 18.6 $ 11.2 $ 7.4 65.5 % Other operations represents our Fine Chemistry Services (FCS) business. FCS net sales of $50.5 million increased $11.9 million and adjusted EBITDA of $18.6 million increased $7.4 million . The FCS business tends to be contract driven. Recent contracts include life sciences products which are typically anti-cyclical., Balance Sheet and Liquidity, As of June 30, 2020 , Albemarle had estimated liquidity of over $1.5 billion , including $737 million of cash and equivalents, $550 million remaining under our $1 billion revolver, and $220 million on other available credit lines. Total debt was $3.5 billion , representing net debt to adjusted EBITDA of approximately 3.2 times. As previously disclosed, we recently negotiated a covenant amendment…, Cash Flow and Capital Deployment, Cash from operations for the six months ended June 30, 2020 , of $207.9 million , increased $8.6 million versus the prior year as reduced working capital outflows in 2020 offset lower earnings. Capital expenditures of $419.0 million were in-line with the prior year as progress continued on our Lithium expansion projects. Our primary capital allocation priorities are to maintain our investment…, Earnings Call, Date: Thursday, August 6, 2020 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 3673986 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), headquartered in Charlotte, N.C. , 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…, 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, Six Months Ended, June 30 ,, June 30 ,, 2020, 2019, 2020, 2019, Net sales, $ 764,049 $ 885,052 $ 1,502,894 $ 1,717,116 Cost of goods sold 1 530,690 559,138 1,027,517 1,107,716, Gross profit, 233,359 325,914 475,377 609,400 Selling, general and administrative expenses 106,949 126,715 208,826 240,070 Research and development expenses 14,210 13,462 30,307 28,439, Operating profit, 112,200 185,737 236,244 340,891 Interest and financing expenses (17,852) (11,601) (34,737) (24,187) Other (expenses) income, net (6,273) (7,065) 2,041 4,226 Income before income taxes and equity in net income of unconsolidated investments 88,075 167,071 203,548 320,930 Income tax expense 15,431 30,411 33,873 67,925 Income before equity in net income of unconsolidated investments 72,644 136,660…, June 30 ,, December 31 ,, 2020, 2019, ASSETS, Current assets: Cash and cash equivalents $ 736,696 $ 613,110 Trade accounts receivable 517,626 612,651 Other accounts receivable 76,957 67,551 Inventories 851,256 768,984 Other current assets 109,874 162,813 Total current assets 2,292,409 2,225,109 Property, plant and equipment 7,138,969 6,817,843 Less accumulated depreciation and amortization 2,002,612 1,908,370 Net property, plant and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 523,160 $ 574,138 Accrued expenses 399,456 553,160 Current portion of long-term debt 406,201 187,336 Dividends payable 40,728 38,764 Current operating lease liability 21,808 23,137 Income taxes payable 29,450 32,461 Total current liabilities 1,420,803 1,408,996 Long-term debt 3,132,191 2,862,921 Postretirement benefits 50,362 50,899 Pension benefits 284,480…, Six Months Ended, June 30 ,, 2020, 2019, Cash and cash equivalents at beginning of year $ 613,110 $ 555,320 Cash flows from operating activities: Net income 227,393 326,496 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 111,535 102,231 Gain on sale of property — (11,079) Stock-based compensation and other 9,765 10,136 Equity in net income of unconsolidated investments (net of…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2020, 2019, 2020, 2019, Net sales:, Lithium $ 283,722 $ 324,758 $ 520,540 $ 616,644 Bromine Specialties 232,779 255,433 464,371 504,485 Catalysts 197,053 266,301 404,260 517,949 All Other 50,495 38,560 113,723 78,038 Total net sales $ 764,049 $ 885,052 $ 1,502,894 $ 1,717,116, Adjusted EBITDA:, Lithium $ 94,536 $ 141,779 $ 173,173 $ 257,395 Bromine Specialties 73,041 81,332 156,303 159,929 Catalysts 22,777 66,875 70,247 126,946 All Other 18,598 11,240 41,422 18,483 Corporate (23,759) (39,326) (59,587) (74,986) Total adjusted EBITDA $ 185,193 $ 261,900 $ 381,558 $ 487,767 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, Six Months Ended, June 30 ,, June 30 ,, In thousands, except percentages and per share amounts, 2020, 2019, 2020, 2019, Net income attributable to Albemarle Corporation $ 85,624 $ 154,198 $ 192,828 $ 287,767 Add back: Non-operating pension and OPEB items (net of tax) (2,299) (693) (4,610) (1,262) Non-recurring and other unusual items (net of tax) 7,907 10,754 9,400 8,742 Adjusted net income attributable to Albemarle Corporation $ 91,232 $ 164,259 $ 197,618 $ 295,247 Adjusted diluted earnings per share $ 0.86 $ 1.…, EBITDA, 176,748 249,158 372,973 482,110 Non-operating pension and OPEB items (2,895) (676) (5,803) (1,259) Non-recurring and other unusual items 11,340 13,418 14,388 6,916, Adjusted EBITDA, $ 185,193 $ 261,900 $ 381,558 $ 487,767 Net sales $ 764,049 $ 885,052 $ 1,502,894 $ 1,717,116 EBITDA margin 23.1 % 28.2 % 24.8 % 28.1 % Adjusted EBITDA margin 24.2 % 29.6 % 25.4 % 28.4 % 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 June 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 66,038 $ 60,692 $ 10,702 $ 137,432 $ 16,425 $ (68,233) $ 85,624 11.2 % Depreciation and amortization 28,498 12,349 12,075 52,922 2,173 2,746 57,841 7.6 % Non-recurring and other unusual items — — — — — 11,340 11,340 1.5 % Interest and financing expenses — — — — — 17,852 17,852 2.3 % Income tax expense — — — — — 15,431 15,431 2.0 % Non-…, Adjusted EBITDA, $ 94,536 $ 73,041 $ 22,777 $ 190,354 $ 18,598 $ (23,759) $ 185,193 24.2 %, Three months ended June 30, 2019, Net income (loss) attributable to Albemarle Corporation $ 117,303 $ 69,616 $ 54,124 $ 241,043 $ 9,118 $ (95,963) $ 154,198 17.4 % Depreciation and amortization 24,365 11,716 12,751 48,832 2,122 1,994 52,948 6.0 % Non-recurring and other unusual items 111 — — 111 — 13,307 13,418 1.5 % Interest and financing expenses — — — — — 11,601 11,601 1.3 % Income tax expense — — — — — 30,411 30,411 3.5 % Non…, Adjusted EBITDA, $ 141,779 $ 81,332 $ 66,875 $ 289,986 $ 11,240 $ (39,326) $ 261,900 29.6 %, Six months ended June 30, 2020, Net income (loss) attributable to Albemarle Corporation $ 119,278 $ 132,357 $ 45,594 $ 297,229 $ 37,271 $ (141,672) $ 192,828 12.8 % Depreciation and amortization 53,895 23,946 24,653 102,494 4,151 4,890 111,535 7.4 % Non-recurring and other unusual items — — — — — 14,388 14,388 1.0 % Interest and financing expenses — — — — — 34,737 34,737 2.3 % Income tax expense — — — — — 33,873 33,873 2.3 %…, Adjusted EBITDA, $ 173,173 $ 156,303 $ 70,247 $ 399,723 $ 41,422 $ (59,587) $ 381,558 25.4 %, Six months ended June 30, 2019, Net income (loss) attributable to Albemarle Corporation $ 210,472 $ 137,096 $ 101,983 $ 449,551 $ 14,324 $ (176,108) $ 287,767 16.8 % Depreciation and amortization 46,457 22,833 24,963 94,253 4,159 3,819 102,231 5.9 % Non-recurring and other unusual items 466 — — 466 — 6,450 6,916 0.4 % Interest and financing expenses — — — — — 24,187 24,187 1.4 % Income tax expense — — — — — 67,925 67,925 4.0 %…, Adjusted EBITDA, $ 257,395 $ 159,929 $ 126,946 $ 544,270 $ 18,483 $ (74,986) $ 487,767 28.4 % 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 mainly…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2020, 2019, 2020, 2019, Interest cost $ 7,133 $ 8,769 $ 14,288 $ 17,638 Expected return on assets (10,028) (9,445) (20,091) (18,897) Total $ (2,895) $ (676) $ (5,803) $ (1,259) 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 detailed…, Three Months Ended, Six Months Ended, June 30 ,, June 30 ,, 2020, 2019, 2020, 2019, Restructuring and other (1) $ 0.04 $ 0.04 $ 0.06 $ 0.05 Acquisition and integration related costs (2) 0.04 0.04 0.06 0.07 Gain on sale of property (3) — — — (0.08) Other (4) (0.01) 0.03 (0.02) 0.02 Discrete tax items (5) — (0.01) (0.01) 0.02 Total non-recurring and other unusual items $ 0.07 $ 0.10 $ 0.09 $ 0.08 (1) Severance expenses of $6.7 million ( $4.7 million after income taxes, or $0.04…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended June 30, 2020, As reported $ 88,075 $ 15,431 17.5 % Non-recurring, other unusual and non-operating pension and OPEB items 8,445 2,837 As adjusted $ 96,520 $ 18,268 18.9 %, Three months ended June 30, 2019, As reported $ 167,071 $ 30,411 18.2 % Non-recurring, other unusual and non-operating pension and OPEB items 12,742 2,681 As adjusted $ 179,813 $ 33,092 18.4 %, Six months ended June 30, 2020, As reported $ 203,548 $ 33,873 16.6 % Non-recurring, other unusual and non-operating pension and OPEB items 8,906 3,795 As adjusted $ 212,454 $ 37,668 17.7 %, Six months ended June 30, 2019, As reported $ 320,930 $ 67,925 21.2 % Non-recurring, other unusual and non-operating pension and OPEB items 5,657 (1,823) As adjusted $ 326,587 $ 66,102 20.2 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-results-301106965.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
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CHARLOTTE, N.C. , July 14, 2020 /PRNewswire/ -- The Board of Directors of, Albemarle Corporation, (NYSE: ALB) announces that it has declared a quarterly dividend of $0.385 per share. The dividend, which has an annualized rate of $1.54 , is payable Oct. 1, 2020 , to shareholders of record at the close of business as of Sept. 18, 2020 . , About Albemarle Corporation, 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 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…, Forward-Looking Statements, Some of the information presented in this press release, including, without limitation, information related to future dividends and results, 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 expressed…
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CHARLOTTE, N.C. , June 22, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will release its second quarter 2020 earnings after the NYSE closes on Wednesday, Aug. 5, 2020 . The company will hold its conference call to discuss second quarter 2020 results on, Thursday, Aug. 6 , at 9:00 a.m. ET ., This call will be webcast and can be accessed through Albemarle Corporation's website at, 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: 3673986 Webcast: Q2 Webcast Link Due to the COVID-19 pandemic, teleconference providers globally are experiencing increases in conference call volume. To avoid registration wait times,…, About Albemarle Corporation, 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 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…
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CHARLOTTE, N.C. , June 2, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Scott Tozier , Chief Financial Officer, Meredith Bandy , Vice President, Investor Relations and Sustainability, and Sharon McGee , Vice President, Investor Relations and Corporate Development, will attend a virtual fireside chat with David…, 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-…
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CHARLOTTE, N.C. , May 6, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the first quarter ended March 31, 2020 ., First Quarter 2020 Highlights, (Unless otherwise stated, all percent changes are based on year-over-year comparisons) Net sales of $739 million ; Net income of $107 million , or $1.01 per diluted share; Adjusted diluted EPS of $1.00 Adjusted EBITDA of $196 million decreased by ~13% year-over-year, but above previously communicated guidance Taking action to bolster our balance sheet to enhance financial flexibility; drew $250…, Outlook, We are withdrawing full-year 2020 outlook given the uncertainty around the duration and economic impact of the pandemic. We intend to reintroduce our full-year outlook as the situation allows. In an effort to help investors better understand our business, we are temporarily introducing a quarterly outlook. Albemarle anticipates that its Q2 2020 performance will be lower year-over-year based on…, Q2 2020 Outlook, Net sales $700 - $775 million Adjusted EBITDA $140 - $190 million, COVID-19 Response, Albemarle's cross-functional Global Response Team meets regularly to assess the situation and take necessary actions to address employee health and safety and operational challenges. We have implemented protocols including restricting travel, work-from-home for non-essential personnel, and shift adjustments, increased hygiene and social distancing for the essential workers at our plants. We…, First Quarter Results, In millions, except per share amounts, Q1 2020, Q1 2019, $ Change, % Change, Net sales $ 738.8 $ 832.1 $ (93.2) (11.2) % Net income attributable to Albemarle Corporation $ 107.2 $ 133.6 $ (26.4) (19.7) % Adjusted EBITDA (a) $ 196.4 $ 225.9 $ (29.5) (13.1) % Diluted earnings per share $ 1.01 $ 1.26 $ (0.25) (19.8) % Non-operating pension and OPEB items (a) (0.02) (0.01) Non-recurring and other unusual items (a) 0.01 (0.02) Adjusted diluted earnings per share (b) $ 1.…, Business Segment Results, Lithium, In millions, Q1 2020, Q1 2019, $ Change, % Change, Net Sales $ 236.8 $ 291.9 $ (55.1) (18.9) % Adjusted EBITDA $ 78.6 $ 115.6 $ (37.0) (32.0) % Lithium net sales of $236.8 million declined $55.1 million driven by lower pricing and volume. Lower contract pricing reflects 2020 price adjustments that were agreed to in late 2019. As expected, customers reduced Q1 2020 volumes as they worked off excess inventory purchased in Q4 2019. Adjusted EBITDA…, Current Trends:, Our lithium plants in Chengdu and Xinyu operated at reduced rates in early 2020 due to operating restrictions related to COVID-19. Those facilities are now operating at plan. To date, we have experienced minimal order reductions. However, customer closures and order cancellations are likely to affect specialty and technical grade products in Q2 2020. We continue to see solid battery grade…, Bromine Specialties, In millions, Q1 2020, Q1 2019, $ Change, % Change, Net Sales $ 231.6 $ 249.1 $ (17.5) (7.0) % Adjusted EBITDA $ 83.3 $ 78.6 $ 4.7 5.9 % Bromine net sales of $231.6 million declined $17.5 million . Lower volumes due to logistics challenges were partially offset by higher average selling prices. Adjusted EBITDA of $83.3 million was up slightly as cost savings initiatives and reduced minority interest expense offset lower net sales. , Current Trends:, To date, Bromine demand has remained relatively strong; however, future demand is likely to be impacted by recent COVID-19 shut-downs. Due to our position in the supply chain most of the impact is expected to be delayed into H2 2020, and to rebound relatively quickly when economic activity returns to more normal levels. , Catalysts, In millions, Q1 2020, Q1 2019, $ Change, % Change, Net Sales $ 207.2 $ 251.6 $ (44.4) (17.7) % Adjusted EBITDA $ 47.5 $ 60.1 $ (12.6) (21.0) % Catalysts net sales of $207.2 million declined $44.4 million due primarily to lower volumes. Fluid Catalytic Cracking (FCC) volume was down primarily from lower transportation fuel consumption as a result of stay-at-home orders and travel restrictions. Logistics challenges also impacted catalysts volumes…, Current Trends:, Reduced transportation fuel consumption is expected to worsen into Q2 2020, putting further downward pressure on FCC volumes. To date, the Clean Fuel Technology (Hydroprocessing Catalysts or HPC) business has been relatively unaffected; however, based on previous economic downturns, we would expect HPC to be negatively impacted in H2 2020 as refiners defer spending into 2021., All Other, In millions, Q1 2020, Q1 2019, $ Change, % Change, Net Sales $ 63.2 $ 39.5 $ 23.8 60.2 % Adjusted EBITDA $ 22.8 $ 7.2 $ 15.6 215.1 % Other operations represents our Fine Chemistry Services (FCS) business. FCS net sales of $63.2 million increased $23.8 million and adjusted EBITDA of $22.8 million increased $15.6 million . The FCS business tends to be contract driven. Recent contracts include life sciences products which are typically anti-…, Balance Sheet and Liquidity, As of March 31, 2020 , Albemarle had estimated liquidity of $1.7 billion including $553 million of cash and equivalents, $715 million remaining under our $1 billion revolver, $200 million available under our delayed draw term loan, and $190 million on other available credit lines. Total debt was $3.1 billion , representing net debt to adjusted EBITDA of approximately 2.7x. Current leverage is…, Cash Flow and Capital Deployment, First quarter cash from operations of $155.1 million increased $100.1 million versus the prior year as working capital reductions more than offset lower earnings. Capital expenditures of $214.5 million were in-line with the prior year as progress continued on our Lithium expansion projects. We have evaluated our capital allocation priorities under a variety of economic scenarios. Our immediate…, Earnings Call, Date: Thursday, May 7, 2020 Time: 9:00 AM Eastern time Dial-in ( U.S. ): 844-347-1034 Dial-in (International): 209-905-5910 Passcode: 2377882 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), 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, March 31 ,, 2020, 2019, Net sales, $ 738,845 $ 832,064 Cost of goods sold 496,827 548,578, Gross profit, 242,018 283,486 Selling, general and administrative expenses 101,877 113,355 Research and development expenses 16,097 14,977, Operating profit, 124,044 155,154 Interest and financing expenses (16,885) (12,586) Other income, net 8,314 11,291 Income before income taxes and equity in net income of unconsolidated investments 115,473 153,859 Income tax expense 18,442 37,514 Income before equity in net income of unconsolidated investments 97,031 116,345 Equity in net income of unconsolidated investments (net of tax) 26,604 35,181 Net income…, March 31 ,, December 31 ,, 2020, 2019, ASSETS, Current assets: Cash and cash equivalents $ 553,228 $ 613,110 Trade accounts receivable 518,703 612,651 Other accounts receivable 73,765 67,551 Inventories 853,500 768,984 Other current assets 155,985 162,813 Total current assets 2,155,181 2,225,109 Property, plant and equipment 6,973,817 6,817,843 Less accumulated depreciation and amortization 1,947,848 1,908,370 Net property, plant and…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 573,075 $ 574,138 Accrued expenses 491,579 553,160 Current portion of long-term debt 35,615 187,336 Dividends payable 40,715 38,764 Current operating lease liability 23,826 23,137 Income taxes payable 28,116 32,461 Total current liabilities 1,192,926 1,408,996 Long-term debt 3,105,225 2,862,921 Postretirement benefits 50,673 50,899 Pension benefits 285,851…, Three Months Ended, March 31 ,, 2020, 2019, Cash and cash equivalents at beginning of year $ 613,110 $ 555,320 Cash flows from operating activities: Net income 123,635 151,526 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 53,694 49,283 Gain on sale of property — (11,079) Stock-based compensation and other 2,501 5,556 Equity in net income of unconsolidated investments (net of tax…, Three Months Ended, March 31 ,, 2020, 2019, Net sales:, Lithium $ 236,818 $ 291,886 Bromine Specialties 231,592 249,052 Catalysts 207,207 251,648 All Other 63,228 39,478 Total net sales $ 738,845 $ 832,064, Adjusted EBITDA:, Lithium $ 78,637 $ 115,616 Bromine Specialties 83,262 78,597 Catalysts 47,470 60,071 All Other 22,824 7,243 Corporate (35,828) (35,660) Total adjusted EBITDA $ 196,365 $ 225,867 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, March 31 ,, In thousands, except percentages and per share amounts, 2020, 2019, Net income attributable to Albemarle Corporation $ 107,204 $ 133,569 Add back: Non-operating pension and OPEB items (net of tax) (2,311) (569) Non-recurring and other unusual items (net of tax) 1,493 (2,012) Adjusted net income attributable to Albemarle Corporation $ 106,386 $ 130,988 Adjusted diluted earnings per share $ 1.00 $ 1.23 Weighted-average common shares outstanding – diluted 106,512…, EBITDA, 196,225 232,952 Non-operating pension and OPEB items (2,908) (583) Non-recurring and other unusual items 3,048 (6,502), Adjusted EBITDA, $ 196,365 $ 225,867 Net sales $ 738,845 $ 832,064 EBITDA margin 26.6 % 28.0 % Adjusted EBITDA margin 26.6 % 27.1 % 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, except percentages…, Lithium, Bromine Specialties, Catalysts, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended March 31, 2020 :, Net income (loss) attributable to Albemarle Corporation $ 53,240 $ 71,665 $ 34,892 $ 159,797 $ 20,846 $ (73,439) $ 107,204 14.5 % Depreciation and amortization 25,397 11,597 12,578 49,572 1,978 2,144 53,694 7.3 % Non-recurring and other unusual items — — — — — 3,048 3,048 0.4 % Interest and financing expenses — — — — — 16,885 16,885 2.3 % Income tax expense — — — — — 18,442 18,442 2.5 % Non-…, Adjusted EBITDA, $ 78,637 $ 83,262 $ 47,470 $ 209,369 $ 22,824 $ (35,828) $ 196,365 26.6 %, Three months ended March 31, 2019 :, Net income (loss) attributable to Albemarle Corporation $ 93,169 $ 67,480 $ 47,859 $ 208,508 $ 5,206 $ (80,145) $ 133,569 16.1 % Depreciation and amortization 22,092 11,117 12,212 45,421 2,037 1,825 49,283 5.9 % Non-recurring and other unusual items 355 — — 355 — (6,857) (6,502) (0.8) % Interest and financing expenses — — — — — 12,586 12,586 1.5 % Income tax expense — — — — — 37,514 37,514 4.5 %…, Adjusted EBITDA, $ 115,616 $ 78,597 $ 60,071 $ 254,284 $ 7,243 $ (35,660) $ 225,867 27.1 % 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 mainly…, Three Months Ended, March 31 ,, 2020, 2019, Interest cost $ 7,155 $ 8,869 Expected return on assets (10,063) (9,452) Total $ (2,908) $ (583) 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 detailed description of each follows below (per diluted share):, Three Months Ended, March 31 ,, 2020, 2019, Restructuring and other (1) $ 0.01 $ — Acquisition and integration related costs (2) 0.02 0.04 Gain on sale of property (3) — (0.08) Other (4) (0.01) (0.01) Discrete tax items (5) (0.01) 0.03 Total non-recurring and other unusual items $ 0.01 $ (0.02) (1) Included in Cost of goods sold, Selling, general and administrative expenses and Net income attributable to noncontrolling interest for the…, Income before, income taxes and, equity in net income, of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended March 31, 2020 :, As reported $ 115,473 $ 18,442 16.0 % Non-recurring, other unusual and non-operating pension and OPEB items 461 958 As adjusted $ 115,934 $ 19,400 16.7 %, Three months ended March 31, 2019 :, As reported $ 153,859 $ 37,514 24.4 % Non-recurring, other unusual and non-operating pension and OPEB items (7,085) (4,504) As adjusted $ 146,774 $ 33,010 22.5 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-results-301054253.html SOURCE Albemarle Corporation Meredith Bandy, 980.999.5168
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CHARLOTTE, N.C. , May 5, 2020 /PRNewswire/ -- The Board of Directors of, Albemarle Corporation, (NYSE: ALB) announces that it has declared a dividend of $0.385 per share. The dividend, which has an annualized rate of $1.54 , is payable July 1, 2020 , to shareholders of record at the close of business as of June 12, 2020 ., 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, including, without limitation, information related to future dividends and results, 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 expressed…
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