CHARLOTTE, N.C. , Feb. 27, 2018 /PRNewswire/ --, Fourth quarter 2017 highlights:, Fourth quarter net sales were $857.8 million , an increase of 23% over the prior year Fourth quarter loss of $218.4 million , or $1.95 per diluted share, included $366.9 million of income tax expense related to the new U.S. tax reform laws Fourth quarter adjusted EBITDA was $245.8 million , an increase of 31% over the prior year; adjusted diluted earnings per share from continuing operations of $…, Three Months Ended, Twelve Months Ended, December 31,, December 31,, In thousands, except per share amounts, 2017, 2016, 2017, 2016, Net sales $ 857,789 $ 696,655 $ 3,071,976 $ 2,677,203 Net (loss) income from continuing operations $ (207,071) $ 50,304 $ 99,468 $ 478,638 Net (loss) income attributable to Albemarle Corporation $ (218,366) $ 602,090 $ 54,850 $ 643,675 Adjusted EBITDA $ 245,780 $ 187,384 $ 885,480 $ 758,217 Diluted (loss) earnings per share attributable to Albemarle Corporation $ (1.95) $ 5.30 $ 0.49 $ 5.68 …, Outlook, Our 2017 performance and strategic actions have positioned Albemarle for another strong year of growth in 2018. We expect net sales to range between $3.2 billion and $3.4 billion , with adjusted EBITDA between $955 million and $1,005 million , and adjusted diluted earnings per share between $5.00 and $5.40 ., Results, Net (loss) income from continuing operations for the fourth quarter 2017 was $(207.1) million , or $(1.95) per diluted share (after income attributable to noncontrolling interests), compared to $50.3 million , or $0.37 per diluted share in the fourth quarter 2016. Loss per share and adjusted earnings per share were both negatively impacted by hurricane Harvey by $0.02 per diluted share. Excluding…, Quarterly Segment Results, During the first quarter of 2018, the PCS product category will merge with the Refining Solutions reportable segment to form a global business focused on catalysts and be reported in a separate reportable segment. The results below are reported to reflect how our segments were managed during 2017. Lithium and Advanced Materials reported net sales of $362.4 million in the fourth quarter of 2017,…, Corporate Results, Corporate adjusted EBITDA was a charge of $29.6 million in the fourth quarter of 2017 compared to a charge of $19.4 million in the fourth quarter of 2016. The increased charge for 2017 was primarily due to $9.0 million of unfavorable currency exchange impacts., Income Taxes, In December 2017 , the Tax Cuts and Jobs Act ("TCJA") was enacted, requiring companies, among other things, to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and reducing the U.S. federal corporate income tax rate from 35% to 21%. As a result, in the fourth quarter of 2017, we made a reasonable estimate of these impacts, and have…, Cash Flow, Our cash from operations was approximately $304.0 million for the year ended December 31, 2017, down $431.5 million versus the same period in 2016 primarily due to changes in working capital, including the payment of approximately $257 million in taxes related to the sale of the Chemetall Surface Treatment business in 2017 and the build-up of inventory in our Lithium business. We had $1.14…, Earnings Call, The Company's performance for the fourth quarter ended December 31, 2017 will be discussed on a conference call at 9:00 AM Eastern time on February 28, 2018. The call can be accessed by dialing 888-268-4181 (International Dial-In # 617-597-5486), and entering conference ID 95469520. The Company's earnings presentation and supporting material can be accessed through Albemarle's website under…, www.albemarle.com, ., About Albemarle, Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC , 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, product development, changes in productivity, market trends, price, expected growth and earnings, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, portfolio diversification, economic trends,…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Net sales, $ 857,789 $ 696,655 $ 3,071,976 $ 2,677,203 Cost of goods sold 550,780 455,689 1,961,996 1,706,627, Gross profit, 307,009 240,966 1,109,980 970,576 Selling, general and administrative expenses 108,632 125,476 437,901 380,464 Research and development expenses 20,907 19,091 84,330 80,475 Gain on sales of businesses, net — — — (122,298) Acquisition and integration related costs — 13,047 — 57,384, Operating profit, 177,470 83,352 587,749 574,551 Interest and financing expenses (16,455) (18,321) (115,350) (65,181) Other (expenses) income, net (19,089) 5,154 (25,601) 5,894 Income from continuing operations before income taxes and equity in net income of unconsolidated investments 141,926 70,185 446,798 515,264 Income tax expense 378,221 34,728 431,817 96,263 (Loss) income from continuing operations before…, December 31,, December 31,, 2017, 2016, ASSETS, Cash and cash equivalents $ 1,137,303 $ 2,269,756 Other current assets 1,301,108 1,036,862 Assets held for sale 39,152 — Total current assets 2,477,563 3,306,618 Property, plant and equipment 4,124,335 3,910,522 Less accumulated depreciation and amortization 1,631,025 1,550,382 Net property, plant and equipment 2,493,310 2,360,140 Noncurrent assets held for sale 139,813 — Other assets and…, LIABILITIES AND EQUITY, Current portion of long-term debt $ 422,012 $ 247,544 Other current liabilities 776,975 892,559 Liabilities held for sale 1,938 — Total current liabilities 1,200,925 1,140,103 Long-term debt 1,415,360 2,121,718 Noncurrent liabilities held for sale 614 — Other noncurrent liabilities 945,788 544,043 Deferred income taxes 370,389 412,739 Albemarle Corporation shareholders' equity 3,674,549 3,795,062…, Year Ended, December 31,, 2017, 2016, Cash and cash equivalents at beginning of year $ 2,269,756 $ 213,734 Cash and cash equivalents at end of period $ 1,137,303 $ 2,269,756, Sources of cash and cash equivalents:, Net income $ 99,468 $ 680,769 Cash proceeds from divestitures, net 6,857 3,325,571 Proceeds from borrowings of long-term debt 27,000 — Other borrowings, net 138,751 — Dividends received from unconsolidated investments and nonmarketable securities 39,386 43,759 Proceeds from exercise of stock options 8,238 9,401 Working capital changes (d) — 239,195, Uses of cash and cash equivalents:, Working capital changes (d) (392,263) — Capital expenditures (317,703) (196,654) Acquisitions, net of cash acquired (44,367) (126,747) Cash payments related to acquisitions and other — (81,987) Repayments of long-term debt (778,209) (1,252,302) Repurchases of common stock (250,000) — Repayments of other borrowings, net — (163,721) Pension and postretirement contributions (13,341) (20,068)…, Non-cash and other items:, Depreciation and amortization 196,928 226,169 Gain on sales of businesses, net — (510,278) Gain on acquisition (6,221) — Pension and postretirement (benefit) expense (12,436) 41,546 Loss on early extinguishment of debt 52,801 1,921 Deferred income taxes (41,941) 21,121 Equity in net income of unconsolidated investments (net of tax) (84,487) (61,534) See accompanying notes to the condensed…, Additional Information, It should be noted that adjusted net income from continuing operations, adjusted diluted earnings per share attributable to Albemarle Corporation , adjusted diluted earnings per share from continuing operations, 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…, www.albemarle.com, , under "Non-GAAP Reconciliations" under "Financials." Also, see the following pages for supplemental reconciliations of the non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP. The Company does not provide a reconciliation of forward looking non-GAAP financial measures to the most directly comparable financial measures…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Net sales:, Lithium and Advanced Materials $ 362,362 $ 278,266 $ 1,308,153 $ 968,216 Bromine Specialties 219,084 194,513 855,143 792,425 Refining Solutions 238,400 193,093 778,304 732,137 All Other 37,770 30,001 128,914 180,988 Corporate 173 782 1,462 3,437 Total net sales $ 857,789 $ 696,655 $ 3,071,976 $ 2,677,203, Adjusted EBITDA:, Lithium and Advanced Materials $ 135,741 $ 102,499 $ 518,530 $ 363,360 Bromine Specialties 64,402 46,949 258,901 226,926 Refining Solutions 69,228 57,343 212,005 238,963 All Other 5,972 (38) 13,878 14,772 Corporate (a) (29,563) (19,369) (117,834) (85,804) Total adjusted EBITDA $ 245,780 $ 187,384 $ 885,480 $ 758,217 Lithium and Advanced Materials - details by product category:, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Net sales:, Lithium $ 289,597 $ 208,173 $ 1,018,885 $ 668,852 PCS 72,765 70,093 289,268 299,364 Total Lithium and Advanced Materials $ 362,362 $ 278,266 $ 1,308,153 $ 968,216, Adjusted EBITDA:, Lithium $ 118,656 $ 89,097 $ 446,652 $ 285,714 PCS 17,085 13,402 71,878 77,646 Total Lithium and Advanced Materials $ 135,741 $ 102,499 $ 518,530 $ 363,360 See accompanying non-GAAP reconciliations below. , ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (In Thousands), (Unaudited), See below for a reconciliation of adjusted net income from continuing operations, 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 and non-…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Net (loss) income attributable to Albemarle Corporation $ (218,366) $ 602,090 $ 54,850 $ 643,675 Add back: Income from discontinued operations (net of tax) — (559,974) — (202,131) Earnings from continuing operations (218,366) 42,116 54,850 441,544 Add back: Non-operating pension and OPEB items from continuing operations (net of tax) (8,455) 17,868 (10,548) 17,608 Non-recurring and other unusual…, EBITDA, 229,151 144,852 798,945 793,963 Non-operating pension and OPEB items (12,981) 26,368 (16,125) 25,589 Non-recurring and other unusual items (excluding items associated with interest expense) 29,610 16,164 102,660 (61,335), Adjusted EBITDA, $ 245,780 $ 187,384 $ 885,480 $ 758,217 Net sales $ 857,789 $ 696,655 $ 3,071,976 $ 2,677,203 EBITDA margin 26.7 % 20.8 % 26.0 % 29.7 % Adjusted EBITDA margin 28.7 % 26.9 % 28.8 % 28.3 % 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 and Advanced Materials, Bromine Specialties, Refining Solutions, Reportable Segments Total, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended December 31, 2017:, Net income (loss) attributable to Albemarle Corporation $ 107,705 $ 54,646 $ 57,968 $ 220,319 $ 3,899 $ (442,584) $ (218,366) (25.5) % Depreciation and amortization 28,232 9,756 11,260 49,248 2,073 1,520 52,841 6.2 % Non-recurring and other unusual items (196) — — (196) — 29,806 29,610 3.5 % Interest and financing expenses — — — — — 16,455 16,455 1.9 % Income tax expense — — — — — 378,221 378,221…, Adjusted EBITDA, $ 135,741 $ 64,402 $ 69,228 $ 269,371 $ 5,972 $ (29,563) $ 245,780 28.7 %, Three months ended December 31, 2016:, Net income (loss) attributable to Albemarle Corporation $ 75,021 $ 37,143 $ 48,107 $ 160,271 $ (1,711) $ 443,530 $ 602,090 86.5 % Depreciation and amortization 27,478 9,806 9,236 46,520 1,673 1,494 49,687 7.1 % Non-recurring and other unusual items (excluding items associated with interest expense) — — — — — 16,164 16,164 2.3 % Interest and financing expenses — — — — — 18,321 18,321 2.6 % Income…, Adjusted EBITDA, $ 102,499 $ 46,949 $ 57,343 $ 206,791 $ (38) $ (19,369) $ 187,384 26.9 %, Year ended December 31, 2017:, Net income (loss) attributable to Albemarle Corporation $ 400,360 $ 218,839 $ 173,297 $ 792,496 $ 5,521 $ (743,167) $ 54,850 1.8 % Depreciation and amortization 102,389 40,062 39,958 182,409 8,357 6,162 196,928 6.4 % Non-recurring and other unusual items (excluding items associated with interest expense) 15,781 — (1,250) 14,531 — 88,129 102,660 3.3 % Interest and financing expenses — — — — — 115,…, Adjusted EBITDA, $ 518,530 $ 258,901 $ 212,005 $ 989,436 $ 13,878 $ (117,834) $ 885,480 28.8 %, Year ended December 31, 2016:, Net income (loss) attributable to Albemarle Corporation $ 261,394 $ 187,364 $ 202,874 $ 651,632 $ 131,301 $ (139,258) $ 643,675 24.0 % Depreciation and amortization 101,966 39,562 36,089 177,617 7,302 6,056 190,975 7.1 % Non-recurring and other unusual items (excluding items associated with interest expense) — — — — (123,831) 62,496 (61,335) (2.3) % Interest and financing expenses — — — — — 65,…, Adjusted EBITDA, $ 363,360 $ 226,926 $ 238,963 $ 829,249 $ 14,772 $ (85,804) $ 758,217 28.3 % , Lithium, PCS, Total Lithium and Advanced Materials, Three months ended December 31, 2017:, Net income attributable to Albemarle Corporation $ 93,814 $ 13,891 $ 107,705 Depreciation and amortization 25,038 3,194 28,232 Non-recurring and other unusual items (196) — (196), Adjusted EBITDA, $ 118,656 $ 17,085 $ 135,741, Three months ended December 31, 2016:, Net income attributable to Albemarle Corporation $ 65,529 $ 9,492 $ 75,021 Depreciation and amortization 23,568 3,910 27,478, Adjusted EBITDA, $ 89,097 $ 13,402 $ 102,499, Year ended December 31, 2017:, Net income attributable to Albemarle Corporation $ 342,992 $ 57,368 $ 400,360 Depreciation and amortization 87,879 14,510 102,389 Non-recurring and other unusual items 15,781 — 15,781, Adjusted EBITDA, $ 446,652 $ 71,878 $ 518,530, Year ended December 31, 2016:, Net income attributable to Albemarle Corporation $ 198,852 $ 62,542 $ 261,394 Depreciation and amortization 86,862 15,104 101,966, Adjusted EBITDA, $ 285,714 $ 77,646 $ 363,360 Non-operating pension and OPEB items, consisting of MTM actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to our reportable segments and are included in the Corporate category. Although non-operating pension and OPEB items are included in Cost of goods sold and Selling, general and administrative…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Cost of goods sold: MTM actuarial (gain) loss $ (2.6) $ 0.3 $ (2.6) $ 0.3 Interest cost and expected return on assets, net (0.7) (0.2) (1.1) (0.6) Total $ (3.3) $ 0.1 $ (3.7) $ (0.3) Selling, general and administrative expenses: MTM actuarial (gain) loss $ (8.8) $ 26.3 $ (8.8) $ 26.3 Interest cost and expected return on assets, net (0.9) (0.2) (3.6) (0.4) Total $ (9.7) $ 26.1 $ (12.4) $ 25.9 In…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Utilization of inventory markup (1) $ — $ — $ 0.15 $ — Restructuring and other, net (2) (0.01) — 0.11 — Acquisition and integration related costs (3) 0.06 0.05 0.24 0.31 Gain on sales of businesses, net (4) — — — (1.02) Gain on acquisition (5) 0.01 — (0.04) — Loss on extinguishment of debt (6) (0.04) 0.01 0.30 0.01 Multiemployer plan shortfall contributions (7) 0.02 — 0.06 — Note receivable…, Year Ended, December 31, 2017, Restructuring and other costs:, Cost of goods sold $ 2.9 Selling, general and administrative expenses 8.4 Research and development expenses 5.7 Total $ 17.0 Total restructuring and other costs, after income taxes $ 12.1 Total restructuring and other costs, per diluted share $ 0.11 (3) Acquisition and integration related costs for the three months and year ended December 31, 2017 primarily resulted from the acquisition of…, Three Months Ended, Year Ended, December 31,, December 31,, 2017, 2016, 2017, 2016, Acquisition and integration related costs:, Cost of goods sold $ 1.8 $ — $ 14.3 $ — Selling, general and administrative expenses 5.8 — 19.6 — Acquisition and integration related costs — 13.0 — 57.4 Total $ 7.6 $ 13.0 $ 33.9 $ 57.4 Total acquisition and integration related costs, after income taxes $ 6.7 $ 5.9 $ 26.8 $ 35.4 Total acquisition and integration related costs, per diluted share $ 0.06 $ 0.05 $ 0.24 $ 0.31 (4) Included in Gain…, Income from continuing operations before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended December 31, 2017:, As reported $ 141,926 $ 378,221 266.5 % Non-recurring, other unusual and non-operating pension and OPEB items 16,629 (351,557) As adjusted $ 158,555 $ 26,664 16.8 %, Three months ended December 31, 2016:, As reported $ 70,185 $ 34,728 49.5 % Non-recurring, other unusual and non-operating pension and OPEB items 44,453 (2,259) As adjusted $ 114,638 $ 32,469 28.3 %, Year ended December 31, 2017:, As reported $ 446,798 $ 431,817 96.6 % Non-recurring, other unusual and non-operating pension and OPEB items 139,336 (321,675) As adjusted $ 586,134 $ 110,142 18.8 %, Year ended December 31, 2016:, As reported $ 515,264 $ 96,263 18.7 % Non-recurring, other unusual and non-operating pension and OPEB items (33,825) 3,941 As adjusted $ 481,439 $ 100,204 20.8 % View original content with multimedia: http://www.prnewswire.com/news-releases/albemarle-finishes-strong---guiding-to-continued-growth-in-2018-300605222.html SOURCE Albemarle Corporation Eric Norris, 980.299.5518
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