CHARLOTTE, N.C. , Feb. 15, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended Dec. 31, 2022., Fourth Quarter, 2022 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $2.6 billion, an increase of 193% Net income of $1.1 billion, or $9.60 per diluted share; Adjusted diluted EPS of $8.62, an increase of 753% Adjusted EBITDA of $1.2 billion, an increase of 444% Full-year 2023 guidance includes net sales of $11.3 - $12.9 billion and adjusted EBITDA of $4.2 - $5.1…, 2023 Corporate Outlook, Full-year 2023 guidance remains unchanged from the January update, and reflects strong growth with an increase in net sales of about 55% to 75% from 2022 primarily driven by market demand and continued favorable pricing for lithium. Adjusted EBITDA is expected to increase 20% - 45%, with adjusted diluted EPS up to 50% year-over-year. The company expects to maintain positive cash flow even while…, FY 2023 Guidance, Net sales $11.3 - $12.9 billion Adjusted EBITDA (a) $4.2 - $5.1 billion Adjusted EBITDA Margin (a) 37% - 40% Adjusted Diluted EPS (a) $26.00 - $33.00 Net Cash from Operations $2.1 - $2.4 billion Capital Expenditures $1.7 - $1.9 billion (a) The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and…, Fourth Quarter 2022 Results, In millions, except per share amounts, Q4 2022, Q4 2021, $ Change, % Change, Net sales $ 2,621.0 $ 894.2 $ 1,726.8 193.1 % Net income (loss) attributable to Albemarle Corporation $ 1,132.4 $ (3.8) $ 1,136.2 Adjusted EBITDA (a) $ 1,243.8 $ 228.7 $ 1,015.1 443.9 % Diluted earnings (loss) earnings per share $ 9.60 $ (0.03) $ 9.63 Non-operating pension and OPEB items (a) (0.26) (0.41) Non-recurring and other unusual…, Business Segment Results, For stronger focus and better execution on its multiple growth opportunities, the company has realigned two segments in its core portfolio: Albemarle Energy Storage focused on the lithium-ion battery evolution and the transition to clean energy; and Albemarle Specialties; combining the existing Bromine business with the Lithium specialties business. The resegmenting is effective Jan. 1, 2023, and…, Lithium Results, In millions, Q4 2022, Q4 2021, $ Change, % Change, Net Sales $ 2,066.0 $ 404.7 $ 1,661.2 410.4 % Adjusted EBITDA $ 1,187.6 $ 138.2 $ 1,049.4 759.1 % Lithium net sales of $2.1 billion increased $1.7 billion (+410%) due to higher pricing net of FX (+328%) related to renegotiated contracts and increased market pricing. Volume was also higher (+82%) related primarily to the La Negra III/IV expansion in…, 2023 Energy Storage Outlook, As disclosed in January, Energy Storage net sales are estimated to range between $8.3 to $9.8 billion, with adjusted EBITDA between $3.7 and $4.6 billion. Energy Storage volumes are projected to be up 30-40% in 2023 compared to 2022. Full year realized pricing is expected to be up 55-65% vs. prior year, assuming flat pricing to fourth quarter 2022. Albemarle continues to expand its global…, Bromine Results, In millions, Q4 2022, Q4 2021, $ Change, % Change, Net Sales $ 319.4 $ 290.4 $ 29.1 10.0 % Adjusted EBITDA $ 85.0 $ 87.4 $ (2.3) (2.7) % Bromine net sales of $319.4 million increased $29.1 million (+10%) primarily due to increased pricing net of FX (+9%) and higher volumes (+1%). Adjusted EBITDA of $85.0 million decreased $2.3 million as higher net sales were partially offset by…, 2023 Specialties Outlook, Albemarle expects 2023 net sales to be approximately $2.0 billion, with adjusted EBITDA estimated from $555 million to $590 million, unchanged from the January update. Adjusted EBITDA margins are expected to be approximately flat year over year., Catalysts Results, In millions, Q4 2022, Q4 2021, $ Change, % Change, Net Sales $ 235.5 $ 199.1 $ 36.5 18.3 % Adjusted EBITDA $ (2.6) $ 27.2 $ (29.9) (109.6) % Catalysts net sales of $235.5 million increased $36.5 million (+18.3%) compared to the previous year due to higher pricing net of FX (+10%) and higher volumes (+8%). Adjusted EBITDA of $(2.6) million decreased $29.9 million as higher sales…, 2023 Ketjen Outlook, As discussed in January, Albemarle expects Ketjen net sales in 2023 to range between $1.06 billion and $1.09 billion, with EBITDA in the range of $70 million to $100 million, as the segment continues to experience high raw material costs., Balance Sheet and Liquidity, As of December 31, 2022, Albemarle had estimated liquidity of approximately $3.2 billion, including $1.5 billion of cash and equivalents, the full $1.5 billion under its revolver and $179 million on other available credit lines. Total debt was $3.2 billion, representing our debt covenant net debt to adjusted EBITDA of 0.5 times., Cash Flow and Capital Deployment, Cash from operations of $1.9 billion increased $1.6 billion versus the prior year period. This was driven by increased adjusted EBITDA and dividends received from equity investments, partially offset by working capital changes, that were primarily due to the increase in receivables and inventories from higher lithium pricing. Capital expenditures of $1.3 billion increased by $308.0 million versus…, Earnings Call, Date: Thurs., Feb. 16, 2023 Time: 9:00 AM Eastern time Dial-in (U.S.): +1 844-200-6205 Dial-in (International): +1 929-526-1599 Passcode: 788162 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 such as lithium and bromine into critical ingredients for mobility, energy, connectivity, and health. Building on our world-class resources, technical and process knowledge, and safety and sustainability performance, we partner with our customers to pioneer new ways to move, power, connect, and protect. We…, www.albemarle.com, and at @albemarlecorp on LinkedIn, Twitter and Facebook. Albemarle regularly posts information to 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, intentions, beliefs or strategies 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…, Three Months Ended, Year Ended, December 31,, December 31,, 2022, 2021, 2022, 2021, Net sales, $ 2,620,978 $ 894,204 $ 7,320,104 $ 3,327,957 Cost of goods sold 1,619,659 657,610 4,245,517 2,329,986, Gross profit, 1,001,319 236,594 3,074,587 997,971 Selling, general and administrative expenses 148,156 123,302 524,145 441,482 Research and development expenses 20,154 12,125 71,981 54,026 Loss (gain) on sale of business/interest in properties, net — 132,453 8,400 (295,971), Operating profit, 833,009 (31,286) 2,470,061 798,434 Interest and financing expenses (24,039) (5,306) (122,973) (61,476) Other income (expenses), net 54,119 28,530 86,356 (603,340) Income (loss) before income taxes and equity in net income of unconsolidated investments 863,089 (8,062) 2,433,444 133,618 Income tax expense 24,102 15,024 390,588 29,446 Income before equity in net income of unconsolidated investments…, December 31,, December 31,, 2022, 2021, ASSETS, Current assets: Cash and cash equivalents $ 1,499,142 $ 439,272 Trade accounts receivable 1,190,970 556,922 Other accounts receivable 185,819 66,184 Inventories 2,076,031 798,620 Other current assets 234,955 132,683 Total current assets 5,186,917 1,993,681 Property, plant and equipment 9,354,330 8,074,746 Less accumulated depreciation and amortization 2,391,333 2,165,…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable $ 2,052,001 $ 647,986 Accrued expenses 505,894 763,293 Current portion of long-term debt 2,128 389,920 Dividends payable 46,116 45,469 Income taxes payable 134,876 27,667 Total current liabilities 2,741,015 1,874,335 Long-term debt 3,214,972 2,004,319 Postretirement benefits 32,751 43,693 Pension benefits 159,571 229,187 Other…, Year Ended, December 31,, 2022, 2021, Cash and cash equivalents at beginning of year $ 439,272 $ 746,724 Cash flows from operating activities: Net income 2,815,131 199,942 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 300,841 254,000 Gain on sale of business/interest in properties, net 8,400 (295,971) Stock-based compensation and other 30,474 20,120 Equity in net…, Three Months Ended, Year Ended, December 31,, December 31,, 2022, 2021, 2022, 2021, Net sales:, Lithium $ 2,065,989 $ 404,745 $ 5,008,850 $ 1,363,284 Bromine 319,443 290,365 1,411,682 1,128,343 Catalysts 235,546 199,094 899,572 761,235 All Other — — — 75,095 Total net sales $ 2,620,978 $ 894,204 $ 7,320,104 $ 3,327,957, Adjusted EBITDA:, Lithium $ 1,187,596 $ 138,245 $ 3,102,662 $ 479,538 Bromine 85,041 87,384 456,916 360,682 Catalysts (2,605) 27,247 28,732 106,941 All Other — — — 29,858 Corporate (26,280) (24,153) (112,453) (106,045) Total adjusted EBITDA $ 1,243,752 $ 228,723 $ 3,475,857 $ 870,974 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 diluted earnings per share, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin are…, 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 (on a consolidated basis), which are non-GAAP financial measures, to Net income (loss) attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Reconciliation of adjusted EBITDA on a…, Three Months Ended, Year Ended, December 31,, December 31,, In thousands, except percentages and per share amounts, 2022, 2021, 2022, 2021, Net income (loss) attributable to Albemarle Corporation $ 1,132,445 $ (3,824) $ 2,689,816 $ 123,672 Add back: Non-operating pension and OPEB items (net of tax) (30,168) (47,848) (42,189) (60,659) Non-recurring and other unusual items (net of tax) (85,400) 170,180 (61,377) 407,337 Adjusted net income attributable to Albemarle Corporation $ 1,016,877 $ 118,508 $ 2,586,250…, EBITDA, 1,266,147 84,741 3,504,218 468,594 Non-operating pension and OPEB items (41,687) (62,407) (57,032) (78,814) Non-recurring and other unusual items (excluding items associated with interest expense) 19,292 206,389 28,671 481,194, Adjusted EBITDA, $ 1,243,752 $ 228,723 $ 3,475,857 $ 870,974 Net sales $ 2,620,978 $ 894,204 $ 7,320,104 $ 3,327,957 EBITDA margin 48.3 % 9.5 % 47.9 % 14.1 % Adjusted EBITDA margin 47.5 % 25.6 % 47.5 % 26.2 % See below for a reconciliation of adjusted EBITDA on a segment basis to Net income (loss) attributable to Albemarle Corporation (in thousands, except percentages)., Lithium, Bromine, Catalysts, All Other, Corporate, Consolidated Total, % of Net Sales, Three months ended December 31, 2022:, Net income (loss) attributable to Albemarle Corporation $ 1,125,862 $ 70,612 $ (15,237) $ — $ (48,792) $ 1,132,445 43.2 % Depreciation and amortization 60,561 14,429 12,632 — (2,061) 85,561 3.3 % Non-recurring and other unusual items 1,173 — — — 18,119 19,292 0.7 % Interest and financing expenses — — — — 24,039 24,039 0.9 % Income tax expense — — — — 24,102 24,102 0.9 % Non-…, Adjusted EBITDA, $ 1,187,596 $ 85,041 $ (2,605) $ — $ (26,280) $ 1,243,752 47.5 %, Three months ended December 31, 2021:, Net income (loss) attributable to Albemarle Corporation $ (45,049) $ 73,831 $ 13,952 $ — $ (46,558) $ (3,824) (0.4) % Depreciation and amortization 39,213 13,553 13,295 — 2,174 68,235 7.6 % Non-recurring and other unusual items 144,081 — — — 62,308 206,389 23.1 % Interest and financing expenses — — — — 5,306 5,306 0.6 % Income tax expense — — — — 15,024 15,024 1.7 % Non-…, Adjusted EBITDA, $ 138,245 $ 87,384 $ 27,247 $ — $ (24,153) $ 228,723 25.6 %, Year ended December 31, 2022:, Net income (loss) attributable to Albemarle Corporation $ 2,903,076 $ 402,820 $ (27,104) $ — $ (588,976) $ 2,689,816 36.7 % Depreciation and amortization 189,347 54,096 51,417 — 5,981 300,841 4.1 % Non-recurring and other unusual items (excluding items associated with interest expense) 10,239 — 4,419 — 14,013 28,671 0.4 % Interest and financing expenses — — — — 122,973 122,973 1.7 %…, Adjusted EBITDA, $ 3,102,662 $ 456,916 $ 28,732 $ — $ (112,453) $ 3,475,857 47.5 %, Year ended December 31, 2021:, Net income (loss) attributable to Albemarle Corporation $ 192,244 $ 309,501 $ 55,353 $ 27,988 $ (461,414) $ 123,672 3.7 % Depreciation and amortization 138,772 51,181 51,588 1,870 10,589 254,000 7.6 % Non-recurring and other unusual items (excluding items associated with interest expense) 148,522 — — — 332,672 481,194 14.5 % Interest and financing expenses — — — — 61,476 61,476 1.8…, Adjusted EBITDA, $ 479,538 $ 360,682 $ 106,941 $ 29,858 $ (106,045) $ 870,974 26.2 % 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, Year Ended, December 31,, December 31,, 2022, 2021, 2022, 2021, MTM actuarial gain $ (36,989) $ (56,919) $ (36,989) $ (56,919) Interest cost 5,814 5,390 23,497 21,670 Expected return on assets (10,512) (10,878) (43,540) (43,565) Total $ (41,687) $ (62,407) $ (57,032) $ (78,814) 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…, Three Months Ended, Year Ended, December 31,, December 31,, 2022, 2021, 2022, 2021, Restructuring and other (1) $ — $ — $ — $ 0.02 Acquisition and integration related costs (2) 0.05 0.05 0.11 0.06 Albemarle Foundation contribution (3) — — — 0.13 Loss (gain) on sale of business/interest in properties, net (4) — 1.13 0.07 (1.70) Loss on extinguishment of debt (5) — — 0.13 0.20 Legal accrual (6) — 0.03 — 4.36 Indemnification adjustments (7…, Income (loss) before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, Three months ended December 31, 2022:, As reported $ 863,089 $ 24,102 2.8 % Non-recurring, other unusual and non-operating pension and OPEB items (22,394) 93,174 As adjusted $ 840,695 $ 117,276 14.0 %, Three months ended December 31, 2021:, As reported $ (8,062) $ 15,024 (186.4) % Non-recurring, other unusual and non-operating pension and OPEB items 143,982 21,650 As adjusted $ 135,920 $ 36,674 27.0 %, Year ended December 31, 2022:, As reported $ 2,433,444 $ 390,588 16.1 % Non-recurring, other unusual and non-operating pension and OPEB items (9,142) 94,424 As adjusted $ 2,424,302 $ 485,012 20.0 %, Year ended December 31, 2021:, As reported $ 133,618 $ 29,446 22.0 % Non-recurring, other unusual and non-operating pension and OPEB items 431,648 84,649 As adjusted $ 565,266 $ 114,095 20.2 % View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-net-sales-increase-3x-for-fourth-quarter-2022-full-…
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CHARLOTTE, N.C. , Jan. 23, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, will host its virtual 2023 Strategy Update tomorrow, Jan. 24, 2023, at 9:00 a.m. ET. The event is expected to conclude at approximately 10:45 a.m. ET. Albemarle Kent Masters 3Q Interview for IR Day V6with graphics and Qs Albemarle CEO Kent Masters and CFO Scott…, Key Themes for the 2023 Strategic Update include:, Building on durable competitive advantages to accelerate growth and deliver long-term value Reshaping the company's core portfolio with a stronger focus on growth opportunities to enable mobility, energy, connectivity and health Reinforcing Albemarle's commitment to advancing sustainability and building a more resilient world Expanding capacity while maintaining financial flexibility and a…, Outlook, Albemarle is introducing full-year 2023 guidance and 2027 long-term financial targets. The company projects accelerated growth in revenue and EBITDA based on expanded capacity, strategic contracting agreements, ongoing efficiency improvements and innovation in products and processes. The 2023 guidance and five-year outlook reflect the company's new segment structure - Energy Storage, Specialties…, Introducing 2023 Financial Targets, FY 2023 Guidance, as of Jan. 23, 2023, Net sales $11.3 - $12.9 billion Adjusted EBITDA $4.2 - $5.1 billion Adjusted EBITDA Margin 37% - 40% Adjusted Diluted EPS $26.00 - $33.00 Net Cash from Operations $2.1 - $2.4 billion Capital Expenditures $1.7 - $1.9 billion, Introducing Five-Year 2027 Financial Targets, Energy Storage, Specialties, Ketjen (Catalysts), Total (a), Net sales (5-Year CAGR) 25% - 27% ~5% 4% - 8% 19% - 21% Adj. EBITDA Margin (2027E) 45% - 47% 32% - 36% 20% - 26% 41% - 44% Adj. EBITDA (2027E) $6.4B - $7.5B $0.7B - $0.8B $0.2B - $0.3B $7.2B - $8.4B Free Cash Flow (2027E) $2.6B - $2.7B (a) Total includes corporate costs not allocated to Albemarle's operating segments., Preliminary Results, Below results are preliminary and unaudited and reflect our estimated financial results for the three months and year ended December 31, 2022. In preparing this information, management made complex and subjective judgments and estimates about the appropriateness of certain reported amounts and disclosures. Our actual financial results for the three months and year ended December 31, 2022 have not…, Fourth Quarter, 2022 Highlights, (Unless otherwise stated, all percent changes represent year-over-year comparisons) Net sales of between $2,590 million and $2,650 million, up 190% to 196% Net income in the range of $1,107 million to $1,157 million Diluted EPS of between $9.30 and $9.80 Adjusted diluted EPS of between $8.35 and $8.75, up 727% to 766% Adjusted EBITDA of between $1,210 million and $1,260 million, up 429% to 451%, Fourth Quarter and Full-Year 2022 Preliminary Results, Three Months Ended, Year Ended, December 31,, December 31,, In millions, except per share amounts, 2022, 2021, 2022, 2021, Net sales $2,590 - $2,650 $ 894.2 $7,290 - $7,350 $ 3,328.0 Net income (loss) attributable to Albemarle Corporation $1,107 - $1,157 $ (3.8) $2,662 - $2,712 $ 123.7 Adjusted EBITDA (a) $1,210 - $1,260 $ 228.7 $3,440 - $3,490 $ 871.0 Diluted earnings (loss) per share $9.30 - $9.80 $ (0.03) $22.50 - $23.00 $ 1.06 Adjusted diluted earnings per share (a…, 2023 Strategic Update Webcast Details, The company will webcast its 2023 Strategic Update live, which can be accessed through Albemarle Corporation's website at, https://investors.albemarle.com ., Fourth-Quarter and Full-Year 2022 Earnings Results, Albemarle will report its fourth-quarter and full-year 2022 financial results after the NYSE closes on Wed., Feb. 15, 2023. The company will hold a conference call and webcast to discuss its results on Thurs., Feb. 16, 2023, at 9:00 a.m. ET. The company's earnings call, presentation and supporting material will be available on Albemarle's website at, https://investors.albemarle.com, . , About Albemarle, Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company that 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. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly…, www.albemarle.com, , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses, and the markets it serves., Additional Information regarding Non-GAAP Measurers:, It should be noted that adjusted net (loss) income attributable to Albemarle Corporation, adjusted diluted earnings per share ("EPS"), non-operating pension and other post-employment benefit ("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…, Forward-Looking Statements, Some of the information presented in this press release and the upcoming presentation, conference call and discussions that follow, including, without limitation, preliminary results for the three months and year-ended Dec. 31, 2022, Albemarle 2023 and five-year ("2027") outlooks, information related to the timing of active and proposed projects, production capacity, committed volumes, pricing,…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, EBITDA, adjusted EBITDA, and adjusted diluted earnings per share, which are non-GAAP financial measures, to Net (loss) income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net (loss) income…, Three Months Ended, Year Ended, December 31,, December 31,, In millions, except percentages and per share amounts, 2022, 2021, 2022, 2021, Net income (loss) attributable to Albemarle Corporation $1,095 - $1,157 $ (4) $2,650 - $2,712 $ 124 Add back: Non-operating pension and OPEB items (net of tax) (30) (48) (42) (61) Non-recurring and other unusual items (net of tax) (82) - (94) 170 (58) - (70) 407 Adjusted net income attributable to Albemarle Corporation 983 - 1,033 $ 119 2,550 - 2,600…, EBITDA, 1,229 - 1,291 85 3,465 - 3,527 469 Non-operating pension and OPEB items (42) (62) (57) (79) Non-recurring and other unusual items (excluding items associated with interest expense) 11 - 23 206 20 - 32 481, Adjusted EBITDA, $1,210 - $1,260 $ 229 $3,440 - $3,490 $ 871 The company has identified certain 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 description of each follows below (per diluted share):, Three Months Ended, Year Ended, December 31,, December 31,, 2022, 2021, 2022, 2021, Restructuring and other (1) $ — $ — $ — $ 0.02 Acquisition and integration related costs (2) 0.05 0.05 0.11 0.06 Albemarle Foundation contribution (3) — — — 0.13 Loss (gain) on sale of business/interest in properties, net (4) — 1.13 0.07 (1.70) Loss on extinguishment of debt (5) — — 0.13 0.20 Legal accrual (6) — 0.03 — 4.36 Indemnification…
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