CHARLOTTE, N.C. , Nov. 6, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2024., Third-Quarter, 2024 and Recent Highlights, (Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.4 billion, with volumes in Energy Storage and Specialties up 16% and 4%, respectively Net loss of ($1.1) billion, or ($9.45) per diluted share attributable to common shareholders, which included pre-tax charges of $861 million primarily related to previously announced capital project asset write…, Additional Actions in Connection with Comprehensive Review of Cost and Operating Structure, During the third quarter, Albemarle progressed the previously announced comprehensive review of its cost and operating structure, building on the actions announced with the company's second quarter 2024 earnings release. Effective November 1, 2024, Albemarle implemented a new operating structure, which included transitioning to an integrated functional model designed to increase agility, deliver…, Total Corporate Outlook Considerations, The company is maintaining its prior full-year 2024 outlook considerations, which are based on observed lithium market price scenarios. The previously published $12-15/kg range is expected to apply even when assuming recent market pricing persists for the remainder of the year, due to enterprise-wide cost improvements, strong volume growth, and Energy Storage contract performance. Total company…, Total Corporate FY 2024E, Including Energy Storage Scenarios, Observed market price case (a) Recent pricing Q4 2023 average H2 2023 average Average lithium market price ($/kg LCE) (a) $12-15 ~$20 ~$25 Net sales $5.5 - $6.2 billion $6.1 - $6.8 billion $6.9 - $7.6 billion Adjusted EBITDA (b)(c) $0.9 - $1.2 billion $1.6 - $1.8 billion $2.3 - $2.6 billion Weighted-average common shares outstanding (diluted) (d) ~118 million ~118 million 135 - 139 million (a)…, Third Quarter 2024 Results, In millions, except per share amounts, Q3 2024, Q3 2023, $ Change, % Change, Net sales $ 1,354.7 $ 2,310.6 $ (955.9) (41.4) % Net (loss) income attributable to Albemarle Corporation $ (1,069.0) $ 302.5 $ (1,371.5) (453.4) % Adjusted EBITDA (a)(b) $ 211.5 $ 653.0 $ (441.5) (67.6) % Diluted (loss) earnings per share attributable to common shareholders $ (9.45) $ 2.57 $ (12.02) (467.7) % Non-recurring and other…, Energy Storage Results, In millions, Q3 2024, Q3 2023, $ Change, % Change, Net Sales $ 767.3 $ 1,697.2 $ (929.9) (54.8) % Adjusted EBITDA $ 142.9 $ 604.9 $ (462.1) (76.4) % Energy Storage net sales for the third quarter of 2024 were $767 million, a decrease of $930 million, or 55%, due to lower pricing (-71%), which more than offset higher volumes (+16%) related to the ramp of lithium projects, including the La…, Specialties Results, In millions, Q3 2024, Q3 2023, $ Change, % Change, Net Sales $ 342.4 $ 352.7 $ (10.3) (2.9) % Adjusted EBITDA $ 56.3 $ 46.3 $ 10.0 21.5 % Specialties net sales for the third quarter of 2024 were $342 million, a decrease of $10 million, or 3%, primarily due to lower prices (-6%), which more than offset higher volumes (+4%). Adjusted EBITDA of $56 million increased $10 million versus…, Ketjen Results, In millions, Q3 2024, Q3 2023, $ Change, % Change, Net Sales $ 245.0 $ 260.7 $ (15.7) (6.0) % Adjusted EBITDA $ 35.5 $ 15.2 $ 20.3 134.0 % Ketjen net sales for the third quarter of 2024 were $245 million, down 6% compared to the prior-year quarter as higher prices (+2%) were more than offset by lower volumes (-8%), primarily in fluid catalytic cracking. Adjusted EBITDA of $35…, Cash Flow and Capital Deployment, Year-to-date cash from operations of $701 million decreased $722 million versus the prior-year period, driven by lower adjusted EBITDA and reduced dividends received from equity investments, partially offset by inflows from working capital. Year-to-date capital expenditures of $1.3 billion decreased by $135 million versus the prior-year period reflecting the impacts of decisions that have stopped…, Balance Sheet and Liquidity, As of September 30, 2024, Albemarle had estimated liquidity of approximately $3.4 billion, including $1.7 billion of cash and cash equivalents, $1.5 billion available under its revolver and $223 million available under other credit lines. Total debt was $3.6 billion, representing a debt covenant net debt to adjusted EBITDA of approximately 3.5 times. On October 31, 2024, Albemarle proactively…, Earnings Call, Date: Thursday, November 7, 2024 Time: 8:00 AM Eastern time Dial-in (U.S.): 1-800-590-8290 Dial-in (International): 1-240-690-8800 Conference ID: ALBQ3 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 into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more…, 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 and beliefs 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 unknown risks and…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2024, 2023, 2024, 2023, Net sales $ 1,354,692 $ 2,310,596 $ 4,145,813 $ 7,261,038 Cost of goods sold 1,458,726 2,255,662 4,221,487 5,371,077 Gross (loss) profit (104,034) 54,934 (75,674) 1,889,961 Selling, general and administrative expenses 154,253 172,109 482,052 716,046 Restructuring charges and asset write-offs 828,146 1,757 1,156,522 9,196 Research and development expenses 22,397 21,082 66,699 62,972 Operating (…, September 30,, December 31,, 2024, 2023, ASSETS, Current assets: Cash and cash equivalents $ 1,664,519 $ 889,900 Trade accounts receivable 749,792 1,213,160 Other accounts receivable 268,696 509,097 Inventories 1,657,688 2,161,287 Other current assets 328,915 443,475 Total current assets 4,669,610 5,216,919 Property, plant and equipment 12,376,369 12,233,757 Less accumulated depreciation and amortization 3,117,917 2,738,553…, LIABILITIES AND EQUITY, Current liabilities: Accounts payable to third parties $ 1,070,717 $ 1,537,859 Accounts payable to related parties 152,093 550,186 Accrued expenses 513,122 544,835 Current portion of long-term debt 3,012 625,761 Dividends payable 61,262 46,666 Income taxes payable 110,514 255,155 Total current liabilities 1,910,720 3,560,462 Long-term debt 3,565,990 3,541,002 Postretirement…, Nine Months Ended, September 30,, 2024, 2023, Cash and cash equivalents at beginning of year $ 889,900 $ 1,499,142 Cash flows from operating activities: Net (loss) income (1,220,588) 2,273,835 Adjustments to reconcile net (loss) income to cash flows from operating activities: Depreciation and amortization 425,532 285,801 Non-cash restructuring and asset write-offs 1,075,888 — Stock-based compensation and other 24,443 29,465 Equity in…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2024, 2023, 2024, 2023, Net sales:, Energy Storage $ 767,291 $ 1,697,163 $ 2,398,299 $ 5,403,910 Specialties 342,376 352,722 993,041 1,142,802 Ketjen 245,025 260,711 754,473 714,326 Total net sales $ 1,354,692 $ 2,310,596 $ 4,145,813 $ 7,261,038, Adjusted EBITDA:, Energy Storage $ 142,887 $ 604,948 $ 623,862 $ 3,337,720 Specialties 56,273 46,307 155,629 268,665 Ketjen 35,473 15,159 95,288 72,584 Total segment adjusted EBITDA 234,633 666,414 874,779 3,678,969 Corporate (23,135) (13,442) 14,315 1,949 Total adjusted EBITDA $ 211,498 $ 652,972 $ 889,094 $ 3,680,918 See accompanying non-GAAP reconciliations below., Additional Information regarding Non-GAAP Measures, It should be noted that adjusted net (loss) income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, adjusted diluted (loss) earnings per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted…, ALBEMARLE CORPORATION AND SUBSIDIARIES, Non-GAAP Reconciliations, (Unaudited), See below for a reconciliation of adjusted net (loss) income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net (loss) income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2024, 2023, 2024, 2023, In thousands, except percentages and per, share amounts, $, % of net sales, $, % of net sales, $, % of net sales, $, % of net sales, Net (loss) income attributable to Albemarle Corporation ($1,068,992) $ 302,533 ($1,254,742) $ 2,191,156 Add back: Non-operating pension and OPEB items (net of tax) (344) 386 (1,031) 1,141 Non-recurring and other unusual items (net of tax) 928,771 19,674 1,203,313 210,094 Adjusted net (loss) income attributable to Albemarle Corporation (140,565) 322,593 (52,460) 2,402,391 Mandatory…, EBITDA, (746,877) (55.1) % 428,759 18.6 % (631,822) (15.2) % 2,870,042 39.5 % Proportionate share of Windfield income tax expense 99,523 7.3 % 199,685 8.6 % 292,992 7.1 % 599,646 8.3 % Non-operating pension and OPEB items (331) — % 620 — % (993) — % 1,833 — % Non-recurring and other unusual items 859,183 63.4 % 23,908 1.0 % 1,228,917 29.6 % 209,397 2.9 %, Adjusted EBITDA, $211,498 15.6 % $ 652,972 28.3 % $ 889,094 21.4 % $ 3,680,918 50.7 % Net sales $ 1,354,692 $ 2,310,596 $ 4,145,813 $ 7,261,038 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…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2024, 2023, 2024, 2023, Interest cost $ 8,523 $ 9,054 $ 25,529 $ 27,091 Expected return on assets (8,854) (8,434) (26,522) (25,258) Total $ (331) $ 620 $ (993) $ 1,833 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…, Three Months Ended, Nine Months Ended, September 30,, September 30,, 2024, 2023, 2024, 2023, Restructuring charges and asset write-offs (1) $ 7.91 $ 0.01 $ 9.99 $ 0.06 Acquisition and integration related costs (2) — 0.07 0.03 0.14 Loss (gain) in fair value of public equity securities (3) 0.03 0.17 0.50 (0.21) Legal accrual (4) — — — 1.82 Other (5) (0.04) (0.09) (0.23) (0.03) Tax related items (6) — 0.01 (0.05) — Total non-recurring and other unusual items…, (Loss) Income before income taxes and equity in net income of unconsolidated investments, Income tax expense (benefit), Effective income tax rate, Three months ended September 30, 2024, As reported $ (1,178,846) $ 110,853 (9.4) % Non-recurring, other unusual and non-operating pension and OPEB items 858,852 (69,575) As adjusted $ (319,994) $ 41,278 (12.9) %, Three months ended September 30, 2023, As reported $ (158,164) $ (8,551) 5.4 % Non-recurring, other unusual and non-operating pension and OPEB items 24,528 4,468 As adjusted $ (133,636) $ (4,083) 3.1 %, Nine months ended September 30, 2024, As reported $ (1,840,552) $ 76,472 (4.2) % Non-recurring, other unusual and non-operating pension and OPEB items 1,227,924 25,642 As adjusted $ (612,628) $ 102,114 (16.7) %, Nine months ended September 30, 2023, As reported $ 1,167,689 $ 311,399 26.7 % Non-recurring, other unusual and non-operating pension and OPEB items 211,230 (5) As adjusted $ 1,378,919 $ 311,394 22.6 % As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes Albemarle…, Total adjusted EBITDA, $ 3,545,988, Media Contact: Peter Smolowitz, +1 (980) 308-6310, media@albemarle.com, Investor Relations Contact: +1 (980) 299-5700, invest@albemarle.com, View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-2024-results-302297027.html SOURCE Albemarle Corporation
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