CHARLOTTE, N.C. , May 8, 2019 /PRNewswire/ --, First quarter 2019 highlights:, First quarter net sales were $832.1 million ; earnings were $1.26 per diluted share Net sales grew 6% and adjusted diluted EPS by 4%, excluding foreign exchange and divested businesses Confirmed full year outlook of adjusted diluted earnings per share between $6.10 and $6.50 Broke ground on Kemerton lithium hydroxide conversion plant in Western Australia , with commissioning expected to start in…, Three Months Ended, March 31,, In thousands, except per share amounts, 2019, 2018, Net sales $ 832,064 $ 821,629 Net income attributable to Albemarle Corporation $ 133,569 $ 131,760 Adjusted EBITDA $ 225,867 $ 248,718 Diluted earnings per share $ 1.26 $ 1.18 Non-operating pension and OPEB items (a) (0.01) (0.02) Non-recurring and other unusual items (a) (0.02) 0.14 Adjusted diluted earnings per share (b) $ 1.23 $ 1.30 (a) See Non-GAAP Reconciliations for a description of…, Outlook, With first quarter 2019 performance as expected, we confirm our guidance as follows:, 2019 Outlook, vs Full Year 2018, Net sales $3.65 - $3.85 billion 8% - 14% Adjusted EBITDA $1,070 - $1,140 million 6% - 13% Adjusted EPS (per diluted share) $6.10 - $6.50 11% - 19%, Results, First quarter 2019 earnings were $133.6 million , or $1.26 per diluted share, compared to $131.8 million , or $1.18 per diluted share in the first quarter 2018. The increase in 2019 was primarily driven by earnings growth in our Bromine Specialties reportable segment and the impact of legal and environmental accruals recorded in 2018, partially offset by lower Lithium sales volume, unfavorable…, Quarterly Segment Results, Lithium reported net sales of $291.9 million in the first quarter of 2019, a decrease of 2.1% from first quarter 2018 net sales of $298.0 million . The $6.1 million decrease in net sales as compared to prior year was primarily due to lower sales volume driven by the impact of a rain event in Chile , and $5.7 million of unfavorable currency exchange impacts, partially offset by favorable pricing…, Corporate Results, Corporate adjusted EBITDA was a charge of $35.7 million in the first quarter of 2019 compared to a charge of $24.0 million in the first quarter of 2018. The change was primarily due to higher selling, general and administrative spending for professional services and $2.5 million of unfavorable currency exchange impacts., Income Taxes, Our effective income tax rates for the first quarter of 2019 and 2018 of 24.4% and 14.7%, respectively, are influenced by non-recurring, other unusual and non-operating pension and OPEB items (see Non-GAAP Reconciliations). The increase in the effective tax rate in the first quarter of 2019 compared to 2018 was impacted by a variety of factors, primarily stemming from a change in the geographic…, Cash Flow, Our cash from operations was approximately $54.9 million for the three months ended March 31, 2019, a decrease of $66.6 million versus the same period in 2018, primarily due to lower cash earnings in our Lithium reportable segment, lower dividends received from unconsolidated investments and higher cash taxes paid. Capital expenditures were $216.1 million as compared to $131.8 million in the…, Earnings Call, The Company's performance for the first quarter ended March 31, 2019 will be discussed on a conference call at 9:00 AM Eastern time on May 9, 2019. The call can be accessed by dialing 844-347-1034 (International Dial-In # 209-905-5910), and entering conference ID 3266768. The Company's earnings presentation and supporting material can be accessed through Albemarle's website under Investors at, 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, 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,, 2019, 2018, Net sales, $ 832,064 $ 821,629 Cost of goods sold 548,578 516,650, Gross profit, 283,486 304,979 Selling, general and administrative expenses 113,355 101,370 Research and development expenses 14,977 20,986, Operating profit, 155,154 182,623 Interest and financing expenses (12,586) (13,538) Other income (expenses), net 11,291 (30,476) Income before income taxes and equity in net income of unconsolidated investments 153,859 138,609 Income tax expense 37,514 20,361 Income before equity in net income of unconsolidated investments 116,345 118,248 Equity in net income of unconsolidated investments (net of tax) 35,181 20,…, March 31,, December 31,, 2019, 2018, ASSETS, Cash and cash equivalents $ 465,274 $ 555,320 Other current assets 1,521,902 1,443,101 Total current assets 1,987,176 1,998,421 Property, plant and equipment 4,983,385 4,799,063 Less accumulated depreciation and amortization 1,813,195 1,777,979 Net property, plant and equipment 3,170,190 3,021,084 Other assets and intangibles 2,713,696 2,562,169 Total assets $ 7,871,062 $ 7,581,674, LIABILITIES AND EQUITY, Current portion of long-term debt $ 425,684 $ 307,294 Other current liabilities 852,507 875,879 Total current liabilities 1,278,191 1,183,173 Long-term debt 1,393,904 1,397,916 Other noncurrent liabilities 943,951 858,495 Deferred income taxes 390,977 382,982 Albemarle Corporation shareholders' equity 3,672,274 3,585,321 Noncontrolling interests 191,765 173,787 Total liabilities and equity $ 7,…, Three Months Ended, March 31,, 2019, 2018, Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303 Cash and cash equivalents at end of period $ 465,274 $ 692,188, Sources of cash and cash equivalents:, Net income $ 151,526 $ 138,925 Proceeds from sale of property and equipment 10,356 — Other borrowings, net 118,223 — Dividends received from unconsolidated investments and nonmarketable securities 3,034 25,462 Proceeds from exercise of stock options 2,676 646, Uses of cash and cash equivalents:, Working capital changes (122,939) (95,050) Capital expenditures (216,132) (131,815) Repayments of other borrowings, net — (381,159) Pension and postretirement contributions (3,555) (3,548) Dividends paid to shareholders (35,387) (35,382) Dividends paid to noncontrolling interests — (7,378), Non-cash and other items:, Depreciation and amortization 49,283 50,330 Gain on sale of property (11,079) — Pension and postretirement expense (benefit) 578 (890) Deferred income taxes 7,580 29,067 Equity in net income of unconsolidated investments (net of tax) (35,181) (20,677) Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results (In Thousands) (Unaudited), Three Months Ended, March 31,, 2019, 2018, Net sales:, Lithium $ 291,886 $ 298,032 Bromine Specialties 249,052 225,639 Catalysts 251,648 260,717 All Other 39,478 37,165 Corporate — 76 Total net sales $ 832,064 $ 821,629, Adjusted EBITDA:, Lithium $ 115,616 $ 131,014 Bromine Specialties 78,597 69,969 Catalysts 60,071 67,830 All Other 7,243 3,862 Corporate (35,660) (23,957) Total adjusted EBITDA $ 225,867 $ 248,718 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…, www.albemarle.com ., The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the Company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the Company's…, 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, 2019, 2018, Net income attributable to Albemarle Corporation $ 133,569 $ 131,760 Add back: Non-operating pension and OPEB items (net of tax) (569) (1,866) Non-recurring and other unusual items (net of tax) (2,012) 15,319 Adjusted net income attributable to Albemarle Corporation $ 130,988 $ 145,213 Adjusted diluted earnings per share $ 1.23 $ 1.30 Weighted-average common shares outstanding – diluted 106,356…, EBITDA, 232,952 215,989 Non-operating pension and OPEB items (583) (2,197) Non-recurring and other unusual items (6,502) 34,926, Adjusted EBITDA, $ 225,867 $ 248,718 Net sales $ 832,064 $ 821,629 EBITDA margin 28.0 % 26.3 % Adjusted EBITDA margin 27.1 % 30.3 % 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 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, 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 %, Three months ended March 31, 2018:, Net income (loss) attributable to Albemarle Corporation $ 108,334 $ 59,536 $ 55,660 $ 223,530 $ 1,760 $ (93,530) $ 131,760 16.0 % Depreciation and amortization 24,065 10,433 12,170 46,668 2,102 1,560 50,330 6.1 % Non-recurring and other unusual items (1,385) — — (1,385) — 36,311 34,926 4.3 % Interest and financing expenses — — — — — 13,538 13,538 1.7 % Income tax expense — — — — — 20,361 20,361 2…, Adjusted EBITDA, $ 131,014 $ 69,969 $ 67,830 $ 268,813 $ 3,862 $ (23,957) $ 248,718 30.3 % 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,, 2019, 2018, Interest cost $ 8,869 $ 8,569 Expected return on assets (9,452) (10,766) Total $ (583) $ (2,197) 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,, 2019, 2018, Acquisition and integration related costs (1) $ 0.04 $ 0.02 Gain on sale of property (2) (0.08) — Legal accrual (3) — 0.12 Environmental accrual (4) — 0.11 Other (5) (0.01) — Discrete tax items (6) 0.03 (0.11) Total non-recurring and other unusual items $ (0.02) $ 0.14 (1) Acquisition and integration related costs for the three months ended March 31, 2019 and 2018 related to various significant…, Three Months Ended, March 31,, 2019, 2018, Acquisition and integration related costs:, Cost of goods sold $ — $ 1.0 Selling, general and administrative expenses 5.3 1.2 Total $ 5.3 $ 2.2 Total acquisition and integration related costs, after income taxes $ 4.1 $ 1.9 Total acquisition and integration related costs, per diluted share $ 0.04 $ 0.02 (2) Included in Other income (expenses), net, for the three months ended March 31, 2019 is a gain of $11.1 million ( $8.5 million after…, Income before income taxes and equity in net income of unconsolidated investments, Income tax expense, Effective income tax rate, 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 %, Three months ended March 31, 2018:, As reported $ 138,609 $ 20,361 14.7 % Non-recurring, other unusual and non-operating pension and OPEB items 32,729 19,276 As adjusted $ 171,338 $ 39,637 23.1 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-continues-to-deliver-year-over-year-revenue-growth-300846688.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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CHARLOTTE, N.C. , Feb. 20, 2019 /PRNewswire/ --, Fourth quarter 2018 highlights:, Fourth quarter net sales were $921.7 million , an increase of 7% over the prior year; earnings were $129.6 million , or $1.21 per diluted share, an increase of 162% over the prior year Fourth quarter adjusted EBITDA was $264.3 million , an increase of 8% over the prior year; adjusted diluted earnings per share was $1.53 , an increase of 14% over the prior year Lithium increased net sales on…, Three Months Ended, Twelve Months Ended, December 31,, December 31,, In thousands, except per share amounts, 2018, 2017, 2018, 2017, Net sales $ 921,699 $ 857,789 $ 3,374,950 $ 3,071,976 Net income (loss) attributable to Albemarle Corporation $ 129,596 $ (218,366) $ 693,562 $ 54,850 Adjusted EBITDA $ 264,302 $ 245,780 $ 1,006,664 $ 885,480 Diluted earnings (loss) per share $ 1.21 $ (1.95) $ 6.34 $ 0.49 Non-operating pension and OPEB items (a) 0.08 (0.08) 0.03 (0.09) Non-recurring and other unusual items (a) 0.24 3.36 (0.…, Outlook, Our 2018 performance and execution on our lithium growth projects have positioned Albemarle for another year of growth in 2019. We expect net sales to range between $3.65 billion and $3.85 billion , representing growth of approximately 8% to 14%, with adjusted EBITDA between $1,070 million and $1,140 million , up approximately 6% to 13%, and adjusted diluted earnings per share between $6.10 and $…, Results, Fourth quarter 2018 earnings were $129.6 million , or $1.21 per diluted share, compared to a loss of $218.4 million , or $1.95 per diluted share in the fourth quarter 2017. Earnings were negatively impacted by U.S. tax reform of $3.27 per diluted share in the fourth quarter of 2017. In the fourth quarter of 2018, earnings were negatively impacted by adjustments to indemnifications of divested…, Quarterly Segment Results, Effective January 1, 2018 , the PCS product category merged with the Refining Solutions reportable segment to form a global business focused on catalysts. As a result, our three reportable segments include: (1) Lithium; (2) Bromine Specialties; and (3) Catalysts. For comparison purposes, prior year periods have been reclassified to conform to the current presentation. Lithium reported net sales…, Corporate Results, Corporate adjusted EBITDA was a charge of $35.5 million in the fourth quarter of 2018 compared to a charge of $29.6 million in the fourth quarter of 2017. The change was primarily due to higher selling, general and administrative spending for professional services, partially offset by $2.8 million of favorable currency exchange impacts., Income Taxes, Our effective income tax rates for the fourth quarter of 2018 and 2017 of 8.6% and 266.5%, respectively, were influenced by the Tax Cuts and Jobs Act ("TCJA") enacted in December 2017 , as well as, non-recurring, other unusual and non-operating pension and OPEB items (see notes to the condensed consolidated financial information). The TCJA resulted in net tax benefits of $39.8 million and net…, Cash Flow, Our cash from operations was $546.2 million for the year ended December 31, 2018, an increase of $242.2 million versus the same period in 2017 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, as well as increased earnings in each of our reportable segments and…, Earnings Call, The Company's performance for the fourth quarter ended December 31, 2018 will be discussed on a conference call at 9:00 AM Eastern time on February 21, 2019. The call can be accessed by dialing 844-347-1034 (International Dial-In # 209-905-5910), and entering conference ID 5229789. 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, 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, Year Ended, December 31,, December 31,, 2018, 2017, 2018, 2017, Net sales, $ 921,699 $ 857,789 $ 3,374,950 $ 3,071,976 Cost of goods sold 601,315 554,086 2,157,694 1,965,700, Gross profit, 320,384 303,703 1,217,256 1,106,276 Selling, general and administrative expenses 120,916 118,302 446,090 450,286 Research and development expenses 16,384 20,907 70,054 84,330 Loss (gain) on sale of business 8,277 — (210,428) —, Operating profit, 174,807 164,494 911,540 571,660 Interest and financing expenses (12,571) (16,455) (52,405) (115,350) Other expenses, net (32,528) (6,113) (64,434) (9,512) Income before income taxes and equity in net income of unconsolidated investments 129,708 141,926 794,701 446,798 Income tax expense 11,196 378,221 144,826 431,817 Income (loss) before equity in net income of unconsolidated investments 118,512…, December 31,, December 31,, 2018, 2017, ASSETS, Cash and cash equivalents $ 555,320 $ 1,137,303 Other current assets 1,443,101 1,301,108 Assets held for sale — 39,152 Total current assets 1,998,421 2,477,563 Property, plant and equipment 4,799,063 4,124,335 Less accumulated depreciation and amortization 1,777,979 1,631,025 Net property, plant and equipment 3,021,084 2,493,310 Noncurrent assets held for sale — 139,813 Other assets and…, LIABILITIES AND EQUITY, Current portion of long-term debt $ 307,294 $ 422,012 Other current liabilities 875,879 776,975 Liabilities held for sale — 1,938 Total current liabilities 1,183,173 1,200,925 Long-term debt 1,397,916 1,415,360 Noncurrent liabilities held for sale — 614 Other noncurrent liabilities 858,495 945,788 Deferred income taxes 382,982 370,389 Albemarle Corporation shareholders' equity 3,585,321 3,674,549…, Year Ended, December 31,, 2018, 2017, Cash and cash equivalents at beginning of year $ 1,137,303 $ 2,269,756 Cash and cash equivalents at end of period $ 555,320 $ 1,137,303, Sources of cash and cash equivalents:, Net income $ 739,139 $ 99,468 Cash proceeds from divestitures, net 413,569 6,857 Proceeds from borrowings of long-term debt — 27,000 Other borrowings, net — 138,751 Dividends received from unconsolidated investments and nonmarketable securities 57,415 39,386 Proceeds from exercise of stock options 3,633 8,238, Uses of cash and cash equivalents:, Working capital changes (151,965) (392,263) Capital expenditures (699,991) (317,703) Acquisitions, net of cash acquired (11,403) (44,367) Repayments of long-term debt — (778,209) Repurchases of common stock (500,000) (250,000) Repayments of other borrowings, net (113,567) — Pension and postretirement contributions (15,236) (13,341) Dividends paid to shareholders (144,596) (140,557) Fees related…, Non-cash and other items:, Depreciation and amortization 200,698 196,928 Gain on sale of business (210,428) — Gain on acquisition — (6,221) Pension and postretirement expense (benefit) 10,410 (12,436) Loss on early extinguishment of debt — 52,801 Deferred income taxes 49,164 (41,941) Equity in net income of unconsolidated investments (net of tax) (89,264) (84,487) See accompanying notes to the condensed consolidated…, Three Months Ended, Year Ended, December 31,, December 31,, 2018, 2017, 2018, 2017, Net sales:, Lithium $ 341,648 $ 289,597 $ 1,228,171 $ 1,018,885 Bromine Specialties 239,111 219,084 917,880 855,143 Catalysts 304,732 311,165 1,101,554 1,067,572 All Other 36,208 37,770 127,186 128,914 Corporate — 173 159 1,462 Total net sales $ 921,699 $ 857,789 $ 3,374,950 $ 3,071,976, Adjusted EBITDA:, Lithium $ 144,513 $ 118,656 $ 530,773 $ 446,652 Bromine Specialties 70,195 64,402 288,116 258,901 Catalysts 78,773 86,313 284,307 283,883 All Other 6,362 5,972 14,091 13,878 Corporate (35,541) (29,563) (110,623) (117,834) Total adjusted EBITDA $ 264,302 $ 245,780 $ 1,006,664 $ 885,480 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…, www.albemarle.com, . The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the Company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the Company's…, 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 (loss) 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…, Three Months Ended, Year Ended, December 31,, December 31,, In thousands, except percentages and per share amounts, 2018, 2017, 2018, 2017, Net income (loss) attributable to Albemarle Corporation $ 129,596 $ (218,366) $ 693,562 $ 54,850 Add back: Non-operating pension and OPEB items (net of tax) 8,829 (8,455) 3,234 (10,548) Non-recurring and other unusual items (net of tax) 25,291 376,641 (96,440) 471,559 Adjusted net income attributable to Albemarle Corporation $ 163,716 $ 149,820 $ 600,356 $ 515,861 Adjusted diluted earnings per…, EBITDA, 203,550 229,151 1,091,491 798,945 Non-operating pension and OPEB items 11,881 (12,981) 5,285 (16,125) Non-recurring and other unusual items (excluding items associated with interest expense) 48,871 29,610 (90,112) 102,660, Adjusted EBITDA, $ 264,302 $ 245,780 $ 1,006,664 $ 885,480 Net sales $ 921,699 $ 857,789 $ 3,374,950 $ 3,071,976 EBITDA margin 22.1 % 26.7 % 32.3 % 26.0 % Adjusted EBITDA margin 28.7 % 28.7 % 29.8 % 28.8 % See below for a reconciliation of adjusted EBITDA on a segment basis, the non-GAAP financial measure, to Net income (loss) attributable to Albemarle Corporation , the most directly comparable financial…, Lithium, Bromine Specialties, Catalysts, Reportable, Segments, Total, All, Other, Corporate, Consolidated, Total, % of Net Sales, Three months ended December 31, 2018:, Net income (loss) attributable to Albemarle Corporation $ 112,273 $ 59,333 $ 58,566 $ 230,172 $ 4,359 $ (104,935) $ 129,596 14.1 % Depreciation and amortization 23,433 10,862 11,930 46,225 2,003 1,959 50,187 5.4 % Non-recurring and other unusual items 8,807 — 8,277 17,084 — 31,787 48,871 5.3 % Interest and financing expenses — — — — — 12,571 12,571 1.4 % Income tax expense — — — — — 11,196 11,196…, Adjusted EBITDA, $ 144,513 $ 70,195 $ 78,773 $ 293,481 $ 6,362 $ (35,541) $ 264,302 28.7 %, Three months ended December 31, 2017:, Net income (loss) attributable to Albemarle Corporation $ 93,814 $ 54,646 $ 71,859 $ 220,319 $ 3,899 $ (442,584) $ (218,366) (25.5) % Depreciation and amortization 25,038 9,756 14,454 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, $ 118,656 $ 64,402 $ 86,313 $ 269,371 $ 5,972 $ (29,563) $ 245,780 28.7 %, Year ended December 31, 2018:, Net income (loss) attributable to Albemarle Corporation $ 428,212 $ 246,509 $ 445,604 $ 1,120,325 $ 6,018 $ (432,781) $ 693,562 20.6 % Depreciation and amortization 95,193 41,607 49,131 185,931 8,073 6,694 200,698 5.9 % Non-recurring and other unusual items 7,368 — (210,428) (203,060) — 112,948 (90,112) (2.7) % Interest and financing expenses — — — — — 52,405 52,405 1.5 % Income tax expense…, Adjusted EBITDA, $ 530,773 $ 288,116 $ 284,307 $ 1,103,196 $ 14,091 $ (110,623) $ 1,006,664 29.8 %, Year ended December 31, 2017:, Net income (loss) attributable to Albemarle Corporation $ 342,992 $ 218,839 $ 230,665 $ 792,496 $ 5,521 $ (743,167) $ 54,850 1.8 % Depreciation and amortization 87,879 40,062 54,468 182,409 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, $ 446,652 $ 258,901 $ 283,883 $ 989,436 $ 13,878 $ (117,834) $ 885,480 28.8 % Non-operating pension and OPEB items, consisting of mark-to-market ("MTM") 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…, Three Months Ended, Year Ended, December 31,, December 31,, 2018, 2017, 2018, 2017, MTM actuarial loss (gain) $ 14,001 $ (11,413) $ 14,001 $ (11,413) Interest cost 8,480 9,344 34,116 36,082 Expected return on assets (10,600) (10,912) (42,832) (40,794) Total $ 11,881 $ (12,981) $ 5,285 $ (16,125) 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…, Three Months Ended, Year Ended, December 31,, December 31,, 2018, 2017, 2018, 2017, Utilization of inventory markup (1) $ — $ — $ — $ 0.15 Restructuring and other (2) — (0.01) 0.03 0.11 Acquisition and integration related costs (3) 0.05 0.06 0.14 0.24 Albemarle Foundation contribution (4) — — 0.11 — Gain on sale of business (5) 0.06 — (1.55) — Gain on acquisition (6) — 0.01 — (0.04) Legal accrual (7) — — 0.21 — Environmental accrual (8) — — 0.11 — Loss on extinguishment of debt…, 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, 2018 and 2017 related to various significant…, Three Months Ended, Year Ended, December 31,, December 31,, 2018, 2017, 2018, 2017, Acquisition and integration related costs:, Cost of goods sold $ 0.9 $ 1.8 $ 3.7 $ 14.3 Selling, general and administrative expenses 5.5 5.8 15.7 19.6 Total $ 6.4 $ 7.6 $ 19.4 $ 33.9 Total acquisition and integration related costs, after income taxes $ 5.1 $ 6.7 $ 15.7 $ 26.8 Total acquisition and integration related costs, per diluted share $ 0.05 $ 0.06 $ 0.14 $ 0.24 (4) Included in Selling, general and administrative expenses for the…, Income before, income taxes and, equity in net income, of unconsolidated, investments, Income tax expense, Effective income, tax rate, Three months ended December 31, 2018:, As reported $ 129,708 $ 11,196 8.6 % Non-recurring, other unusual and non-operating pension and OPEB items 60,752 26,632 As adjusted $ 190,460 $ 37,828 19.9 %, 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 %, Year ended December 31, 2018:, As reported $ 794,701 $ 144,826 18.2 % Non-recurring, other unusual and non-operating pension and OPEB items (84,827) 8,379 As adjusted $ 709,874 $ 153,205 21.6 %, 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 % View original content to download multimedia: http://www.prnewswire.com/news-releases/albemarle-ends-2018-strong-projecting-continued-growth-in-2019-300799171.html SOURCE Albemarle Corporation Dave Ryan, 980.299.5641
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