CHARLOTTE, N.C., March 28, 2019 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the global specialty chemicals
industry, announced today that its Lithium segment expects a shift
of approximately 3,000 – 3,500 metric tons on an LCE basis in
volume from Q1 2019 to subsequent quarters in 2019. This volume
shift will impact Q1 by approximately $40MM - $45MM in revenue and
$15MM - $18MM in EBITDA. The company expects Q1 adjusted
earnings per diluted share to be in the range of $1.20 - $1.25.
The volume shortfall in the quarter was primarily due to the
timing of customer qualifications of lithium hydroxide from Xinyu
II and lithium carbonate from toll manufacturers, as well as
production issues at the company's La Negra, Chile, site due to the disruption in the
supply of fresh water as a result of the rain event in Chile earlier in the year.
Albemarle expects this volume
shortfall to be recovered during the remainder of 2019. As a
result, Albemarle reaffirms its
full year guidance provided during its Q4 2018 earnings
announcement. Full year adjusted diluted EPS guidance of
$6.10 - $6.50 represents a pro forma growth rate of 12% -
20% over 2018. The company continues to expect the cadence of
earnings to ramp through the year as new lithium capacity comes on
line.
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-added, customized solutions that make
them more competitive. Our solutions combine the finest technology
and ingredients with the knowledge and know-how of our highly
experienced and talented team of operators, scientists and
engineers.
Discovering and implementing new and better performance-based
sustainable solutions is what motivates all of us. We think beyond
business-as-usual to drive innovations that create lasting value.
Albemarle employs approximately
5,400 people and serves customers in approximately 100 countries.
We regularly post information to 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.
Forward-Looking Statements
Some of the information
presented in this press release, including, without limitation,
information related to Q1 results, sales volume, guidance 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. Factors that
could cause actual results to differ materially from the outlook
expressed or implied in any forward-looking statement include,
without limitation: changes in economic and business conditions;
changes in financial and operating performance of our major
customers and industries and markets served by us; the timing of
orders received from customers and the fulfillment of such orders;
the gain or loss of significant customers; competition from other
manufacturers; changes in the demand for our products or the
end-user markets in which our products are sold; limitations or
prohibitions on the manufacture and sale of our products;
availability of raw materials; increases in the cost of raw
materials and energy, and our ability to pass through such
increases to our customers; changes in our markets in general;
fluctuations in foreign currencies; changes in laws and government
regulation impacting our operations or our products; the occurrence
of regulatory actions, proceedings, claims or litigation; the
occurrence of cyber-security breaches, terrorist attacks,
industrial accidents, natural disasters or climate change; the
inability to maintain current levels of product or premises
liability insurance or the denial of such coverage; political
unrest affecting the global economy, including adverse effects from
terrorism or hostilities; political instability affecting our
manufacturing operations or joint ventures; changes in accounting
standards; the inability to achieve results from our global
manufacturing cost reduction initiatives as well as our ongoing
continuous improvement and rationalization programs; changes in the
jurisdictional mix of our earnings and changes in tax laws and
rates; changes in monetary policies, inflation or interest rates
that may impact our ability to raise capital or increase our cost
of funds, impact the performance of our pension fund investments
and increase our pension expense and funding obligations;
volatility and uncertainties in the debt and equity markets;
technology or intellectual property infringement, including
cyber-security breaches, and other innovation risks; decisions we
may make in the future; the ability to successfully execute,
operate and integrate acquisitions and divestitures; and the other
factors detailed from time to time in the reports we file with
the SEC, including those described under "Risk Factors" in our
Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.
These forward-looking statements speak only as of the date of this
press release. We assume no obligation to update or revise any
forward-looking statements should circumstances change, except to
the extent required by applicable laws.
Non-GAAP Financial Measures
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 results
calculated in accordance with GAAP.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/albemarle-corporation-expects-lithium-volume-shift-from-q1-reaffirms-full-year-guidance-300820618.html
SOURCE Albemarle Corporation