CHARLOTTE, N.C., Nov. 6, 2019 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB) today announced its results for the third
quarter ended Sept. 30, 2019.
Third Quarter 2019 Highlights
(Based on
year-over-year comparisons unless otherwise noted)
- Net sales of $879.7 million
increased 14%, excluding foreign exchange impact of 1%, largely
driven by strong volume and favorable pricing
- Earnings were $1.46 per diluted
share, an increase of 22%
- Adjusted EPS were $1.53 per
diluted share, an increase of 17%
- Adjusted EBITDA was $254.4
million, an increase of 8%
Notable Developments
- Completed previously announced lithium joint venture with
Mineral Resources Limited on Oct. 31,
2019; funded Wodgina mine project and other general
corporate projects with $1 billion,
borrowed from new $1.2 billion
unsecured credit facility
- Previously announced Company's full year 2019 adjusted diluted
EPS outlook is $6.00 - $6.20 from $6.25 -
$6.65
- Initiating cost management program targeting over $100 million in savings over a two-year
period
"During the third quarter, Albemarle grew net sales by 14%, adjusted
EBITDA by 12%, and adjusted earnings per share by 22% over the
prior year, excluding currency impacts, due to solid growth across
all businesses," said Luke Kissam,
Albemarle CEO. "We have recently made several strategic decisions
to further position Albemarle for
long-term success and remain confident in the long-term growth
prospects of our business."
Third Quarter Results
In millions,
except per share amounts
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Net sales
|
$
|
879.7
|
|
|
$
|
777.7
|
|
|
$
|
102.0
|
|
|
13.1
|
%
|
Net income
attributable to Albemarle Corporation
|
$
|
155.1
|
|
|
$
|
129.7
|
|
|
$
|
25.3
|
|
|
19.5
|
%
|
Adjusted
EBITDA(a)
|
$
|
254.4
|
|
|
$
|
235.1
|
|
|
$
|
19.3
|
|
|
8.2
|
%
|
Diluted earnings per
share
|
$
|
1.46
|
|
|
$
|
1.20
|
|
|
$
|
0.26
|
|
|
21.7
|
%
|
Non-operating pension and OPEB items(a)
|
(0.01)
|
|
|
(0.02)
|
|
|
|
|
|
Non-recurring and other unusual items(a)
|
0.08
|
|
|
0.13
|
|
|
|
|
|
Adjusted diluted
earnings per share(b)
|
$
|
1.53
|
|
|
$
|
1.31
|
|
|
$
|
0.22
|
|
|
16.8
|
%
|
(a) See Non-GAAP Reconciliations
for further details.
(b) Totals may not add due to
rounding.
- Net sales increased 14%, in constant currencies, due to
increased volume in all reportable segments and favorable pricing
in Lithium and Bromine Specialties.
- The Company's earnings increased as a result of earnings growth
from each of the businesses, lower interest and financing expenses,
and a lower effective tax rate. The increase was partially offset
by unfavorable currency exchange, higher corporate costs for
professional services, and increased depreciation and amortization
due to increased capital projects put into service.
Third Quarter Business Segment Results
Lithium
In
millions
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
|
330.4
|
|
|
$
|
270.9
|
|
|
$
|
59.5
|
|
|
21.9
|
%
|
Adjusted
EBITDA
|
$
|
127.5
|
|
|
$
|
113.6
|
|
|
$
|
13.8
|
|
|
12.2
|
%
|
- Net sales and adjusted EBITDA growth were driven by increased
volume and slightly favorable pricing of 1%, which more than offset deferred
shipments due to disruption caused by Typhoon Tapah in late
September. As previously communicated, impacted volume is expected
to be fully recovered in the fourth quarter.
- Net sales reflects unfavorable currency exchange of 1%.
Adjusted EBITDA reflects favorable currency exchange of 4%
resulting from a weaker Chilean Peso.
- Cost of goods sold increased, mainly due to higher tolling
product costs to meet customer commitments and address operating
issues in La Negra, Chile.
- Out-of-period non-cash expense of $7.0
million recorded in the third quarter of 2019 in cost of
goods sold was due to an adjustment of lithium carbonate inventory
values from the second quarter of 2019.
- Please see press release issued Oct. 24,
2019 for additional information.
Bromine Specialties
In
millions
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
|
256.3
|
|
|
$
|
232.6
|
|
|
$
|
23.7
|
|
|
10.2
|
%
|
Adjusted
EBITDA
|
$
|
88.8
|
|
|
$
|
78.6
|
|
|
$
|
10.2
|
|
|
13.0
|
%
|
- Net sales and adjusted EBITDA growth reflects favorable price
impacts and increased volume, more than offsetting unfavorable
currency exchange of 1%.
Catalysts
In
millions
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
|
261.3
|
|
|
$
|
251.1
|
|
|
$
|
10.2
|
|
|
4.1
|
%
|
Adjusted
EBITDA
|
$
|
66.9
|
|
|
$
|
62.6
|
|
|
$
|
4.3
|
|
|
6.9
|
%
|
- Favorable pricing in Fluid Catalytic Cracking (FCC) Catalysts
was offset by lower volumes related to delays in the start-up of
new FCC units.
- Clean Fuel Technology, or HPC, benefited from higher sales
volume and a favorable product mix.
- Net sales reflects unfavorable currency exchange of 1%.
- Results also reflect a partial insurance claim reimbursement of
$2.2 million received in 2018.
All Other
In
millions
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
|
31.7
|
|
|
$
|
23.1
|
|
|
$
|
8.7
|
|
|
37.6
|
%
|
Adjusted
EBITDA
|
$
|
10.4
|
|
|
$
|
4.0
|
|
|
$
|
6.5
|
|
|
163.3
|
%
|
- Net sales growth reflects increased sales volume of
$9.3 million in our fine chemistry
services business.
- Results also reflect a $4.4
million decrease from the re-measurement of the fair value
of our investment in private equity securities.
Corporate Results
In
millions
|
Q3
2019
|
|
Q3
2018
|
|
$
Change
|
|
%
Change
|
Adjusted
EBITDA
|
$
|
(39.3)
|
|
|
$
|
(23.7)
|
|
|
$
|
(15.6)
|
|
|
65.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Results reflect higher selling, general and administrative
spending for professional services and $11.3
million of unfavorable currency exchange impacts.
Income Taxes
The effective income tax rate for the third quarter of 2019 was
15.5% compared to 21.5% in the same period in 2018, largely due to
change in geographic earnings mix. On an adjusted basis, the
effective income tax rates were 15.0% and 18.9% for the third
quarter of 2019 and 2018, respectively.
Cash Flow and Capital Deployment
Cash from operations was $345.6
million for the nine months ended Sept. 30, 2019, a
decrease of $31.3 million versus the
same period in 2018. The result was primarily due to the timing on
payables and the collection of certain receivables, lower cash
earnings in Catalysts, and higher cash taxes. This was partially
offset by higher dividends received from unconsolidated investments
and increased cash earnings from Bromine Specialties.
Capital expenditures were $608.5
million as compared to $471.7
million in the first nine months of 2018, with the increase
driven largely by expansion in our Lithium business. As previously
announced in the second quarter, Albemarle reduced its multi-year capital
expenditure plan to approximately $3.5
billion from $5.0 billion over
the next five years. This adjustment reflects the Company's
commitment to generating free cash in 2021 and investing capital
where customer volume and price commitments provide an attractive
return.
During the nine months ended Sept. 30, 2019, Albemarle deployed dividends to shareholders
totaling $113.3
million.
Cash and cash equivalents were $317.8
million at Sept. 30, 2019, as
compared to $555.3 million at
Dec. 31, 2018.
Full Year 2019 Outlook
As previously announced on Oct. 24,
2019, discrete and operational items impacting Lithium will
likely cause the business's fourth quarter 2019 performance to be
lower than previously forecasted. The Company expects continued
upside in Bromine Specialties and Catalysts in the fourth quarter,
but does not expect this to offset the impact from Lithium on total
Company results.
As a result, Albemarle is
reaffirming its full year 2019 guidance as follows:
|
Current
Outlook
|
|
vs Pro
Forma
Full Year
2018(a)
|
Net sales
|
$3.6 - $3.7
billion
|
|
7% - 10%
|
Adjusted
EBITDA
|
$1.02 - $1.06
billion
|
|
2% - 6%
|
Adjusted EPS (per
diluted share)
|
$6.00 -
$6.20
|
|
10% - 14%
|
(a) Pro forma excludes the impact of the polyolefin catalysts
and components business sold on April 1,
2018.
Additionally, the Company expects its full year 2019 income tax
rate to be between 18% and 19%.
Earnings Call
Date:
|
Thursday, Nov. 7,
2019
|
Time:
|
9:00 AM Eastern
time
|
Dial-in
(U.S.):
|
844-347-1034
|
Dial-in
(International):
|
209-905-5910
|
Passcode:
|
6199517
|
The Company's earnings presentation and supporting material is
available on Albemarle's website
at https://investors.albemarle.com.
About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., 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
5,600 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, 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 cost synergies, capital projects, economic
trends, outlook 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;
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 form
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 provide any revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.
Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net
sales
|
$
|
879,747
|
|
|
$
|
777,748
|
|
|
$
|
2,596,863
|
|
|
$
|
2,453,251
|
|
Cost of goods
sold
|
569,880
|
|
|
497,211
|
|
|
1,677,596
|
|
|
1,556,379
|
|
Gross
profit
|
309,867
|
|
|
280,537
|
|
|
919,267
|
|
|
896,872
|
|
Selling, general and
administrative expenses
|
108,135
|
|
|
100,167
|
|
|
348,205
|
|
|
325,174
|
|
Research and
development expenses
|
15,585
|
|
|
16,610
|
|
|
44,024
|
|
|
53,670
|
|
Gain on sale of
business
|
—
|
|
|
—
|
|
|
—
|
|
|
(218,705)
|
|
Operating
profit
|
186,147
|
|
|
163,760
|
|
|
527,038
|
|
|
736,733
|
|
Interest and
financing expenses
|
(11,108)
|
|
|
(12,988)
|
|
|
(35,295)
|
|
|
(39,834)
|
|
Other (expenses)
income, net
|
(11,316)
|
|
|
3,793
|
|
|
(7,090)
|
|
|
(31,906)
|
|
Income before income
taxes and equity in net income of
unconsolidated investments
|
163,723
|
|
|
154,565
|
|
|
484,653
|
|
|
664,993
|
|
Income tax
expense
|
25,341
|
|
|
33,167
|
|
|
93,266
|
|
|
133,630
|
|
Income before equity
in net income of unconsolidated
investments
|
138,382
|
|
|
121,398
|
|
|
391,387
|
|
|
531,363
|
|
Equity in net income
of unconsolidated investments (net of
tax)
|
33,236
|
|
|
22,081
|
|
|
106,727
|
|
|
61,727
|
|
Net income
|
171,618
|
|
|
143,479
|
|
|
498,114
|
|
|
593,090
|
|
Net income
attributable to noncontrolling interests
|
(16,548)
|
|
|
(13,734)
|
|
|
(55,277)
|
|
|
(29,124)
|
|
Net income
attributable to Albemarle Corporation
|
$
|
155,070
|
|
|
$
|
129,745
|
|
|
$
|
442,837
|
|
|
$
|
563,966
|
|
Basic earnings per
share
|
$
|
1.46
|
|
|
$
|
1.21
|
|
|
$
|
4.18
|
|
|
$
|
5.16
|
|
Diluted earnings per
share
|
$
|
1.46
|
|
|
$
|
1.20
|
|
|
$
|
4.16
|
|
|
$
|
5.11
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – basic
|
105,999
|
|
|
107,315
|
|
|
105,920
|
|
|
109,223
|
|
Weighted-average
common shares outstanding – diluted
|
106,299
|
|
|
108,302
|
|
|
106,324
|
|
|
110,276
|
|
Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)
|
September
30,
|
|
December
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
317,823
|
|
|
$
|
555,320
|
|
Trade accounts
receivable
|
637,037
|
|
|
605,712
|
|
Other accounts
receivable
|
86,556
|
|
|
52,059
|
|
Inventories
|
802,434
|
|
|
700,540
|
|
Other current
assets
|
125,902
|
|
|
84,790
|
|
Total current
assets
|
1,969,752
|
|
|
1,998,421
|
|
Property, plant and
equipment
|
5,406,123
|
|
|
4,799,063
|
|
Less accumulated
depreciation and amortization
|
1,882,086
|
|
|
1,777,979
|
|
Net property, plant
and equipment
|
3,524,037
|
|
|
3,021,084
|
|
Investments
|
551,657
|
|
|
528,722
|
|
Other
assets
|
200,858
|
|
|
80,135
|
|
Goodwill
|
1,534,241
|
|
|
1,567,169
|
|
Other intangibles,
net of amortization
|
361,058
|
|
|
386,143
|
|
Total
assets
|
$
|
8,141,603
|
|
|
$
|
7,581,674
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
527,052
|
|
|
$
|
522,516
|
|
Accrued
expenses
|
273,709
|
|
|
257,323
|
|
Current portion of
long-term debt
|
539,960
|
|
|
307,294
|
|
Dividends
payable
|
38,678
|
|
|
35,169
|
|
Current operating
lease liability
|
24,606
|
|
|
—
|
|
Income taxes
payable
|
17,238
|
|
|
60,871
|
|
Total current
liabilities
|
1,421,243
|
|
|
1,183,173
|
|
Long-term
debt
|
1,381,984
|
|
|
1,397,916
|
|
Postretirement
benefits
|
45,752
|
|
|
46,157
|
|
Pension
benefits
|
272,345
|
|
|
285,396
|
|
Other noncurrent
liabilities
|
618,822
|
|
|
526,942
|
|
Deferred income
taxes
|
393,120
|
|
|
382,982
|
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
Common
stock
|
1,060
|
|
|
1,056
|
|
Additional paid-in
capital
|
1,379,419
|
|
|
1,368,897
|
|
Accumulated other
comprehensive loss
|
(435,977)
|
|
|
(350,682)
|
|
Retained
earnings
|
2,892,057
|
|
|
2,566,050
|
|
Total Albemarle
Corporation shareholders' equity
|
3,836,559
|
|
|
3,585,321
|
|
Noncontrolling
interests
|
171,778
|
|
|
173,787
|
|
Total
equity
|
4,008,337
|
|
|
3,759,108
|
|
Total liabilities and
equity
|
$
|
8,141,603
|
|
|
$
|
7,581,674
|
|
Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)
|
Nine Months
Ended
September
30,
|
|
2019
|
|
2018
|
Cash and cash
equivalents at beginning of year
|
$
|
555,320
|
|
|
$
|
1,137,303
|
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
498,114
|
|
|
593,090
|
|
Adjustments to
reconcile net income to cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
156,718
|
|
|
150,511
|
|
Gain on sale of
business
|
—
|
|
|
(218,705)
|
|
Gain on sale of
property
|
(11,079)
|
|
|
—
|
|
Stock-based
compensation and other
|
15,169
|
|
|
11,785
|
|
Equity in net income
of unconsolidated investments (net of tax)
|
(106,727)
|
|
|
(61,727)
|
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
62,982
|
|
|
32,794
|
|
Pension and
postretirement expense (benefit)
|
1,641
|
|
|
(2,708)
|
|
Pension and
postretirement contributions
|
(10,728)
|
|
|
(11,068)
|
|
Unrealized gain on
investments in marketable securities
|
(1,701)
|
|
|
(1,615)
|
|
Deferred income
taxes
|
7,726
|
|
|
43,400
|
|
Working capital
changes
|
(289,587)
|
|
|
(131,813)
|
|
Other, net
|
23,110
|
|
|
(27,003)
|
|
Net cash provided by
operating activities
|
345,638
|
|
|
376,941
|
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
—
|
|
|
(11,403)
|
|
Capital
expenditures
|
(608,456)
|
|
|
(471,675)
|
|
Cash proceeds from
divestitures, net
|
—
|
|
|
413,479
|
|
Proceeds from sale of
property and equipment
|
10,356
|
|
|
—
|
|
Sales of (investments
in) marketable securities, net
|
1,177
|
|
|
(761)
|
|
Investments in equity
and other corporate investments
|
(2,569)
|
|
|
(5,346)
|
|
Net cash used in
investing activities
|
(599,492)
|
|
|
(75,706)
|
|
Cash flows from
financing activities:
|
|
|
|
Other borrowings
(repayments), net
|
232,183
|
|
|
(134,505)
|
|
Dividends paid to
shareholders
|
(113,321)
|
|
|
(108,922)
|
|
Dividends paid to
noncontrolling interests
|
(57,212)
|
|
|
(14,756)
|
|
Repurchases of common
stock
|
—
|
|
|
(500,000)
|
|
Proceeds from
exercise of stock options
|
4,814
|
|
|
2,302
|
|
Withholding taxes
paid on stock-based compensation award distributions
|
(10,774)
|
|
|
(17,047)
|
|
Other
|
(445)
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
55,245
|
|
|
(772,928)
|
|
Net effect of foreign
exchange on cash and cash equivalents
|
(38,888)
|
|
|
(24,384)
|
|
Decrease in cash and
cash equivalents
|
(237,497)
|
|
|
(496,077)
|
|
Cash and cash
equivalents at end of period
|
$
|
317,823
|
|
|
$
|
641,226
|
|
Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net
sales:
|
|
|
|
|
|
|
|
Lithium
|
$
|
330,386
|
|
|
$
|
270,928
|
|
|
$
|
947,030
|
|
|
$
|
886,523
|
|
Bromine
Specialties
|
256,267
|
|
|
232,616
|
|
|
760,752
|
|
|
678,769
|
|
Catalysts
|
261,346
|
|
|
251,139
|
|
|
779,295
|
|
|
796,822
|
|
All Other
|
31,748
|
|
|
23,065
|
|
|
109,786
|
|
|
90,978
|
|
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
159
|
|
Total net
sales
|
$
|
879,747
|
|
|
$
|
777,748
|
|
|
$
|
2,596,863
|
|
|
$
|
2,453,251
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Lithium
|
$
|
127,459
|
|
|
$
|
113,629
|
|
|
$
|
384,854
|
|
|
$
|
386,260
|
|
Bromine
Specialties
|
88,814
|
|
|
78,585
|
|
|
248,743
|
|
|
217,921
|
|
Catalysts
|
66,944
|
|
|
62,602
|
|
|
193,890
|
|
|
205,534
|
|
All Other
|
10,448
|
|
|
3,968
|
|
|
28,931
|
|
|
7,729
|
|
Corporate
|
(39,314)
|
|
|
(23,702)
|
|
|
(114,300)
|
|
|
(75,082)
|
|
Total adjusted
EBITDA
|
$
|
254,351
|
|
|
$
|
235,082
|
|
|
$
|
742,118
|
|
|
$
|
742,362
|
|
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 in accordance with, accounting principles
generally accepted in the United
States, or GAAP. These non-GAAP measures should not be
considered as alternatives to Net income attributable to Albemarle
Corporation ("earnings"). These measures are presented here to
provide additional useful measurements to review our operations,
provide transparency to investors and enable period-to-period
comparability of financial performance. The Company's chief
operating decision maker uses these measures to assess the ongoing
performance of the Company and its segments, as well as for
business and enterprise planning purposes.
A description of other non-GAAP financial measures that we use
to evaluate our operations and financial performance, and
reconciliation of these non-GAAP financial measures to the most
directly comparable financial measures calculated and reported in
accordance with GAAP can be found on the following pages of this
press release, which is also is available on Albemarle's website at
https://investors.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 results calculated
in accordance with GAAP.
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 and non-operating pension and OPEB items as listed
below. EBITDA is defined as earnings before interest and financing
expenses, income taxes, and depreciation and amortization. Adjusted
EBITDA is defined as EBITDA and the non-recurring, other unusual
and non-operating pension and OPEB items as listed below.
|
Three Months
Ended
|
|
Nine
Months Ended
|
|
September
30,
|
|
September
30,
|
In thousands, except
percentages and per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
attributable to Albemarle Corporation
|
$
|
155,070
|
|
|
$
|
129,745
|
|
|
$
|
442,837
|
|
|
$
|
563,966
|
|
Add back:
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(543)
|
|
|
(1,856)
|
|
|
(1,805)
|
|
|
(5,595)
|
|
Non-recurring and
other unusual items (net of tax)
|
8,497
|
|
|
13,568
|
|
|
17,239
|
|
|
(121,731)
|
|
Adjusted net income
attributable to Albemarle Corporation
|
$
|
163,024
|
|
|
$
|
141,457
|
|
|
$
|
458,271
|
|
|
$
|
436,640
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
|
1.53
|
|
|
$
|
1.31
|
|
|
$
|
4.31
|
|
|
$
|
3.96
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – diluted
|
106,299
|
|
|
108,302
|
|
|
106,324
|
|
|
110,276
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
155,070
|
|
|
$
|
129,745
|
|
|
$
|
442,837
|
|
|
$
|
563,966
|
|
Add back:
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
11,108
|
|
|
12,988
|
|
|
35,295
|
|
|
39,834
|
|
Income tax
expense
|
25,341
|
|
|
33,167
|
|
|
93,266
|
|
|
133,630
|
|
Depreciation and
amortization
|
54,487
|
|
|
49,707
|
|
|
156,718
|
|
|
150,511
|
|
EBITDA
|
246,006
|
|
|
225,607
|
|
|
728,116
|
|
|
887,941
|
|
Non-operating pension
and OPEB items
|
(551)
|
|
|
(2,195)
|
|
|
(1,810)
|
|
|
(6,596)
|
|
Non-recurring and
other unusual items
|
8,896
|
|
|
11,670
|
|
|
15,812
|
|
|
(138,983)
|
|
Adjusted
EBITDA
|
$
|
254,351
|
|
|
$
|
235,082
|
|
|
$
|
742,118
|
|
|
$
|
742,362
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
879,747
|
|
|
$
|
777,748
|
|
|
$
|
2,596,863
|
|
|
$
|
2,453,251
|
|
EBITDA
margin
|
28.0
|
%
|
|
29.0
|
%
|
|
28.0
|
%
|
|
36.2
|
%
|
Adjusted EBITDA
margin
|
28.9
|
%
|
|
30.2
|
%
|
|
28.6
|
%
|
|
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
September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle
Corporation
|
$
|
102,136
|
|
|
$
|
75,224
|
|
|
$
|
54,345
|
|
|
$
|
231,705
|
|
|
$
|
8,305
|
|
|
$
|
(84,940)
|
|
|
$
|
155,070
|
|
|
17.6
|
%
|
Depreciation and
amortization
|
25,212
|
|
|
12,448
|
|
|
12,599
|
|
|
50,259
|
|
|
2,143
|
|
|
2,085
|
|
|
54,487
|
|
|
6.2
|
%
|
Non-recurring and
other unusual items
|
111
|
|
|
1,142
|
|
|
—
|
|
|
1,253
|
|
|
—
|
|
|
7,643
|
|
|
8,896
|
|
|
1.0
|
%
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,108
|
|
|
11,108
|
|
|
1.3
|
%
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,341
|
|
|
25,341
|
|
|
2.9
|
%
|
Non-operating pension and OPEB
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(551)
|
|
|
(551)
|
|
|
(0.1)
|
%
|
Adjusted
EBITDA
|
$
|
127,459
|
|
|
$
|
88,814
|
|
|
$
|
66,944
|
|
|
$
|
283,217
|
|
|
$
|
10,448
|
|
|
$
|
(39,314)
|
|
|
$
|
254,351
|
|
|
28.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle
Corporation
|
$
|
90,313
|
|
|
$
|
67,967
|
|
|
$
|
50,491
|
|
|
$
|
208,771
|
|
|
$
|
1,978
|
|
|
$
|
(81,004)
|
|
|
$
|
129,745
|
|
|
16.7
|
%
|
Depreciation and
amortization
|
23,370
|
|
|
10,618
|
|
|
12,111
|
|
|
46,099
|
|
|
1,990
|
|
|
1,618
|
|
|
49,707
|
|
|
6.4
|
%
|
Non-recurring and
other unusual items
|
(54)
|
|
|
—
|
|
|
—
|
|
|
(54)
|
|
|
—
|
|
|
11,724
|
|
|
11,670
|
|
|
1.5
|
%
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,988
|
|
|
12,988
|
|
|
1.7
|
%
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,167
|
|
|
33,167
|
|
|
4.2
|
%
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,195)
|
|
|
(2,195)
|
|
|
(0.3)
|
%
|
Adjusted
EBITDA
|
$
|
113,629
|
|
|
$
|
78,585
|
|
|
$
|
62,602
|
|
|
$
|
254,816
|
|
|
$
|
3,968
|
|
|
$
|
(23,702)
|
|
|
$
|
235,082
|
|
|
30.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle
Corporation
|
$
|
312,609
|
|
|
$
|
212,320
|
|
|
$
|
156,328
|
|
|
$
|
681,257
|
|
|
$
|
22,629
|
|
|
$
|
(261,049)
|
|
|
$
|
442,837
|
|
|
17.1
|
%
|
Depreciation and
amortization
|
71,669
|
|
|
35,281
|
|
|
37,562
|
|
|
144,512
|
|
|
6,302
|
|
|
5,904
|
|
|
156,718
|
|
|
6.0
|
%
|
Non-recurring and
other unusual items
|
576
|
|
|
1,142
|
|
|
—
|
|
|
1,718
|
|
|
—
|
|
|
14,094
|
|
|
15,812
|
|
|
0.6
|
%
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,295
|
|
|
35,295
|
|
|
1.4
|
%
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,266
|
|
|
93,266
|
|
|
3.6
|
%
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,810)
|
|
|
(1,810)
|
|
|
(0.1)
|
%
|
Adjusted
EBITDA
|
$
|
384,854
|
|
|
$
|
248,743
|
|
|
$
|
193,890
|
|
|
$
|
827,487
|
|
|
$
|
28,931
|
|
|
$
|
(114,300)
|
|
|
$
|
742,118
|
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle
Corporation
|
$
|
315,939
|
|
|
$
|
187,176
|
|
|
$
|
387,038
|
|
|
$
|
890,153
|
|
|
$
|
1,659
|
|
|
$
|
(327,846)
|
|
|
$
|
563,966
|
|
|
23.0
|
%
|
Depreciation and
amortization
|
71,760
|
|
|
30,745
|
|
|
37,201
|
|
|
139,706
|
|
|
6,070
|
|
|
4,735
|
|
|
150,511
|
|
|
6.2
|
%
|
Non-recurring and
other unusual items
|
(1,439)
|
|
|
—
|
|
|
(218,705)
|
|
|
(220,144)
|
|
|
—
|
|
|
81,161
|
|
|
(138,983)
|
|
|
(5.7)
|
%
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,834
|
|
|
39,834
|
|
|
1.6
|
%
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133,630
|
|
|
133,630
|
|
|
5.5
|
%
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,596)
|
|
|
(6,596)
|
|
|
(0.3)
|
%
|
Adjusted
EBITDA
|
$
|
386,260
|
|
|
$
|
217,921
|
|
|
$
|
205,534
|
|
|
$
|
809,715
|
|
|
$
|
7,729
|
|
|
$
|
(75,082)
|
|
|
$
|
742,362
|
|
|
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 driven by market performance, and we manage these separately
from the operational performance of our businesses. In accordance
with GAAP, these non-operating pension and OPEB items are included
in Other (expenses) income, net. Non-operating pension and OPEB
items were as follows (in thousands):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Interest
cost
|
$
|
8,863
|
|
|
$
|
8,509
|
|
|
$
|
26,501
|
|
|
$
|
25,636
|
|
Expected return on
assets
|
(9,414)
|
|
|
(10,704)
|
|
|
(28,311)
|
|
|
(32,232)
|
|
Total
|
$
|
(551)
|
|
|
$
|
(2,195)
|
|
|
$
|
(1,810)
|
|
|
$
|
(6,596)
|
|
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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Restructuring and
other(1)
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
Acquisition and
integration related costs(2)
|
0.03
|
|
|
0.03
|
|
|
|
0.10
|
|
|
|
0.10
|
|
Albemarle Foundation
contribution(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Gain on sale of
business(4)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.60)
|
|
Gain on sale of
property(5)
|
—
|
|
|
—
|
|
|
(0.08)
|
|
|
—
|
|
Legal
accrual(6)
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.21
|
|
Environmental
accrual(7)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.11
|
|
Other(8)
|
0.05
|
|
|
0.04
|
|
|
0.12
|
|
|
0.05
|
|
Discrete tax
items(9)
|
—
|
|
|
—
|
|
|
0.02
|
|
|
(0.11)
|
|
Total non-recurring
and other unusual items
|
$
|
0.08
|
|
|
$
|
0.13
|
|
|
$
|
0.16
|
|
|
$
|
(1.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included in Selling, general and administrative
expenses for the three and nine months ended September 30, 2018 is $3.7
million (or $0.04 per share)
related to severance payments as part of a business reorganization
plan.
(2) Acquisition and integration related costs for the
three and nine months ended September 30,
2019 and 2018 related to various significant projects.
Acquisition and integration related costs are included in the
consolidated statements of income as follows (in millions, except
per share amounts):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Acquisition and
integration related costs:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
Selling, general and
administrative expenses
|
4.1
|
|
|
3.4
|
|
|
14.4
|
|
|
10.2
|
|
Total
|
$
|
4.1
|
|
|
$
|
4.3
|
|
|
$
|
14.4
|
|
|
$
|
13.1
|
|
Total acquisition and
integration related costs,
after income taxes
|
$
|
3.2
|
|
|
$
|
3.5
|
|
|
$
|
11.1
|
|
|
$
|
10.7
|
|
Total acquisition and
integration related costs,
per diluted share
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
(3) Included in Selling, general and administrative
expenses for the nine months ended September
30, 2018 is a $15.0 million
($11.5 million after income taxes, or
$0.10 per share) charitable
contribution, using a portion of the proceeds received from the
Polyolefin Catalysts Divestiture, to the Albemarle Foundation, a
non-profit organization that sponsors grants, health and social
projects, educational initiatives, disaster relief, matching gift
programs, scholarships and other charitable initiatives in
locations where our employees live and operate. This contribution
is in addition to the ordinary annual contribution made to the
Albemarle Foundation by the Company, and is significant in size and
nature in that it is intended to provide more long-term benefits in
the communities where we live and operate.
(4) Included in Gain on sale of business, for the nine
months ended September 30, 2018 is
$218.7 million ($176.7 million after discrete incomes taxes, or
$1.60 per share) related to the sale
of the Polyolefin Catalysts Divestiture.
(5) Included in Other (expenses) income, net, for the nine
months ended September 30, 2019 is a
gain of $11.1 million ($8.5 million after income taxes, or $0.08 per share) related to the sale of land in
Pasadena, Texas not used as part
of our operations.
(6) Included in Other (expenses) income, net, for the
three and nine months ended September 30,
2018 are expenses of $0.4
million ($2.8 million
including the adjustment of previously recorded income taxes, or
$0.03 per share) and $10.8 million (or $0.10 per share), respectively, resulting from a
settlement of a legal matter related to guarantees from a
previously disposed business. In addition, Other (expenses) income,
net, for the three and nine months ended September 30, 2018 include a gain of $1.4 million ($1.1
million after income taxes, or $0.01 per share) and an expense of $16.2 million ($12.5
million after income taxes, or $0.11 per share), respectively, resulting from a
jury rendered verdict against Albemarle related to certain business
concluded under a 2014 sales agreement for products that
Albemarle no longer manufactures.
Both matters were resolved and paid in 2018.
(7) Increase in environmental reserve of $15.6 million ($12.0
million after income taxes, or $0.11 per share) to indemnify the buyer of a
formerly owned site recorded in Other (expenses) income, net. As
defined in the agreement of sale, this indemnification has a set
cutoff date in 2024, at which point we will no longer be required
to provide financial coverage.
(8) Other adjustments for the three months ended
September 30, 2019 included amounts
recorded in:
- Cost of goods sold - $0.1 million
related to non-routine labor and compensation related costs in
Chile that are outside normal
compensation arrangements.
- Selling, general and administrative expenses - $1.1 million of a write-off of uncollectable
accounts receivable from a terminated distributor in the Bromine
Specialties segment.
- Other (expenses) income, net - $3.1
million of unrecoverable vendor costs outside the operations
of the business related to the construction of the future Kemerton
production facility, as well as a net loss of $0.4 million primarily resulting from the
settlement of legal matters related to previously disposed
businesses or recorded in purchase accounting.
After income taxes, these charges totaled $5.4 million, or $0.05 per share.
Other adjustments for the nine months ended September 30, 2019 included amounts recorded
in:
- Cost of goods sold - $0.6 million
related to non-routine labor and compensation related costs in
Chile that are outside normal
compensation arrangements.
- Selling, general and administrative expenses - Expected
severance payments to be made in 2019 as part of a business
reorganization plan of $5.3 million,
with the unpaid balance recorded in Accrued expenses, $1.0 million of shortfall contributions for our
multiemployer plan financial improvement plan, and $1.1 million of a write-off of uncollectable
accounts receivable from a terminated distributor in the Bromine
Specialties segment.
- Other (expenses) income, net - $3.1
million of unrecoverable vendor costs outside the operations
of the business related to the construction of the future Kemerton
production facility, a net loss of $0.4
million primarily resulting from the settlement of legal
matters related to previously disposed businesses or recorded in
purchase accounting, and $0.9 million
of a net loss primarily resulting from the revision of
indemnifications and other liabilities related to previously
disposed businesses.
After income taxes, these charges totaled $12.3 million, or $0.12 per share.
Other adjustments for the three months ended September 30, 2018 included amounts recorded
in:
- Cost of goods sold - $3.8 million
for the write-off of fixed assets related to a major capacity
expansion in our Jordanian joint venture.
- Selling, general and administrative expenses - $0.1 million gain related to a refund from
Chilean authorities due to an overpayment made in a prior year,
partially offset by a $1.2 million
contribution, using a portion of the proceeds received from the
Polyolefin Catalysts Divestiture, to schools in the state of
Louisiana for qualified tuition
purposes. This contribution is significant in size and is intended
to provide long-term benefits for families in the Louisiana community.
- Other (expenses) income, net - $0.2
million gain related to the revision of previously recorded
expenses of disposed businesses.
After income taxes, these charges totaled $4.4 million, or $0.04 per share.
Other adjustments for the nine months ended September 30, 2018 included amounts recorded
in:
- Cost of goods sold - $4.9 million
for the write-off of fixed assets related to a major capacity
expansion in our Jordanian joint venture.
- Selling, general and administrative expenses - $1.5 million gain related to a refund from
Chilean authorities due to an overpayment made in a prior year,
partially offset by a $1.2 million
contribution, using a portion of the proceeds received from the
Polyolefin Catalysts Divestiture, to schools in the state of
Louisiana for qualified tuition
purposes. This contribution is significant in size and is intended
to provide long-term benefits for families in the Louisiana community.
- Other (expenses) income, net - $0.8
million related to the revision of previously recorded
expenses of disposed businesses.
After income taxes, these charges totaled $5.3 million, or $0.05 per share.
(9) Included in Income tax expense for the nine months
ended September 30, 2019 are discrete
net tax expenses of $2.3 million, or
$0.02 per share. This net expense is
primarily related to expenses for uncertain tax positions and
foreign return to accrual adjustments, partially offset by a
benefit for excess tax benefits realized from stock-based
compensation arrangements.
Included in Income tax expense for the three and nine months
ended September 30, 2018 are discrete
net tax expenses (benefits), excluding the discrete tax expense on
the gain of sale of business noted above, of $0.2 million, or less than $0.01 per share, and ($11.6) million, or ($0.11) per share, respectively. The net expense
for the three months is primarily related to $1.9 million expense recorded for stock-based
compensation arrangements and $1.7
million expense for adjustments related to the accounting
for the TCJA, partially offset by a $2.0
million benefit from foreign accrual to return adjustments
and a $1.2 million benefit from the
release of foreign valuation allowances. The net benefit for the
nine months is primarily related to an $8.0
million benefit for tax accounting method changes, a
$4.8 million benefit for adjustments
related to the accounting for the TCJA, $5.4
million excess tax benefits realized from stock-based
compensation arrangements, and a $2.0
million benefit from foreign accrual to return adjustments,
partially offset by $7.3 million
expense for adjustments to foreign valuation allowances.
See below for a reconciliation of the adjusted effective income
tax rate, the non-GAAP financial measure, to the effective income
tax rate, the most directly comparable financial measure calculated
and reported in accordance with GAAP (in thousands, except
percentages).
|
Income before
income taxes and
equity in net income
of unconsolidated
investments
|
|
Income tax
expense
|
|
Effective income
tax
rate
|
Three months ended
September 30, 2019:
|
|
|
|
|
|
As
reported
|
$
|
163,723
|
|
|
$
|
25,341
|
|
|
15.5
|
%
|
Non-recurring, other
unusual and non-operating pension and OPEB
items
|
8,345
|
|
|
391
|
|
|
|
As
adjusted
|
$
|
172,068
|
|
|
$
|
25,732
|
|
|
15.0
|
%
|
|
|
|
|
|
|
Three months ended
September 30, 2018:
|
|
|
|
|
|
As
reported
|
$
|
154,565
|
|
|
$
|
33,167
|
|
|
21.5
|
%
|
Non-recurring, other
unusual and non-operating pension and OPEB
ems
|
9,475
|
|
|
(2,237)
|
|
|
|
As
adjusted
|
$
|
164,040
|
|
|
$
|
30,930
|
|
|
18.9
|
%
|
|
|
|
|
|
|
Nine months ended
September 30, 2019:
|
|
|
|
|
|
As
reported
|
$
|
484,653
|
|
|
$
|
93,266
|
|
|
19.2
|
%
|
Non-recurring, other
unusual and non-operating pension and OPEB
items
|
14,002
|
|
|
(1,432)
|
|
|
|
As
adjusted
|
$
|
498,655
|
|
|
$
|
91,834
|
|
|
18.4
|
%
|
|
|
|
|
|
|
Nine months ended
September 30, 2018:
|
|
|
|
|
|
As
reported
|
$
|
664,993
|
|
|
$
|
133,630
|
|
|
20.1
|
%
|
Non-recurring, other
unusual and non-operating pension and OPEB
items
|
(145,579)
|
|
|
(18,253)
|
|
|
|
As
adjusted
|
$
|
519,414
|
|
|
$
|
115,377
|
|
|
22.2
|
%
|
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SOURCE Albemarle Corporation