CHARLOTTE, N.C., Nov. 2, 2022
/PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today
announced its results for the third quarter ended Sept. 30, 2022.
Third-Quarter 2022 and Recent
Highlights
(Unless otherwise stated, all percentage
changes represent year-over-year comparisons)
- Net sales of $2.1 billion, an
increase of 152%
- Net income of $897.2 million, or
$7.61 per diluted share; Adjusted
diluted EPS of $7.50, an increase of
614%
- Adjusted EBITDA of $1.2 billion,
an increase of 447%
- Completed the acquisition of the Qinzhou lithium conversion
plant in Guangxi China for
$200 million on Oct. 25, 2022
- Kemerton II lithium conversion plant achieved mechanical
completion and transitioned to commissioning phase
- Awarded U.S. Department of Energy grant for US-based lithium
concentrator facility to support domestic EV supply chain
- Concluded strategic review of the Catalysts business; to be
retained as wholly owned subsidiary branded as Ketjen
- Realigning core Lithium and Bromine businesses into Energy
Storage and Specialties segments expected to be effective
Jan. 1, 2023
- Tightened full-year 2022 guidance including net sales of
$7.1 - $7.4
billion (>2x 2021) and adjusted EBITDA of $3.3 - $3.5 billion
(3.7x 2021)
"We had an outstanding quarter driven by strong demand for
lithium-ion batteries," said Albemarle CEO Kent Masters. "As one of the world's largest
producers of lithium, we are well positioned to enable the global
energy transition. With our acquisition of the Qinzhou lithium
conversion plant in China and
mechanical completion of our Kemerton II expansion in Australia, we are on track to more than double
our lithium conversion capacity compared to last year. Our new
segment structure is designed to support our ability to deliver
volumetric growth in the energy storage arena as well as
enable long-term growth in the lithium and bromine specialties
markets."
Outlook
Full-year 2022 outlook remains strong, with net sales expected
to be more than double and adjusted EBITDA expected to be nearly
four times 2021 results. Ongoing strength in lithium pricing and
end markets offsets slightly lower expectations due to
bromine-related weakness in key end markets, including consumer and
industrial electronics and building and construction. Adjusted
EBITDA guidance has been tightened towards the higher end of
previous expectations, and the company continues to expect to be
free cash flow positive in 2022.
|
|
FY 2022
Guidance
as of Aug. 3,
2022
|
|
FY 2022
Guidance
as of Nov. 2,
2022
|
Net sales
|
|
$7.1 - $7.5
billion
|
|
$7.1 - $7.4
billion
|
Adjusted
EBITDA
|
|
$3.2 - $3.5
billion
|
|
$3.3 - $3.5
billion
|
Adjusted EBITDA
Margin
|
|
45% - 47%
|
|
46% - 47%
|
Adjusted Diluted
EPS
|
|
$19.25 -
$22.25
|
|
$19.75 -
$21.75
|
Net Cash from
Operations
|
|
$1.4 - $1.7
billion
|
|
$1.45 - $1.65
billion
|
Capital
Expenditures
|
|
$1.3 - $1.5
billion
|
|
$1.3 - $1.4
billion
|
Third-Quarter 2022 Results
In millions, except
per share amounts
|
Q3
2022
|
|
Q3
2021
|
|
$
Change
|
|
%
Change
|
Net sales
|
$
2,091.8
|
|
$
830.6
|
|
$
1,261.2
|
|
151.9 %
|
Net income (loss)
attributable to Albemarle Corporation
|
$
897.2
|
|
$ (392.8)
|
|
$
1,290.0
|
|
|
Adjusted
EBITDA(a)
|
$
1,190.0
|
|
$
217.6
|
|
$
972.4
|
|
446.9 %
|
Diluted earnings per
share
|
$
7.61
|
|
$
(3.36)
|
|
$
10.97
|
|
|
Non-operating pension and OPEB items(a)
|
(0.03)
|
|
(0.04)
|
|
|
|
|
Non-recurring and other unusual items(a)
|
(0.08)
|
|
4.42
|
|
|
|
|
Adjusted diluted
earnings per share(a)(b)
|
$
7.50
|
|
$
1.05
|
|
$
6.45
|
|
614.3 %
|
(a)
|
See Non-GAAP
Reconciliations for further details.
|
(b)
|
Totals may not add due
to rounding.
|
Net sales of $2.1 billion
increased by $1.3 billion compared to
the prior-year quarter primarily due to increased pricing driven by
strong demand from diverse end markets.
Net income attributable to Albemarle of $897.2
million increased by $1.3
billion from the prior-year quarter. Note that prior-year
net income attributable to Albemarle includes a $657.4 million ($504.5
million after income taxes, or $4.29 per share) expense related to the
settlement of a prior legal matter.
Adjusted EBITDA of $1.2 billion
increased by $972.4 million from the
prior-year quarter primarily due to higher net sales, partially
offset by inflationary cost pressures including natural gas prices
in Europe and raw materials.
The effective income tax rate for the third quarter of 2022 was
22.7% compared to 22.2% in the same period of 2021. On an adjusted
basis, the effective income tax rates were 23.2% and 19.2% for the
third quarter of 2022 and 2021, respectively.
Business Segment Results
For stronger focus and better execution on its multiple growth
opportunities, the company is realigning its core portfolio into
Energy Storage and Specialties. Energy Storage will focus on the
lithium-ion battery evolution and the transition to clean energy.
Albemarle Specialties combines the existing Bromine business with
the Lithium specialties business. These businesses share
complementary competencies in complex chemistry, applied knowledge,
and process technology, and their combination is expected to
strengthen Albemarle's ability
both to serve its specialties customers and to develop new
products. The company expects the new structure to be effective
January 1, 2023.
Lithium Results
In
millions
|
Q3
2022
|
|
Q3
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
1,501.1
|
|
$
359.2
|
|
$
1,141.8
|
|
317.9 %
|
Adjusted
EBITDA
|
$
1,111.2
|
|
$
125.4
|
|
$
985.8
|
|
786.0 %
|
Lithium net sales of $1.5 billion
increased $1.1 billion (+318%) due to
higher pricing net of FX (+298%) related to renegotiated contracts
and increased market pricing. Volume was also higher (+20%) related
to the La Negra III/IV expansion in Chile and higher tolling volumes to meet
growing customer demand. Adjusted EBITDA of $1.1 billion increased $985.8 million as higher pricing and volumes more
than offset higher costs. Lithium also benefited from a spodumene
shipment from Talison originally expected in the fourth quarter
that occurred in the third quarter resulting in a $100 million benefit in the company's equity
income.
Lithium Outlook
The company is reaffirming its full-year 2022 outlook for
Lithium. Adjusted EBITDA is expected to grow 500-550% year over
year. Average realized pricing growth is expected to be 225-250%
year over year resulting from previously renegotiated contracts and
increased market pricing. Full-year 2022 volume growth is expected
to be 20-30% year over year primarily due to new capacity coming
online as well as higher tolling volumes. The current outlook
ranges for Lithium reflect the potential upside for additional spot
price improvements and the potential downside of volume shortfalls
(e.g., delays in commissioning and production ramp up at expansion
sites and qualifications for tolling) for the remainder of the
year.
Albemarle continues to progress
the expansion of its global portfolio of conversion capacity and
utilization of its world-class resource portfolio:
Chile
– La Negra III/IV
conversion plant has completed commercial qualification and is now
generating revenue and running as expected
– The Salar Yield Improvement Project
is on schedule for mechanical completion by the middle of next
year
Australia
– Kemerton I
conversion plant is ramping through commissioning and expected to
produce qualification samples by year end
– Kemerton II conversion plant has
achieved mechanical completion and transitioned to
commissioning
China
– The acquisition of the
Qinzhou lithium conversion plant in Guangxi China was completed on Oct. 25, 2022
– Construction is progressing on
schedule at the Meishan greenfield project
United States
– New wells and
expansion projects at Silver Peak continue to progress ahead of
schedule
– Site selection for the mega-flex
conversion facility is underway
– Kings
Mountain mine studies continue to progress positively
Bromine Results
In
millions
|
Q3
2022
|
|
Q3
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
354.9
|
|
$
277.8
|
|
$
77.1
|
|
27.8 %
|
Adjusted
EBITDA
|
$
107.0
|
|
$
86.0
|
|
$
20.9
|
|
24.4 %
|
Bromine net sales of $354.9
million increased $77.1
million (+28%) primarily due to increased pricing net
of FX (+18%) and higher volumes (+10%). Tight market conditions
continue to drive strong demand and favorable pricing across the
product portfolio. Adjusted EBITDA of $107.0
million increased $20.9
million as higher net sales were partially offset by higher
costs for raw materials and freight.
Bromine Outlook
Adjusted EBITDA growth for full year 2022 is expected to be at
the low end of the previous outlook for 25%-30%, reflecting
emerging softness in some end markets such as consumer and
industrial electronics and building and construction. Full-year
volume is also projected to be at the low end of the previous
outlook for 5-10% volume increase.
Catalysts Results
In
millions
|
Q3
2022
|
|
Q3
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
235.8
|
|
$
193.6
|
|
$
42.3
|
|
21.8 %
|
Adjusted
EBITDA
|
$
4.6
|
|
$
33.1
|
|
$
(28.5)
|
|
(86.0) %
|
Catalysts net sales of $235.8
million increased $42.3
million (+22%) compared to the previous year due to higher
volumes (+17%) and higher pricing net of FX (+5%). Adjusted EBITDA
of $4.6 million declined $28.5 million as higher sales were more than
offset by continued cost pressures from increasing natural gas
prices and raw materials.
Catalysts Outlook
Albemarle's Catalysts segment
continues to experience natural gas pricing pressure related to the
war in Ukraine and rising raw
material costs. The company has tightened the Catalysts segment
outlook for the full-year 2022 adjusted EBITDA expected to be down
45-65% year over year within the lower-end of the previous outlook
range.
In the third quarter of 2022, the company completed the
strategic review of the Catalysts business. During the review,
the company considered a wide range of value creation opportunities
for the Catalysts business including a joint venture with a
partner, a spin-off or sale, or Albemarle retaining the business. The company
determined that the business will be held as a separate wholly
owned entity with a separate brand identity. The business will be
named Ketjen, after the business' original founder, which draws on
the entrepreneurial heritage of Catalysts.
Balance Sheet and Liquidity
As of September 30, 2022, Albemarle had estimated liquidity of
approximately $3.1 billion, including
approximately $1.4 billion of cash
and equivalents, the full $1.0
billion under its revolver, $500
million remaining under its amended delayed draw term loan
and $238.6 million available on other
credit lines. Total debt was $3.4
billion, representing net debt to adjusted EBITDA of
approximately 0.9 times.
Cash Flow and Capital Deployment
Cash from operations of $955.6
million increased $465.0
million for the nine months ended Sept. 30, 2022, versus the prior year period.
This was driven by increased adjusted EBITDA and dividends received
from equity investments, partially offset by working capital
changes, that were primarily due to the increase in receivables and
inventories from higher lithium pricing, and a $332.5 million settlement of a legal matter.
Capital expenditures of $815.9
million increased by $163.2
million versus the prior year period as the company invests
in lithium and bromine capacity to support growth.
Albemarle's primary capital
allocation priorities are to invest in organic and inorganic
opportunities to drive profitable growth, maintain its financial
flexibility and investment grade credit rating, and fund its
dividends.
Earnings Call
Date:
|
Thursday, Nov. 3,
2022
|
Time:
|
9:00 AM Eastern
time
|
Dial-in
(U.S.):
|
844-200-6205
|
Dial-in
(International):
|
929-526-1599
|
Passcode:
|
527598
|
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 specialty
chemicals company with leading positions in lithium, bromine and
refining catalysts. Albemarle
thinks beyond business-as-usual to power the potential of companies
in many of the world's largest and most critical industries, such
as energy, electronics, and transportation. Albemarle actively pursues a sustainable
approach to managing its diverse global footprint of world-class
resources. In conjunction with Albemarle's highly experienced and talented
global teams, its deep-seated values, and its collaborative
customer relationships, Albemarle
creates value-added and performance-based solutions that enable a
safer and more sustainable future.
Albemarle regularly posts
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 the company, its businesses and the markets it
serves.
Forward-Looking Statements
Some of the information presented in this press release, the
presentation, the conference call and discussions that follow,
including, without limitation, information related to the timing of
active and proposed projects, production capacity, committed
volumes, pricing, financial flexibility, expected growth,
anticipated return on opportunities, earnings and demand for
Albemarle's products, productivity
improvements, tax rates, stock repurchases, dividends, cash flow
generation, costs and cost synergies, capital projects, future
acquisition and divestiture transactions including statements with
respect to timing, expected benefits from proposed transactions,
market and economic trends, statements with respect to Albemarle's 2022 outlook, planned
re-segmenting/realignment of the company's Lithium and Bromine
business units and retention of the company's Catalysts business,
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 Albemarle's 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; product development; changes in
financial and operating performance of its major customers and
industries and markets served by it; the timing of orders received
from customers; the gain or loss of significant customers;
fluctuations in lithium market pricing, which could impact our
revenues and profitability particularly due to our increased
exposure to index-referenced and variable-priced contracts for
battery grade lithium sales; changes with respect to contract
renegotiations; potential production volume shortfalls; competition
from other manufacturers; changes in the demand for its products or
the end-user markets in which its products are sold; limitations or
prohibitions on the manufacture and sale of its products;
availability of raw materials; increases in the cost of raw
materials and energy, and its ability to pass through such
increases to its customers; technological change and development,
changes in its markets in general; fluctuations in foreign
currencies; changes in laws and government regulation impacting its
operations or its products; the occurrence of regulatory actions,
proceedings, claims or litigation (including with respect to the
U.S. Foreign Corrupt Practices Act and foreign anti-corruption
laws); the occurrence of cyber-security breaches, terrorist
attacks, industrial accidents or natural disasters; the effects of
climate change, including any regulatory changes to which it might
be subject; hazards associated with chemicals manufacturing; the
inability to maintain current levels of insurance, including
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 its manufacturing operations or joint
ventures; changes in accounting standards; the inability to achieve
results from its global manufacturing cost reduction initiatives as
well as its ongoing continuous improvement and rationalization
programs; changes in the jurisdictional mix of its earnings and
changes in tax laws and rates or interpretation; changes in
monetary policies, inflation or interest rates that may impact its
ability to raise capital or increase its cost of funds, impact the
performance of its pension fund investments and increase its
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 it may make in the
future; future acquisition and divestiture transactions, including
the ability to successfully execute, operate and integrate
acquisitions and divestitures and incurring additional
indebtedness; expected benefits from proposed transactions; timing
of active and proposed projects; continuing uncertainties as to the
duration and impact of the coronavirus (COVID-19) pandemic;
performance of Albemarle's
partners in joint ventures and other projects; changes in credit
ratings; the inability to realize the benefits of its decision to
retain its Catalysts business and to realign its Lithium and
Bromine global business units into a new corporate structure;and
the other factors detailed from time to time in the reports
Albemarle files with the SEC,
including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q.
These forward-looking statements speak only as of the date of this
press release. Albemarle assumes
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales
|
$ 2,091,805
|
|
$
830,566
|
|
$ 4,699,126
|
|
$ 2,433,753
|
Cost of goods
sold
|
1,047,991
|
|
581,293
|
|
2,625,858
|
|
1,672,376
|
Gross
profit
|
1,043,814
|
|
249,273
|
|
2,073,268
|
|
761,377
|
Selling, general and
administrative expenses
|
134,479
|
|
103,477
|
|
375,989
|
|
318,180
|
Research and
development expenses
|
18,358
|
|
13,289
|
|
51,827
|
|
41,901
|
Loss (gain) on sale of
business/interest in properties
|
—
|
|
984
|
|
8,400
|
|
(428,424)
|
Operating
profit
|
890,977
|
|
131,523
|
|
1,637,052
|
|
829,720
|
Interest and financing
expenses
|
(29,691)
|
|
(5,136)
|
|
(98,934)
|
|
(56,170)
|
Other income (expense),
net
|
7,974
|
|
(643,196)
|
|
32,237
|
|
(631,870)
|
Income (loss) before
income taxes and equity in net
income of unconsolidated investments
|
869,260
|
|
(516,809)
|
|
1,570,355
|
|
141,680
|
Income tax expense
(benefit)
|
196,938
|
|
(114,670)
|
|
366,486
|
|
14,422
|
Income (loss) before
equity in net income of
unconsolidated investments
|
672,322
|
|
(402,139)
|
|
1,203,869
|
|
127,258
|
Equity in net income of
unconsolidated investments (net of
tax)
|
258,884
|
|
27,706
|
|
449,476
|
|
62,215
|
Net income
(loss)
|
931,206
|
|
(374,433)
|
|
1,653,345
|
|
189,473
|
Net income attributable
to noncontrolling interests
|
(33,991)
|
|
(18,348)
|
|
(95,974)
|
|
(61,977)
|
Net income (loss)
attributable to Albemarle Corporation
|
$
897,215
|
|
$
(392,781)
|
|
$ 1,557,371
|
|
$
127,496
|
Basic earnings (loss)
per share
|
$
7.66
|
|
$
(3.36)
|
|
$
13.30
|
|
$
1.10
|
Diluted earnings (loss)
per share
|
$
7.61
|
|
$
(3.36)
|
|
$
13.23
|
|
$
1.10
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – basic
|
117,136
|
|
116,965
|
|
117,106
|
|
115,455
|
Weighted-average common
shares outstanding – diluted
|
117,869
|
|
116,965
|
|
117,749
|
|
116,140
|
Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)
|
|
|
September
30,
|
|
December
31,
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,382,803
|
|
$
439,272
|
Trade accounts
receivable
|
1,035,117
|
|
556,922
|
Other accounts
receivable
|
135,709
|
|
66,184
|
Inventories
|
1,614,299
|
|
798,620
|
Other current
assets
|
129,043
|
|
132,683
|
Total current
assets
|
4,296,971
|
|
1,993,681
|
Property, plant and
equipment
|
8,713,771
|
|
8,074,746
|
Less accumulated
depreciation and amortization
|
2,288,664
|
|
2,165,130
|
Net property, plant
and equipment
|
6,425,107
|
|
5,909,616
|
Investments
|
1,158,535
|
|
912,008
|
Other assets
|
217,057
|
|
252,239
|
Goodwill
|
1,467,848
|
|
1,597,627
|
Other intangibles, net
of amortization
|
262,984
|
|
308,947
|
Total
assets
|
$ 13,828,502
|
|
$ 10,974,118
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
1,651,866
|
|
$
647,986
|
Accrued
expenses
|
385,327
|
|
763,293
|
Current portion of
long-term debt
|
251,216
|
|
389,920
|
Dividends
payable
|
46,098
|
|
45,469
|
Income taxes
payable
|
153,444
|
|
27,667
|
Total current
liabilities
|
2,487,951
|
|
1,874,335
|
Long-term
debt
|
3,118,753
|
|
2,004,319
|
Postretirement
benefits
|
42,681
|
|
43,693
|
Pension
benefits
|
187,498
|
|
229,187
|
Other noncurrent
liabilities
|
597,980
|
|
663,698
|
Deferred income
taxes
|
429,012
|
|
353,279
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
Common
stock
|
1,171
|
|
1,170
|
Additional paid-in
capital
|
2,933,659
|
|
2,920,007
|
Accumulated other
comprehensive loss
|
(717,309)
|
|
(392,450)
|
Retained
earnings
|
4,515,115
|
|
3,096,539
|
Total Albemarle
Corporation shareholders' equity
|
6,732,636
|
|
5,625,266
|
Noncontrolling
interests
|
231,991
|
|
180,341
|
Total
equity
|
6,964,627
|
|
5,805,607
|
Total liabilities and
equity
|
$ 13,828,502
|
|
$ 10,974,118
|
Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)
|
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
Cash and cash
equivalents at beginning of year
|
$ 439,272
|
|
$ 746,724
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
1,653,345
|
|
189,473
|
Adjustments to
reconcile net income to cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
215,280
|
|
185,765
|
Loss (gain) on sale of
business/interest in properties
|
8,400
|
|
(428,424)
|
Stock-based
compensation and other
|
24,649
|
|
14,668
|
Equity in net income
of unconsolidated investments (net of tax)
|
(449,476)
|
|
(62,215)
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
350,895
|
|
43,374
|
Pension and
postretirement benefit
|
(12,299)
|
|
(12,451)
|
Pension and
postretirement contributions
|
(10,929)
|
|
(24,145)
|
Unrealized gain on
investments in marketable securities
|
3,864
|
|
(3,912)
|
Loss on early
extinguishment of debt
|
19,219
|
|
28,955
|
Deferred income
taxes
|
77,968
|
|
(38,924)
|
Working capital
changes
|
(1,004,236)
|
|
456,405
|
Non-cash transfer of
40% value of construction in progress of Kemerton plant to
MRL
|
115,969
|
|
135,928
|
Other, net
|
(37,047)
|
|
6,089
|
Net cash provided by
operating activities
|
955,602
|
|
490,586
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(815,934)
|
|
(652,739)
|
Cash proceeds from
divestitures, net
|
—
|
|
289,791
|
Sales of marketable
securities, net
|
3,132
|
|
4,407
|
Investments in equity
and other corporate investments
|
(507)
|
|
(286)
|
Net cash used in
investing activities
|
(813,309)
|
|
(358,827)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from issuance
of common stock
|
—
|
|
1,453,888
|
Repayments of
long-term debt and credit agreements
|
(455,000)
|
|
(1,173,823)
|
Proceeds from
borrowings of credit agreements
|
1,964,216
|
|
—
|
Other debt repayments,
net
|
(391,067)
|
|
(327,292)
|
Fees related to early
extinguishment of debt
|
(9,767)
|
|
(24,877)
|
Dividends paid to
shareholders
|
(138,165)
|
|
(132,236)
|
Dividends paid to
noncontrolling interests
|
(44,208)
|
|
(61,178)
|
Proceeds from exercise
of stock options
|
1,590
|
|
16,220
|
Withholding taxes paid
on stock-based compensation award distributions
|
(12,150)
|
|
(7,755)
|
Other
|
(4,198)
|
|
(1,384)
|
Net cash provided by
(used in) financing activities
|
911,251
|
|
(258,437)
|
Net effect of foreign
exchange on cash and cash equivalents
|
(110,013)
|
|
(24,997)
|
Increase in cash and
cash equivalents
|
943,531
|
|
(151,675)
|
Cash and cash
equivalents at end of period
|
$
1,382,803
|
|
$ 595,049
|
Albemarle Corporation
and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales:
|
|
|
|
|
|
|
|
Lithium
|
$ 1,501,073
|
|
$
359,229
|
|
$ 2,942,861
|
|
$
958,539
|
Bromine
|
354,908
|
|
277,783
|
|
1,092,239
|
|
837,978
|
Catalysts
|
235,824
|
|
193,554
|
|
664,026
|
|
562,141
|
All Other
|
—
|
|
—
|
|
—
|
|
75,095
|
Total net
sales
|
$ 2,091,805
|
|
$
830,566
|
|
$ 4,699,126
|
|
$ 2,433,753
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Lithium
|
$ 1,111,243
|
|
$
125,416
|
|
$ 1,915,066
|
|
$
341,293
|
Bromine
|
106,958
|
|
86,012
|
|
371,875
|
|
273,298
|
Catalysts
|
4,635
|
|
33,103
|
|
31,337
|
|
79,694
|
All Other
|
—
|
|
—
|
|
—
|
|
29,858
|
Corporate
|
(32,870)
|
|
(26,962)
|
|
(86,173)
|
|
(81,892)
|
Total adjusted
EBITDA
|
$
1,189,966
|
|
$
217,569
|
|
$
2,232,105
|
|
$
642,251
|
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 other post-employment benefit ("OPEB")
items per diluted share, non-recurring and other unusual items per
diluted share, adjusted effective income tax rates, EBITDA,
adjusted EBITDA, EBITDA margin and adjusted EBITDA margin are
financial 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") or other
comparable measures calculated and reported in accordance with
GAAP. These measures are presented here to provide additional
useful measurements to review the company's 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
Albemarle uses to evaluate its
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,
which are 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 net income attributable to Albemarle Corporation is
defined as net income before the non-recurring, other unusual and
non-operating pension and other post-employment benefit (OPEB)
items as listed below. The non-recurring and unusual items may
include acquisition and integration related costs, gains or losses
on sales of businesses, restructuring charges, facility divestiture
charges, certain litigation and arbitration costs and charges, and
other significant non-recurring items. EBITDA is defined as net
income attributable to Albemarle Corporation before interest and
financing expenses, income tax expense, and depreciation and
amortization. Adjusted EBITDA is defined as EBITDA plus or minus
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
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income attributable
to Albemarle Corporation
|
$ 897,215
|
|
$
(392,781)
|
|
$
1,557,371
|
|
$ 127,496
|
Add back:
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(3,936)
|
|
(4,271)
|
|
(12,021)
|
|
(12,811)
|
Non-recurring and
other unusual items (net of tax)
|
(9,789)
|
|
520,392
|
|
24,023
|
|
237,157
|
Adjusted net income
attributable to Albemarle Corporation
|
$ 883,490
|
|
$ 123,340
|
|
$
1,569,373
|
|
$ 351,842
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
7.50
|
|
$
1.05
|
|
$
13.33
|
|
$
3.03
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – diluted
|
117,869
|
|
117,685
|
|
117,749
|
|
116,140
|
|
|
|
|
|
|
|
|
Net income attributable
to Albemarle Corporation
|
$ 897,215
|
|
$ (392,781)
|
|
$
1,557,371
|
|
$ 127,496
|
Add back:
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
29,691
|
|
5,136
|
|
98,934
|
|
56,170
|
Income tax
expense
|
196,938
|
|
(114,670)
|
|
366,486
|
|
14,422
|
Depreciation and
amortization
|
77,713
|
|
62,082
|
|
215,280
|
|
185,765
|
EBITDA
|
1,201,557
|
|
(440,233)
|
|
2,238,071
|
|
383,853
|
Non-operating pension
and OPEB items
|
(5,027)
|
|
(5,471)
|
|
(15,345)
|
|
(16,407)
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
(6,564)
|
|
663,273
|
|
9,379
|
|
274,805
|
Adjusted
EBITDA
|
$
1,189,966
|
|
$ 217,569
|
|
$
2,232,105
|
|
$ 642,251
|
|
|
|
|
|
|
|
|
Net sales
|
$
2,091,805
|
|
$ 830,566
|
|
$
4,699,126
|
|
$
2,433,753
|
EBITDA
margin
|
57.4 %
|
|
(53.0) %
|
|
47.6 %
|
|
15.8 %
|
Adjusted EBITDA
margin
|
56.9 %
|
|
26.2 %
|
|
47.5 %
|
|
26.4 %
|
See below for a reconciliation of adjusted EBITDA on a segment
basis, a 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
|
|
Catalysts
|
|
All
Other
|
|
Corporate
|
|
Consolidated
Total
|
|
% of Net
Sales
|
Three months ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,063,426
|
|
$
93,186
|
|
$
(12,473)
|
|
$ —
|
|
$
(246,924)
|
|
$
897,215
|
|
42.9 %
|
Depreciation and
amortization
|
47,758
|
|
13,772
|
|
12,689
|
|
—
|
|
3,494
|
|
77,713
|
|
3.7 %
|
Non-recurring and
other unusual items
|
59
|
|
—
|
|
4,419
|
|
—
|
|
(11,042)
|
|
(6,564)
|
|
(0.3) %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
29,691
|
|
29,691
|
|
1.4 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
196,938
|
|
196,938
|
|
9.4 %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,027)
|
|
(5,027)
|
|
(0.2) %
|
Adjusted
EBITDA
|
$
1,111,243
|
|
$ 106,958
|
|
$ 4,635
|
|
$ —
|
|
$
(32,870)
|
|
$ 1,189,966
|
|
56.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
92,449
|
|
$
73,409
|
|
$
20,039
|
|
$ —
|
|
$
(578,678)
|
|
$ (392,781)
|
|
(47.3) %
|
Depreciation and
amortization
|
34,256
|
|
12,603
|
|
13,064
|
|
—
|
|
2,159
|
|
62,082
|
|
7.5 %
|
Non-recurring and
other unusual items
|
(1,289)
|
|
—
|
|
—
|
|
—
|
|
664,562
|
|
663,273
|
|
79.9 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
5,136
|
|
5,136
|
|
0.6 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
(114,670)
|
|
(114,670)
|
|
(13.8) %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,471)
|
|
(5,471)
|
|
(0.7) %
|
Adjusted
EBITDA
|
$
125,416
|
|
$
86,012
|
|
$
33,103
|
|
$ —
|
|
$
(26,962)
|
|
$
217,569
|
|
26.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,777,214
|
|
$ 332,208
|
|
$
(11,867)
|
|
$ —
|
|
$
(540,184)
|
|
$ 1,557,371
|
|
33.1 %
|
Depreciation and
amortization
|
128,786
|
|
39,667
|
|
38,785
|
|
—
|
|
8,042
|
|
215,280
|
|
4.6 %
|
Non-recurring and
other unusual items
|
9,066
|
|
—
|
|
4,419
|
|
—
|
|
(4,106)
|
|
9,379
|
|
0.2 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
98,934
|
|
98,934
|
|
2.1 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
366,486
|
|
366,486
|
|
7.8 %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(15,345)
|
|
(15,345)
|
|
(0.3) %
|
Adjusted
EBITDA
|
$
1,915,066
|
|
$ 371,875
|
|
$
31,337
|
|
$ —
|
|
$
(86,173)
|
|
$ 2,232,105
|
|
47.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
237,293
|
|
$ 235,670
|
|
$
41,401
|
|
$
27,988
|
|
$
(414,856)
|
|
$
127,496
|
|
5.2 %
|
Depreciation and
amortization
|
99,559
|
|
37,628
|
|
38,293
|
|
1,870
|
|
8,415
|
|
185,765
|
|
7.6 %
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
4,441
|
|
—
|
|
—
|
|
—
|
|
270,364
|
|
274,805
|
|
11.3 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
56,170
|
|
56,170
|
|
2.3 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
14,422
|
|
14,422
|
|
0.6 %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(16,407)
|
|
(16,407)
|
|
(0.7) %
|
Adjusted
EBITDA
|
$
341,293
|
|
$ 273,298
|
|
$
79,694
|
|
$
29,858
|
|
$
(81,892)
|
|
$
642,251
|
|
26.4 %
|
Non-operating pension and OPEB items, consisting of
mark-to-market actuarial gains/losses, settlements/curtailments,
interest cost and expected return on assets, are not allocated to
Albemarle's operating segments and
are included in the Corporate category. In addition, the company
believes that these components of pension cost are mainly driven by
market performance, and the company manages these separately from
the operational performance of the company's businesses. In
accordance with GAAP, these non-operating pension and OPEB items
are included in Other income (expenses), net. Non-operating pension
and OPEB items were as follows (in thousands):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Interest
cost
|
$
5,857
|
|
$
5,422
|
|
$ 17,683
|
|
$ 16,280
|
Expected return on
assets
|
(10,884)
|
|
(10,893)
|
|
(33,028)
|
|
(32,687)
|
Total
|
$ (5,027)
|
|
$ (5,471)
|
|
$
(15,345)
|
|
$
(16,407)
|
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 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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Restructuring and
other(1)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
0.01
|
Acquisition and
integration related costs(2)
|
0.01
|
|
0.01
|
|
0.06
|
|
0.04
|
Albemarle Foundation
contribution(3)
|
—
|
|
—
|
|
—
|
|
0.13
|
Loss (gain) on sale of
business/interest in properties(4)
|
—
|
|
0.01
|
|
0.07
|
|
(2.85)
|
Loss on early
extinguishment of debt(5)
|
—
|
|
—
|
|
0.13
|
|
0.21
|
Legal
accrual(6)
|
—
|
|
4.29
|
|
—
|
|
4.34
|
Other(7)
|
(0.06)
|
|
0.02
|
|
(0.07)
|
|
0.11
|
Tax related
items(8)
|
(0.03)
|
|
0.09
|
|
0.01
|
|
0.05
|
Total non-recurring
and other unusual items
|
$
(0.08)
|
|
$
4.42
|
|
$
0.20
|
|
$
2.04
|
|
|
(1)
|
During the three and
nine months ended September 30, 2021, Albemarle recorded facility
closure costs related to offices in Germany, and severance expenses
in Germany and Belgium, in Selling, general and administrative
expenses of $0.8 million and $2.3 million ($0.5 million and $1.6
million after income taxes, or less than $0.01 and $0.01 per
share), respectively.
|
|
|
(2)
|
Costs related to the
acquisition, integration and divestitures for various significant
projects, recorded in Selling, general and administrative expenses
for the three and nine months ended September 30, 2022 were $2.1
million and $9.2 million ($1.7 million and $7.2 million after
income taxes, or $0.01 and $0.06 per share), respectively, and for
the three and nine months ended September 30, 2021 were $1.6
million and $5.6 million ($1.2 million and $4.5 million after
income taxes, or $0.01 and $0.04 per share),
respectively.
|
|
|
(3)
|
Included in Selling,
general and administrative expenses for the nine months ended
September 30, 2021 is a charitable contribution of $20.0 million
($15.5 million after income taxes, or $0.13 per share), using a
portion of the proceeds received from the divestiture of the
company's fine chemistry solutions ("FCS") business, to the
Albemarle Foundation, a nonprofit organization that sponsors
grants, health and social projects, educational initiatives,
disaster relief, matching gift programs, scholarships and other
charitable initiatives in locations where Albemarle's employees
live and the company operates. This contribution is in addition to
the normal 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 these
communities.
|
|
|
(4)
|
Included in Loss (gain)
on sale of business/interest in properties for the nine months
ended September 30, 2022 is an expense of $8.4 million ($0.07 per
share after no income tax impact) related to a post-measurement
period Wodgina acquisition purchase price adjustment for a revised
estimate of the obligation to construct the lithium hydroxide
conversion assets in Kemerton due to anticipated cost overruns from
supply chain, labor and COVID-19 pandemic related issues. The nine
months ended September 30, 2021 includes a gain of $428.4 million
($330.9 million after discrete income taxes, or $2.85 per share)
related to the sale of the FCS business. During the three months
ended September 30, 2021, the gain on sale of the FCS business was
adjusted down by $1.0 million ($0.8 million after discrete income
taxes, or $0.01 per share) for working capital
adjustments.
|
|
|
(5)
|
Included in Interest
and financing expenses for the nine months ended September 30, 2022
is a loss on early extinguishment of debt of $19.2 million ($14.9
million after income taxes, or $0.13 per share), representing the
tender premiums, fees, unamortized discounts, unamortized deferred
financing costs and accelerated amortization of associated interest
rate swap from the redemption of the $425 million senior notes
originally due in 2024 using the proceeds from the issuance of $1.7
billion in senior notes in May 2022.
|
|
|
|
Included in Interest
and financing expenses for the nine months ended September 30, 2021
is a loss on early extinguishment of debt of $29.0 million
($23.8 million after income taxes, or $0.21 per share),
representing the tender premiums,
fees, unamortized discounts
and unamortized deferred financing costs from the
redemption of $1.5 billion in debt using the proceeds from the
issuance of common stock.
|
|
|
(6)
|
Included in Other
income (expense), net for the three and nine months ended September
30, 2021 is a $657.4 million ($504.5 million after income taxes, or
$4.34 per share) charge following the settlement of an arbitration
ruling for a prior legal matter.
|
|
|
(7)
|
Other adjustments for
the three months ended September 30, 2022 included amounts recorded
in:
|
|
|
•
|
Cost of goods sold -
$2.7 million of expense related to one-time retention payments for
certain employees during the Catalysts strategic review and
business unit realignment.
|
|
|
•
|
Selling, general and
administrative expenses - $1.9 million of expense primarily related
to one-time retention payments for certain employees during the
Catalysts strategic review and business unit realignment and $1.3
million primarily related to facility closure expenses of offices
in Germany.
|
|
|
•
|
Other income (expense),
net - $10.6 million net gain related to the fair value
adjustment of equity securities in a public company, a
$3.0 million gain from the reversal of a liability related to
a previous divestiture and $1.1 million of a gain resulting
from the adjustment of indemnification related to previously
disposed businesses.
|
|
|
After income taxes,
these net gains totaled $7.4 million, or $0.06 per
share.
|
|
|
|
|
|
|
Other adjustments for
the nine months ended September 30, 2022 included amounts recorded
in:
|
|
|
•
|
Cost of goods sold -
$2.7 million of expense related to one-time retention payments
for certain employees during the Catalysts strategic review and
business unit realignment, and $0.5 million related to the
settlement of a legal matter resulting from a prior
acquisition.
|
|
|
•
|
Selling, general and
administrative expenses - $3.2 million primarily related to
facility closure expenses of offices in Germany, $2.8 million
of charges for environmental reserves at sites not part of our
operations and $1.9 million of expense primarily related to
one-time retention payments for certain employees during the
Catalysts strategic review, partially offset by $4.3 million
of gains from the sale of legacy properties not part of our
operations.
|
|
|
•
|
Other income (expense),
net - $10.6 million net gain related to the fair value adjustment
of equity securities in a public company, a $3.0 million gain from
the reversal of a liability related to a previous divestiture, $1.1
million of a gain resulting from the adjustment of indemnification
related to previously disposed businesses and a $0.6 million gain
related to a settlement received from a legal matter in a prior
period.
|
|
|
After income taxes,
these net gains totaled $7.1 million, or $0.07 per
share.
|
|
|
|
|
|
|
Other adjustments for
the three months ended September 30, 2021 included amounts recorded
in:
|
|
|
•
|
Selling, general and
administrative expenses - $2.5 million of expenses primarily
related to non-routine labor and compensation related costs that
are outside normal compensation arrangements.
|
|
|
•
|
Other income (expense),
net - $0.1 million loss resulting from the adjustment of
indemnification obligations related to previously disposed
businesses.
|
|
|
After income taxes, these
charges totaled $1.9 million, or $0.02 per
share.
|
|
|
|
|
|
|
Other adjustments for
the nine months ended September 30, 2021 included amounts recorded
in:
|
|
|
•
|
Selling, general and
administrative expenses - $8.6 million of expenses primarily
related to non-routine labor and compensation related costs that
are outside normal compensation arrangements, a $4.0 million loss
resulting from the sale of property, plant and equipment and $1.6
million of charges for an environmental reserve at a site not part
of the company's operations.
|
|
|
•
|
Other income (expense),
net - $3.7 million of expenses primarily related to asset
retirement obligation charges to update of an estimate at a site
formerly owned by Albemarle.
|
|
|
After income taxes,
these charges totaled $13.3 million, or $0.11 per share.
|
|
|
|
(8)
|
Included in Income tax
expense for the three and nine months ended September 30, 2022 are
discrete net tax benefits of $4.1 million, or $0.03 per share and
net tax expenses of $0.7 million, or $0.01 per share, respectively.
The net benefit for the three months was primarily related to a tax
benefit for global intangible low-taxed income and net discrete tax
benefits related to excess tax benefits realized from stock-based
compensation arrangements and foreign return to provisions. The
discrete net expense for the nine months was primarily related to
withholding taxes and foreign return to provisions, 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, 2021 are
discrete net tax expenses of $11.5 million, or $0.09 per share, and
$4.9 million, or $0.05 per share, respectively. The net expense for
the three months is primarily related to the impact of discrete tax
expense related to global intangible low-taxed income and foreign
uncertain tax positions, partially offset by a benefit for the
excess tax benefits realized from stock-based compensation
arrangements. The net expense for the nine months is primarily
related to discrete tax expense related to global intangible
low-taxed income, tax expense due to an out-of-period adjustment
regarding an overstated deferred tax liability for the three-month
period ended December 31, 2017 and foreign uncertain tax positions.
This is partially offset by the release of a foreign valuation
allowance, excess tax benefits realized from stock-based
compensation arrangements, and the revaluation of deferred taxes
due to tax rate changes.
|
|
|
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, 2022
|
|
|
|
|
|
As reported
|
$
869,260
|
|
$
196,938
|
|
22.7 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
(11,592)
|
|
2,133
|
|
|
As adjusted
|
$
857,668
|
|
$
199,071
|
|
23.2 %
|
|
|
|
|
|
|
Three months ended
September 30, 2021
|
|
|
|
|
|
As reported
|
$
(516,809)
|
|
$
(114,670)
|
|
22.2 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
657,802
|
|
141,681
|
|
|
As adjusted
|
$
140,993
|
|
$
27,011
|
|
19.2 %
|
|
|
|
|
|
|
Nine months ended
September 30, 2022
|
|
|
|
|
|
As reported
|
$
1,570,355
|
|
$
366,486
|
|
23.3 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
13,252
|
|
1,250
|
|
|
As adjusted
|
$
1,583,607
|
|
$
367,736
|
|
23.2 %
|
|
|
|
|
|
|
Nine months ended
September 30, 2021
|
|
|
|
|
|
As reported
|
$
141,680
|
|
$
14,422
|
|
10.2 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
287,345
|
|
62,999
|
|
|
As adjusted
|
$
429,025
|
|
$
77,421
|
|
18.1 %
|
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SOURCE Albemarle Corporation