CHARLOTTE, N.C., Feb. 16, 2022 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB) today announced its results for the fourth
quarter and full year ended December 31, 2021.
Fourth-Quarter 2021 and Recent Highlights
(Unless
otherwise stated, all percent changes represent year-over-year
comparisons)
- Net sales of $894 million, an
increase of 2%
- Net loss of ($3.8) million, or
($0.03) per diluted share; Adjusted
diluted EPS of $1.01
- Adjusted EBITDA of $229 million,
an increase of 3%
- Improved full-year 2022 outlook based on anticipated ability to
capitalize on favorable market conditions for lithium and bromine;
adjusted EBITDA expected to be 35%-55% higher Y/Y excluding
FCS
- La Negra III/IV conversion plant is in commercial
qualification
- Kemerton I conversion plant is mechanically complete and in the
commissioning phase; construction team now dedicated to Kemerton
II
- Signed non-binding letter agreement to explore expanding the
MARBL JV to increase optionality and reduce risk
"Our team delivered a strong year that exceeded expectations by
executing our strategy and effectively responding to a number of
challenges in 2021. We increased our net sales and adjusted EBITDA
by 11% and 13%, respectively, excluding FCS," said Albemarle CEO
Kent Masters. "Our Lithium and
Bromine businesses are performing well. With a firm focus on
executing our growth strategy, we are well positioned for
opportunities to deliver significant value to our shareholders. The
strategic investments we've made in our Lithium business as well as
the progress of several key projects will enable us to potentially
double our nameplate capacity by the end of 2022 and accelerate our
Wave 3 projects."
Outlook
Albemarle expects that its
full-year 2022 results across all business units will improve
relative to full-year 2021. Capital expenditures are anticipated to
be higher than previously planned as the company invests to
accelerate conversion capacity additions and meet evolving industry
standards, as well as continued inflationary pressures.
|
|
|
FY 2022
Guidance
|
Net sales
|
|
|
$4.2 - $4.5
billion
|
Adjusted
EBITDA
|
|
|
$1.15 - $1.3
billion
|
Adjusted EBITDA
Margin
|
|
|
27% - 29%
|
Adjusted Diluted
EPS
|
|
|
$5.65 -
$6.65
|
Net Cash from
Operations
|
|
|
$400 - $500
million
|
Capital
Expenditures
|
|
|
$1.3 - $1.5
billion
|
Fourth-Quarter Results
In millions,
except per share amounts
|
Q4
2021
|
|
Q4
2020
|
|
$
Change
|
|
%
Change
|
Net sales
|
$
894.2
|
|
$
879.1
|
|
$
15.1
|
|
1.7
%
|
Net (loss) income
attributable to Albemarle Corporation
|
$
(3.8)
|
|
$
84.6
|
|
$
(88.4)
|
|
(104.5)
%
|
Adjusted
EBITDA(a)
|
$
228.7
|
|
$
221.1
|
|
$
7.6
|
|
3.4
%
|
Diluted loss earnings
per share
|
$
(0.03)
|
|
$
0.79
|
|
$
(0.82)
|
|
(103.8)
%
|
Non-operating pension and OPEB items(a)
|
(0.41)
|
|
0.35
|
|
|
|
|
Non-recurring and other unusual items(a)
|
1.45
|
|
0.03
|
|
|
|
|
Adjusted diluted
earnings per share(a)(b)
|
$
1.01
|
|
$
1.17
|
|
$
(0.16)
|
|
(13.7)
%
|
|
(a)
|
See Non-GAAP
Reconciliations for further details.
|
(b)
|
Totals may not add
due to rounding.
|
Net sales of $894.2 million
increased by $15.1 million compared
to the prior-year quarter, primarily driven by an increase in sales
from the company's Lithium and Bromine businesses, partially offset
by the loss of revenue from its Fine Chemistry Services (FCS)
business which was sold on June 1,
2021.
Adjusted EBITDA of $228.7 million
increased by $7.6 million from the
prior-year quarter primarily due to Lithium results, offset by the
impact of the sale of FCS.
Net loss attributable to Albemarle of ($3.8)
million decreased by $88.4
million from the prior-year quarter primarily due to a
$132.4 million post-measurement
period acquisition purchase price adjustment related to anticipated
cost overruns from supply chain, labor and COVID-19 pandemic
related issues at the Kemerton construction project. In addition,
net income attributable to Albemarle was impacted by after-tax actuarial
gains of $43.6 million realized in
the fourth quarter of 2021 compared to after-tax actuarial losses
of $40.9 million in the fourth
quarter of 2020.
The effective income tax rate for the fourth quarter of 2021 was
(186.4)% compared to (20.9)% in the same period in 2020. The
difference is largely due to the geographic mix of earnings,
including the impact of certain charges in countries with valuation
allowances, and discrete tax items impacting the fourth quarter of
2021. On an adjusted basis, the effective income tax rates were
27.0% and 12.8% for the fourth quarter of 2021 and 2020,
respectively. The difference is primarily due to geographic
mix of earnings.
Business Segment Results
Lithium Results
In
millions
|
Q4
2021
|
|
Q4
2020
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
404.7
|
|
$
358.6
|
|
$
46.2
|
|
12.9
%
|
Adjusted
EBITDA
|
$
138.2
|
|
$
122.1
|
|
$
16.1
|
|
13.2
%
|
Lithium net sales of $404.7
million increased $46.2
million (+12.9%) due to higher pricing (+18%), partially
offset by lower volumes (-5%). Lower volumes were primarily related
to the timing of shipments and a more even distribution of customer
demand through the year. Adjusted EBITDA of $138.2 million increased by $16.1 million primarily due to increased net
sales.
Lithium Outlook
Full-year 2022 adjusted EBITDA is
expected to grow 65-85% year over year, up from previous outlook.
Volume growth for full-year 2022 is expected to be 20-30% with
added capacity from La Negra III/IV, Kemerton I, and the expected
acquisition of the Qinzhou plant in China. Tolling is expected to be flat year
over year. Average realized pricing is expected to increase 40-45%
reflecting tight market conditions and the implementation of
variable price structures on long-term contracts.
The Company continues to advance its global project portfolio of
conversion capacity:
Chile
–
La Negra III/IV conversion plant is in commercial qualification
Australia
– Kemerton I conversion plant reached
mechanical completion and commissioning is underway
– Kemerton II conversion plant
remains on track for mechanical completion in the second half of
2022
– Restart of spodumene processing at
Wodgina is well underway
China
– Acquisition of Tianyuan, which owns
a conversion plant in Qinzhou, is expected to close in the first
half of this year
– Construction is planned to begin on
two greenfield sites (Meishan and Zhangjiagang) later this year
United
States
– New wells and
expansion projects at Silver Peak are progressing ahead of
schedule
Bromine Results
In
millions
|
Q4
2021
|
|
Q4
2020
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
290.4
|
|
$
263.4
|
|
$
27.0
|
|
10.2
%
|
Adjusted
EBITDA
|
$
87.4
|
|
$
87.9
|
|
$
(0.5)
|
|
(0.5)
%
|
Bromine net sales of $290.4
million increased $27.0
million (+10.2%) primarily due to strong pricing (+16%)
while volume decreased (-6%). Tight market conditions continue to
drive strong demand and favorable pricing across the product
portfolio. Adjusted EBITDA of $87.4
million decreased $0.5 million
as higher net sales were offset by higher costs for raw materials
and freight. While sales increased during the quarter, a force
majeure declaration by the company's chlorine supplier and the lack
of inventory limited the company's ability to capitalize on strong
demand strength and increased brine production capacity.
Bromine Outlook
Albemarle expects full-year 2022 adjusted
EBITDA to increase by 5%-10%, up slightly from previous outlook.
Year-over-year improved expectations are based on higher volume and
pricing due to strength in demand for flame retardants in diverse
end markets. Successful execution of growth projects in 2021 is
expected to contribute to higher volumes in full-year 2022.
Bromine's ongoing cost savings initiatives and favorable pricing
are expected to offset higher freight and raw material costs.
The company is progressing growth investments in high-return
brownfield projects in Magnolia,
Arkansas. The second phase of a tetrabrom debottleneck
project at the Jordan Bromine Company JV (JBC) is expected to be
complete in 2022.
Catalysts Results
In
millions
|
Q4
2021
|
|
Q4
2020
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
199.1
|
|
$
195.7
|
|
$
3.4
|
|
1.7
%
|
Adjusted
EBITDA
|
$
27.2
|
|
$
22.1
|
|
$
5.2
|
|
23.6
%
|
Catalysts net sales of $199.1
million increased $3.4 million
(+1.7%) compared to the previous year, primarily due to higher
pricing and FX (+3%), partially offset by decreased volume (-1%).
Adjusted EBITDA of $27.2 million
increased $5.2 million mostly due to
higher sales, partially offset by cost pressures.
Catalyst Outlook
Albemarle expects full-year 2022
adjusted EBITDA to increase by 5%-15%, down from previous outlook
in part due to higher input costs, particularly for natural
gas. Year-over-year results are expected to continue to
improve with overall refining markets and as travel lock-down
conditions abate. Volumes are expected to grow across all segments.
The company expects pricing to also increase to offset inflationary
pressures in freight and input costs. The company continues to
expect volumes to return to pre-pandemic levels in late 2022 or
2023.
The strategic review of the Catalysts business is ongoing. The
company expects to provide an update in the first half of the
year.
All Other
In
millions
|
Q4
2021
|
|
Q4
2020
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
—
|
|
$
61.4
|
|
$
(61.4)
|
|
(100.0)
%
|
Adjusted
EBITDA
|
$
—
|
|
$
18.4
|
|
$
(18.4)
|
|
(100.0)
%
|
Other operations represent the FCS business which was sold on
June 1, 2021.
Balance Sheet and Liquidity
As of December 31, 2021, Albemarle had estimated liquidity of over
$2.0 billion, including $439 million of cash and equivalents,
$612 million remaining under its
$1 billion revolver, $750 million remaining under our amended delayed
draw term loan and $211 million on
other available credit lines. Total debt was $2.4 billion, representing net debt to adjusted
EBITDA of approximately 2.3 times.
Cash Flow and Capital Deployment
Cash from operations for the year ended December 31, 2021,
of $344.3 million decreased
$454.7 million versus the prior year
driven by working capital inflows and higher revenues in the
company's Lithium and Bromine segments. Capital expenditures of
$953.7 million increased by
$103.2 million versus the prior year
as the company nears completion of its Wave 2 Lithium expansion
projects.
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
dividend.
Earnings Call
Date:
|
Thursday, February
17, 2022
|
Time:
|
9:00 AM Eastern
time
|
Dial-in
(U.S.):
|
844-347-1034
|
Dial-in
(International):
|
209-905-5910
|
Passcode:
|
3389287
|
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
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 our 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 2022 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 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; 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; 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 our customers; 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; the
occurrence of cyber-security breaches, terrorist attacks,
industrial accidents, natural disasters or climate change; hazards
associated with chemicals manufacturing; 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 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; 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; the ability to successfully execute, operate and integrate
acquisitions and divestitures; uncertainties as to the duration and
impact of the coronavirus (COVID-19) pandemic; 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 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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net
sales
|
$
894,204
|
|
$
879,147
|
|
$
3,327,957
|
|
$
3,128,909
|
Cost of goods
sold
|
657,610
|
|
613,727
|
|
2,329,986
|
|
2,134,056
|
Gross
profit
|
236,594
|
|
265,420
|
|
997,971
|
|
994,853
|
Selling, general and
administrative expenses
|
123,302
|
|
124,909
|
|
441,482
|
|
429,827
|
Research and
development expenses
|
12,125
|
|
15,375
|
|
54,026
|
|
59,214
|
Loss (gain) on sale
of business/interest in properties, net
|
132,453
|
|
—
|
|
(295,971)
|
|
—
|
Operating
profit
|
(31,286)
|
|
125,136
|
|
798,434
|
|
505,812
|
Interest and
financing expenses
|
(5,306)
|
|
(19,152)
|
|
(61,476)
|
|
(73,116)
|
Other income
(expenses), net
|
28,530
|
|
(57,557)
|
|
(603,340)
|
|
(59,177)
|
Income (loss) before
income taxes and equity in net income of unconsolidated
investments
|
(8,062)
|
|
48,427
|
|
133,618
|
|
373,519
|
Income tax expense
(benefit)
|
15,024
|
|
(10,101)
|
|
29,446
|
|
54,425
|
Income before equity
in net income of unconsolidated investments
|
(23,086)
|
|
58,528
|
|
104,172
|
|
319,094
|
Equity in net income
of unconsolidated investments (net of tax)
|
33,555
|
|
43,649
|
|
95,770
|
|
127,521
|
Net income
|
10,469
|
|
102,177
|
|
199,942
|
|
446,615
|
Net income
attributable to noncontrolling interests
|
(14,293)
|
|
(17,542)
|
|
(76,270)
|
|
(70,851)
|
Net (loss) income
attributable to Albemarle Corporation
|
$
(3,824)
|
|
$
84,635
|
|
$
123,672
|
|
$
375,764
|
Basic (loss) earnings
per share:
|
$
(0.03)
|
|
$
0.79
|
|
$
1.07
|
|
$
3.53
|
Diluted (loss)
earnings per share:
|
$
(0.03)
|
|
$
0.79
|
|
$
1.06
|
|
$
3.52
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – basic
|
116,999
|
|
106,665
|
|
115,841
|
|
106,402
|
Weighted-average
common shares outstanding – diluted
|
116,999
|
|
107,312
|
|
116,536
|
|
106,808
|
Albemarle Corporation
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(In Thousands)
(Unaudited)
|
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
439,272
|
|
$
746,724
|
Trade accounts
receivable
|
556,922
|
|
530,838
|
Other accounts
receivable
|
66,184
|
|
61,958
|
Inventories
|
812,920
|
|
750,237
|
Other current
assets
|
132,683
|
|
116,427
|
Total current
assets
|
2,007,981
|
|
2,206,184
|
Property, plant and
equipment
|
8,074,746
|
|
7,427,641
|
Less accumulated
depreciation and amortization
|
2,165,130
|
|
2,073,016
|
Net property, plant
and equipment
|
5,909,616
|
|
5,354,625
|
Investments
|
897,708
|
|
656,244
|
Other
assets
|
252,239
|
|
219,268
|
Goodwill
|
1,597,627
|
|
1,665,520
|
Other intangibles,
net of amortization
|
308,947
|
|
349,105
|
Total
assets
|
$
10,974,118
|
|
$
10,450,946
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
647,986
|
|
$
483,221
|
Accrued
expenses
|
763,293
|
|
440,763
|
Current
portion of long-term debt
|
389,920
|
|
804,677
|
Dividends
payable
|
45,469
|
|
40,937
|
Income taxes
payable
|
27,667
|
|
32,251
|
Total current
liabilities
|
1,874,335
|
|
1,801,849
|
Long-term
debt
|
2,004,319
|
|
2,767,381
|
Postretirement
benefits
|
43,693
|
|
48,075
|
Pension
benefits
|
229,187
|
|
340,818
|
Other noncurrent
liabilities
|
663,698
|
|
629,377
|
Deferred income
taxes
|
353,279
|
|
394,852
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
Common
stock
|
1,170
|
|
1,069
|
Additional
paid-in-capital
|
2,920,007
|
|
1,438,038
|
Accumulated
other comprehensive loss
|
(392,450)
|
|
(326,132)
|
Retained
earnings
|
3,096,539
|
|
3,155,252
|
Total Albemarle
Corporation shareholders' equity
|
5,625,266
|
|
4,268,227
|
Noncontrolling
interests
|
180,341
|
|
200,367
|
Total
equity
|
5,805,607
|
|
4,468,594
|
Total liabilities and
equity
|
$
10,974,118
|
|
$
10,450,946
|
Albemarle Corporation
and Subsidiaries
|
Selected Consolidated
Cash Flow Data
|
(In Thousands)
(Unaudited)
|
|
|
Year
Ended
|
|
December
31,
|
|
2021
|
|
2020
|
Cash and cash
equivalents at beginning of year
|
$
746,724
|
|
$
613,110
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
199,942
|
|
446,615
|
Adjustments to
reconcile net income to cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
254,000
|
|
231,984
|
Gain on sale of
business/interest in properties, net
|
(295,971)
|
|
(7,168)
|
Stock-based
compensation and other
|
20,120
|
|
22,837
|
Equity in net income
of unconsolidated investments (net of tax)
|
(95,770)
|
|
(127,521)
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
78,391
|
|
88,161
|
Pension and
postretirement (benefit) expense
|
(74,010)
|
|
45,658
|
Pension and
postretirement contributions
|
(30,253)
|
|
(16,434)
|
Unrealized gain on
investments in marketable securities
|
(3,818)
|
|
(4,635)
|
Loss on early
extinguishment of debt
|
28,955
|
|
—
|
Deferred income
taxes
|
(38,500)
|
|
(1,976)
|
Changes in current
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
(Increase)
decrease in accounts receivable
|
(49,295)
|
|
100,118
|
(Increase)
decrease in inventories
|
(127,401)
|
|
51,978
|
Decrease in other current
assets
|
17,411
|
|
7,902
|
Increase
(decrease) in accounts payable
|
143,939
|
|
(31,519)
|
Increase (decrease) in
accrued expenses and income taxes payable
|
127,068
|
|
(215,011)
|
Non-cash transfer of
40% value of construction in progress of Kemerton plant to
MRL
|
135,928
|
|
179,437
|
Other, net
|
53,521
|
|
28,488
|
Net cash provided by
operating activities
|
344,257
|
|
798,914
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
—
|
|
(22,572)
|
Capital
expenditures
|
(953,667)
|
|
(850,477)
|
Cash proceeds from
divestitures, net
|
289,791
|
|
—
|
Proceeds from sale of
joint venture
|
—
|
|
11,000
|
Sales of marketable
securities, net
|
3,774
|
|
903
|
Investments in equity
and other corporate investments
|
(6,488)
|
|
(2,427)
|
Net cash used in
investing activities
|
(666,590)
|
|
(863,573)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from issuance
of common stock
|
1,453,888
|
|
—
|
Proceeds from
borrowings of credit agreements
|
—
|
|
452,163
|
Repayments of
long-term debt and credit agreements
|
(1,173,823)
|
|
(250,000)
|
Other borrowings,
net
|
60,991
|
|
137,635
|
Fees related to early
extinguishment of debt
|
(24,877)
|
|
—
|
Dividends paid to
shareholders
|
(177,853)
|
|
(161,818)
|
Dividends paid to
noncontrolling interests
|
(96,136)
|
|
(32,061)
|
Proceeds from exercise
of stock options
|
18,392
|
|
40,437
|
Withholding taxes paid
on stock-based compensation award distributions
|
(8,140)
|
|
(5,143)
|
Other
|
(2,230)
|
|
(3,952)
|
Net cash provided by
financing activities
|
50,212
|
|
177,261
|
Net effect of foreign
exchange on cash and cash equivalents
|
(35,331)
|
|
21,012
|
(Decrease) increase
in cash and cash equivalents
|
(307,452)
|
|
133,614
|
Cash and cash
equivalents at end of period
|
$
439,272
|
|
$
746,724
|
Albemarle Corporation
and Subsidiaries
|
Consolidated Summary
of Segment Results
|
(In Thousands)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net
sales:
|
|
|
|
|
|
|
|
Lithium
|
$
404,745
|
|
$
358,592
|
|
$
1,363,284
|
|
$
1,144,778
|
Bromine
|
290,365
|
|
263,398
|
|
1,128,343
|
|
964,962
|
Catalysts
|
199,094
|
|
195,735
|
|
761,235
|
|
797,914
|
All Other
|
—
|
|
61,422
|
|
75,095
|
|
221,255
|
Total net
sales
|
$
894,204
|
|
$
879,147
|
|
$
3,327,957
|
|
$
3,128,909
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Lithium
|
$
138,245
|
|
$
122,131
|
|
$
479,538
|
|
$
393,093
|
Bromine
|
87,384
|
|
87,854
|
|
360,682
|
|
323,605
|
Catalysts
|
27,247
|
|
22,053
|
|
106,941
|
|
130,134
|
All Other
|
—
|
|
18,414
|
|
29,858
|
|
84,821
|
Corporate
|
(24,153)
|
|
(29,327)
|
|
(106,045)
|
|
(112,915)
|
Total adjusted
EBITDA
|
$
228,723
|
|
$
221,125
|
|
$
870,974
|
|
$
818,738
|
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") 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,
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 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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
In thousands, except
percentages and per share amounts
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net (loss) income
attributable to Albemarle Corporation
|
$
(3,824)
|
|
$
84,635
|
|
$
123,672
|
|
$
375,764
|
Add back:
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(47,848)
|
|
37,572
|
|
(60,659)
|
|
30,668
|
Non-recurring and
other unusual items (net of tax)
|
170,180
|
|
3,409
|
|
407,337
|
|
33,087
|
Adjusted net income
attributable to Albemarle Corporation
|
$
118,508
|
|
$
125,616
|
|
$
470,350
|
|
$
439,519
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
1.01
|
|
$
1.17
|
|
$
4.04
|
|
$
4.12
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – diluted
|
116,999
|
|
107,312
|
|
116,536
|
|
106,808
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Albemarle Corporation
|
$
(3,824)
|
|
$
84,635
|
|
$
123,672
|
|
$
375,764
|
Add back:
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
5,306
|
|
19,152
|
|
61,476
|
|
73,116
|
Income tax expense
(benefit)
|
15,024
|
|
(10,101)
|
|
29,446
|
|
54,425
|
Depreciation and
amortization
|
68,235
|
|
61,770
|
|
254,000
|
|
231,984
|
EBITDA
|
84,741
|
|
155,456
|
|
468,594
|
|
735,289
|
Non-operating pension
and OPEB items
|
(62,407)
|
|
49,372
|
|
(78,814)
|
|
40,668
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
206,389
|
|
16,297
|
|
481,194
|
|
42,781
|
Adjusted
EBITDA
|
$
228,723
|
|
$
221,125
|
|
$
870,974
|
|
$
818,738
|
|
|
|
|
|
|
|
|
Net sales
|
$
894,204
|
|
$
879,147
|
|
$
3,327,957
|
|
$
3,128,909
|
EBITDA
margin
|
9.5
%
|
|
17.7 %
|
|
14.1 %
|
|
23.5 %
|
Adjusted EBITDA
margin
|
25.6 %
|
|
25.2 %
|
|
26.2 %
|
|
26.2 %
|
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
|
|
Catalysts
|
|
Reportable
Segments Total
|
|
All
Other
|
|
Corporate
|
|
Consolidated
Total
|
|
% of Net
Sales
|
Three months ended
December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
(45,049)
|
|
$
73,831
|
|
$
13,952
|
|
$
42,734
|
|
$
—
|
|
$
(46,558)
|
|
$
(3,824)
|
|
(0.4)
%
|
Depreciation and
amortization
|
39,213
|
|
13,553
|
|
13,295
|
|
66,061
|
|
—
|
|
2,174
|
|
68,235
|
|
7.6
%
|
Non-recurring and
other unusual items
|
144,081
|
|
—
|
|
—
|
|
144,081
|
|
—
|
|
62,308
|
|
206,389
|
|
23.1
%
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,306
|
|
5,306
|
|
0.6
%
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
15,024
|
|
15,024
|
|
1.7
%
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(62,407)
|
|
(62,407)
|
|
(7.0)
%
|
Adjusted
EBITDA
|
$ 138,245
|
|
$
87,384
|
|
$
27,247
|
|
$
252,876
|
|
$
—
|
|
$
(24,153)
|
|
$
228,723
|
|
25.6
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
89,331
|
|
$
75,590
|
|
$
9,379
|
|
$
174,300
|
|
$ 16,254
|
|
$
(105,919)
|
|
$
84,635
|
|
9.6
%
|
Depreciation and
amortization
|
30,272
|
|
13,464
|
|
12,674
|
|
56,410
|
|
2,160
|
|
3,200
|
|
61,770
|
|
7.0
%
|
Non-recurring and
other unusual items
|
2,528
|
|
(1,200)
|
|
—
|
|
1,328
|
|
—
|
|
14,969
|
|
16,297
|
|
1.9
%
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19,152
|
|
19,152
|
|
2.2
%
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10,101)
|
|
(10,101)
|
|
(1.1)
%
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
49,372
|
|
49,372
|
|
5.6
%
|
Adjusted
EBITDA
|
$ 122,131
|
|
$
87,854
|
|
$
22,053
|
|
$
232,038
|
|
$ 18,414
|
|
$
(29,327)
|
|
$
221,125
|
|
25.2
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ 192,244
|
|
$
309,501
|
|
$
55,353
|
|
$
557,098
|
|
$ 27,988
|
|
$
(461,414)
|
|
$
123,672
|
|
3.7
%
|
Depreciation and
amortization
|
138,772
|
|
51,181
|
|
51,588
|
|
241,541
|
|
1,870
|
|
10,589
|
|
254,000
|
|
7.6
%
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
148,522
|
|
—
|
|
—
|
|
148,522
|
|
—
|
|
332,672
|
|
481,194
|
|
14.5
%
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
61,476
|
|
61,476
|
|
1.8
%
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
29,446
|
|
29,446
|
|
0.9
%
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(78,814)
|
|
(78,814)
|
|
(2.4)
%
|
Adjusted
EBITDA
|
$ 479,538
|
|
$
360,682
|
|
$
106,941
|
|
$
947,161
|
|
$ 29,858
|
|
$
(106,045)
|
|
$
870,974
|
|
26.2
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ 277,711
|
|
$
274,495
|
|
$
80,149
|
|
$
632,355
|
|
$ 76,323
|
|
$
(332,914)
|
|
$
375,764
|
|
12.0
%
|
Depreciation and
amortization
|
112,854
|
|
50,310
|
|
49,985
|
|
213,149
|
|
8,498
|
|
10,337
|
|
231,984
|
|
7.4
%
|
Non-recurring and
other unusual items
|
2,528
|
|
(1,200)
|
|
—
|
|
1,328
|
|
—
|
|
41,453
|
|
42,781
|
|
1.4
%
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
73,116
|
|
73,116
|
|
2.3
%
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
54,425
|
|
54,425
|
|
1.7
%
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
40,668
|
|
40,668
|
|
1.3
%
|
Adjusted
EBITDA
|
$ 393,093
|
|
$
323,605
|
|
$
130,134
|
|
$
846,832
|
|
$ 84,821
|
|
$
(112,915)
|
|
$
818,738
|
|
26.2
%
|
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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
MTM actuarial (gain)
loss
|
$
(56,919)
|
|
$
52,269
|
|
$
(56,919)
|
|
$
52,269
|
Interest
cost
|
7,390
|
|
7,178
|
|
21,670
|
|
28,630
|
Expected return on
assets
|
(10,878)
|
|
(10,075)
|
|
(43,565)
|
|
(40,231)
|
Total
|
$
(60,407)
|
|
$
49,372
|
|
$
(78,814)
|
|
$
40,668
|
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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Restructuring and
other(1)
|
$
—
|
|
$
0.08
|
|
$
0.02
|
|
$
0.15
|
Acquisition and
integration related costs(2)
|
0.05
|
|
0.02
|
|
0.06
|
|
0.13
|
Loss (gain) on sale
of business/interest in properties, net(3)
|
1.13
|
|
—
|
|
(1.70)
|
|
—
|
Albemarle Foundation
contribution(4)
|
—
|
|
—
|
|
0.13
|
|
—
|
Loss on
extinguishment of debt(5)
|
—
|
|
—
|
|
0.20
|
|
—
|
Legacy Rockwood legal
matter(6)
|
0.03
|
|
—
|
|
4.36
|
|
—
|
Indemnification
adjustments(7)
|
0.34
|
|
—
|
|
0.34
|
|
—
|
Other(8)
|
0.19
|
|
0.06
|
|
0.34
|
|
0.07
|
Discrete tax
items(9)
|
(0.29)
|
|
(0.13)
|
|
(0.25)
|
|
(0.04)
|
Total non-recurring
and other unusual items
|
$
1.45
|
|
$
0.03
|
|
$
3.50
|
|
$
0.31
|
(1)
|
During the three
months and year ended December 31, 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 $0.7 million and $3.0 million ($0.5
million and $2.1 million after income taxes, or less than $0.01 and
$0.02 per share), respectively. In 2020, Albemarle recorded
severance expenses as part of business reorganization plans,
impacting each of its businesses and Corporate, primarily in the
U.S., Germany and with its Jordanian joint venture partner. During
the three months ended December 31, 2020, the company recorded
expenses of $8.6 million ($8.4 million after income taxes, or $0.08
per share) in Selling, general and administrative expenses. During
the year ended December 31, 2020, the company recorded severance
expenses in Cost of goods sold, Selling, general and administrative
expenses and Net income attributable to noncontrolling interest of
$0.7 million, $19.2 million and a $0.3 million gain ($16.3 million
after income taxes, or $0.15 per share), respectively. The balance
of unpaid restructuring expenses and severance is recorded in
Accrued expenses and is expected to primarily be paid through
2022.
|
|
|
(2)
|
Costs related to the
acquisition, integration and divestitures for various significant
projects, recorded in Selling, general and administrative expenses
for the three months and year ended December 31, 2021 of $6.9
million and $12.7 million ($5.4 million and $7.4 million after
income taxes, or $0.05 and $0.06 per share), respectively, and for
the three months and year ended December 31, 2020 of $2.9 million
and $17.3 million ($2.3 million and $13.4 million after income
taxes, or $0.02 and $0.13 per share), respectively.
|
|
|
(3)
|
Included in Loss
(gain) on sale of business/interest in properties, net for the year
ended December 31, 2021 is $428.4 million ($330.8 million after
discrete income taxes, or $2.84 per share) related to the sale of
the FCS business. This is partially offset by an expense of $132.4
million ($1.13 per share after no income tax impact)
post-measurement period Wodgina acquisition purchase price
adjustment recorded in the fourth quarter of 2021, 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.
|
|
|
(4)
|
Included in Selling,
general and administrative expenses for the year ended December 31,
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 FCS 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 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.
|
|
|
(5)
|
Included in Interest
and financing expenses for the year ended December 31, 2021 is a
loss on early extinguishment of debt of $29.0 million ($23.8
million after income taxes, or $0.20 per share) related to 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
expense, net for the year ended December 31, 2021 is a $657.4
million ($508.5 million after income taxes, or $4.36 per share)
charge related to an arbitration decision on a dispute regarding
Huntsman Corporation's acquisition of Rockwood's Pigments &
Additives business in 2014. The Huntsman-Rockwood dispute is a
legacy dispute that Albemarle inherited when it purchased all
outstanding equity of Rockwood Holdings, Inc. in 2015, acquiring
its lithium and other business lines unrelated to the dispute. The
three months ended December 31, 2021 includes an adjustment to
income taxes from this charge of $4.0 million ($0.03 per
share).
|
|
|
(7)
|
Included in Other
expenses, net for the three months and year ended December 31, 2021
are expenses of $39.4 million ($39.4 million after income taxes, or
$0.34 per share), to revise an indemnification estimate for an
ongoing tax-related matter of a previously disposed business in
Germany.
|
|
|
(8)
|
Other adjustments for
the three months ended December 31, 2021 included amounts recorded
in:
|
|
• Cost of
goods sold - $10.5 million of expense related to a legal matter as
part of a prior acquisition in our Lithium business.
|
|
•
Selling, general and administrative expenses - $11.5 million of
legal fees related to a legacy Rockwood legal matter noted above
and $2.2 million of charges for environmental reserves at sites not
part of the company's operations.
|
|
After income taxes,
these charges totaled $22.6 million, or $0.19 per share.
|
|
Other adjustments for
the year ended December 31, 2021 included amounts recorded
in:
|
|
• Cost of
goods sold - $10.5 million of expense related to a legal matter as
part of a prior acquisition in our Lithium business.
|
|
•
Selling, general and administrative expenses - $11.5 million of
legal fees related to a legacy Rockwood legal matter noted above,
$9.8 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 $3.8 million of
charges for an environmental reserve at a site not part of the
company's operations.
|
|
• Other
income (expense), net - $4.8 million of expenses primarily
related to asset retirement obligation charges to update an
estimate at a site formerly owned by Albemarle.
|
|
After income taxes,
these charges totaled $38.5 million, or $0.34 per share.
|
|
Other adjustments for
the three months ended December 31, 2020 included amounts recorded
in:
|
|
• Cost of
goods sold - $1.3 million of expense related to a legal matter as
part of a prior acquisition in our Lithium business.
|
|
•
Selling, general and administrative expenses - $3.1 million of
shortfall contributions for our multiemployer plan financial
improvement plan.
|
|
• Other
expenses, net - $8.8 million of losses resulting from the
adjustment of indemnifications related to previously disposed
businesses and $1.2 million of expenses related to other costs
outside of our regular operations, offset by a $7.2 million
gain related to the sale of our ownership percentage in the Saudi
Organometallic Chemicals Company LLC ("SOCC") joint venture and
$2.8 million of gains primarily relating to the sale of intangible
assets in our Bromine business and property in Germany not used as
part of our operations.
|
|
After income taxes,
these charges totaled $6.4 million, or $0.06 per share.
|
|
Other adjustments for
the year ended December 31, 2020 included amounts recorded
in:
|
|
• Cost of
goods sold - $1.3 million of expense related to a legal matter
as part of a prior acquisition in our Lithium business.
|
|
•
Selling, general and administrative expenses - $3.1 million of
shortfall contributions for our multiemployer plan financial
improvement plan and $3.8 million of a net expense primarily
relating to the increase of environmental reserves at non-operating
businesses we have previously divested.
|
|
•
Other expenses, net - $7.2 million gain related to the
sale of our ownership percentage in the SOCC joint venture,
$3.6 million of a net gain primarily relating to the sale of
intangible assets in our Bromine business and property in Germany
not used as part of our operations and a $2.5 million net gain
resulting from the settlement of legal matters related to a
business sold or a site in the process of being sold, partially
offset by $9.6 million of losses resulting from the adjustment
of indemnifications related to previously disposed businesses and
$1.2 million of expenses related to other costs outside of our
regular operations.
|
|
After income taxes,
these charges totaled $7.5 million, or $0.07 per share.
|
|
|
(9)
|
Included in Income
tax expense (benefit) for the three months and year ended December
31, 2021 are discrete net tax benefits of $34.3 million, or $0.29
per share, and $29.4 million, or $0.25 per share, respectively. The
net benefit for the three months is primarily related to benefits
for the ongoing tax-related matter of a previously disposed
business in Germany noted above, benefits for uncertain tax
positions for statute of limitation expirations, excess tax
benefits realized from stock-based compensation arrangements, and
return to accrual adjustments. The net benefit for the full year
2021 is primarily related to benefits for the ongoing tax-related
matter of a previously disposed business in Germany noted above,
the release of valuation allowance related to foreign operations,
changes to uncertain tax positions, excess tax benefits realized
from stock-based compensation arrangements, and return to accrual
adjustments.
|
|
|
|
Included in Income
tax expense (benefit) for the three months and year ended December
31, 2020 are discrete net tax benefits of $13.9 million, or $0.13
per share, and $4.3 million, or $0.04 per share, respectively. The
net benefit for the three months is primarily related to benefits
for uncertain tax positions for statute of limitation expirations,
excess tax benefits realized from stock-based compensation
arrangements, and return to accrual adjustments. The net benefit
for the full year 2020 is primarily related to changes to uncertain
tax positions, excess tax benefits realized from stock-based
compensation arrangements, and return to accrual
adjustments.
|
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 reporting in accordance with GAAP (in thousands, except
percentages).
|
(Loss) income
before
income taxes and
equity in net income
of unconsolidated
investments
|
|
Income tax expense
(benefit)
|
|
Effective
income
tax rate
|
Three months ended
December 31, 2021:
|
|
|
|
|
|
As
reported
|
$
(8,062)
|
|
$
15,024
|
|
(186.4) %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
143,982
|
|
21,650
|
|
|
As
adjusted
|
$
135,920
|
|
$
36,674
|
|
27.0 %
|
|
|
|
|
|
|
Three months ended
December 31, 2020:
|
|
|
|
|
|
As
reported
|
$
48,427
|
|
$
(10,101)
|
|
(20.9) %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
65,669
|
|
24,688
|
|
|
As
adjusted
|
$
114,096
|
|
$
14,587
|
|
12.8 %
|
|
|
|
|
|
|
Year ended
December 31, 2021:
|
|
|
|
|
|
As
reported
|
$
133,618
|
|
$
29,446
|
|
22.0 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
431,327
|
|
84,649
|
|
|
As
adjusted
|
$
564,945
|
|
$
114,095
|
|
20.2 %
|
|
|
|
|
|
|
Year ended
December 31, 2020:
|
|
|
|
|
|
As
reported
|
$
373,519
|
|
$
54,425
|
|
14.6 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
83,770
|
|
19,694
|
|
|
As
adjusted
|
$
457,289
|
|
$
74,119
|
|
16.2 %
|
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SOURCE Albemarle Corporation