CHARLOTTE, N.C., Feb. 15,
2023 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in transforming essential resources such as
lithium and bromine into critical ingredients for mobility, energy,
connectivity and health, today announced its results for the fourth
quarter and full year ended Dec. 31,
2022.
Fourth Quarter 2022 and Recent
Highlights
(Unless otherwise stated, all percentage
changes represent year-over-year comparisons)
- Net sales of $2.6 billion, an
increase of 193%
- Net income of $1.1 billion, or
$9.60 per diluted share; Adjusted
diluted EPS of $8.62, an increase of
753%
- Adjusted EBITDA of $1.2 billion,
an increase of 444%
- Full-year 2023 guidance includes net sales of $11.3 - $12.9
billion and adjusted EBITDA of $4.2 - $5.1
billion
- Location acquired for Albemarle Technology Park in Charlotte, North Carolina
- Launched MercLok™, a groundbreaking proprietary soil treatment
for mercury remediation
"Albemarle's full-year 2022 net
sales of over $7 billion is more than
double our results from 2021, and the adjusted EBITDA of
approximately $3.5 billion is nearly
four times that of the prior year. Our outstanding 2022 results
demonstrate our durable advantages, particularly in the growing
lithium market, and the relentless focus of our global teams in
supporting our customers to enable better mobility, energy,
connectivity and health," said Albemarle CEO Kent Masters. "Our growth potential extends well
beyond the current EV opportunity. Even as we expand capacity to
respond to growing demand, we are maintaining a disciplined
approach to capital allocation in order to drive long-term
value."
Albemarle's unaudited full-year
2022 results and 2023 and long-term outlook are in-line with the
strategic update webcast held on Jan.
24. The webcast outlined the company's expectations for a
transformational growth trajectory that could increase net sales to
between $17.6 and $19.3 billion and adjusted EBITDA to between
$7.2 and $8.4
billion by 2027. This growth builds on the company's durable
competitive advantages including world-class asset base,
diversified product portfolio, technical know-how, and financial
strength to maintain market leading positions in its core
businesses, Energy Storage and Specialties. The webcast
replay is available on Albemarle's
website at https://investors.albemarle.com.
2023 Corporate Outlook
Full-year 2023 guidance remains
unchanged from the January update, and reflects strong growth with
an increase in net sales of about 55% to 75% from 2022 primarily
driven by market demand and continued favorable pricing for
lithium. Adjusted EBITDA is expected to increase 20% - 45%, with
adjusted diluted EPS up to 50% year-over-year. The company expects
to maintain positive cash flow even while increasing capital
expenditures to between $1.7 billion
and $1.9 billion for 2023.
|
FY 2023
Guidance
|
Net sales
|
$11.3 - $12.9
billion
|
Adjusted
EBITDA(a)
|
$4.2 - $5.1
billion
|
Adjusted EBITDA
Margin(a)
|
37% - 40%
|
Adjusted Diluted
EPS(a)
|
$26.00 -
$33.00
|
Net Cash from
Operations
|
$2.1 - $2.4
billion
|
Capital
Expenditures
|
$1.7 - $1.9
billion
|
|
|
(a)
|
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. See "Additional Information regarding
Non-GAAP Measures" for more information.
|
Fourth Quarter 2022 Results
In millions, except
per share amounts
|
Q4
2022
|
|
Q4
2021
|
|
$
Change
|
|
%
Change
|
Net sales
|
$
2,621.0
|
|
$
894.2
|
|
$
1,726.8
|
|
193.1 %
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,132.4
|
|
$
(3.8)
|
|
$
1,136.2
|
|
|
Adjusted
EBITDA(a)
|
$
1,243.8
|
|
$
228.7
|
|
$
1,015.1
|
|
443.9 %
|
Diluted earnings (loss)
earnings per share
|
$
9.60
|
|
$ (0.03)
|
|
$
9.63
|
|
|
Non-operating pension and OPEB items(a)
|
(0.26)
|
|
(0.41)
|
|
|
|
|
Non-recurring and other unusual items(a)
|
(0.72)
|
|
1.45
|
|
|
|
|
Adjusted diluted
earnings per share(a)(b)
|
$
8.62
|
|
$
1.01
|
|
$
7.61
|
|
753.5 %
|
|
|
(a)
|
See Non-GAAP
Reconciliations for further details.
|
(b)
|
Totals may not add due
to rounding.
|
Net sales for the fourth quarter nearly tripled, at $2.6
billion compared to $894.2 million
for the prior-year quarter. The 193% increase was driven by
higher lithium prices and increased volumes.
Net income attributable to Albemarle of $1.1
billion increased from a loss of $3.8
million in the prior year quarter. Fourth quarter 2021
results were impacted by 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.
Adjusted EBITDA of $1.2 billion
significantly increased by $1.0
billion from the prior year quarter primarily due to higher
net sales.
The effective income tax rate for the fourth quarter of 2022 was
2.8%, compared to (186.4)% in the same period in 2021.The rate in
2022 was primarily driven by the release of a significant valuation
allowance in Australia, while 2021
was driven by a loss recorded in a jurisdiction with a valuation
allowance. On an adjusted basis, the effective income tax rates
were 14.0% and 27.0% for the fourth quarter of 2022 and 2021,
respectively. The difference is primarily due to geographic mix of
earnings.
Business Segment Results
For stronger focus and better
execution on its multiple growth opportunities, the company has
realigned two segments in its core portfolio: Albemarle Energy
Storage focused on the lithium-ion battery evolution and the
transition to clean energy; and Albemarle Specialties; combining
the existing Bromine business with the Lithium specialties
business. The resegmenting is effective Jan.
1, 2023, and is reflected in the company's 2023 outlook.
Additional historical financial information revised for these newly
created segments will be available on a Form 8-K filed by the
company in the near future.
Lithium Results
In
millions
|
Q4
2022
|
|
Q4
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
2,066.0
|
|
$
404.7
|
|
$
1,661.2
|
|
410.4 %
|
Adjusted
EBITDA
|
$
1,187.6
|
|
$
138.2
|
|
$
1,049.4
|
|
759.1 %
|
Lithium net sales of $2.1 billion
increased $1.7 billion (+410%) due to
higher pricing net of FX (+328%) related to renegotiated contracts
and increased market pricing. Volume was also higher (+82%) related
primarily to the La Negra III/IV expansion in Chile and higher tolling volumes to meet
growing customer demand. Adjusted EBITDA of $1.2 billion increased by $1.0 billion as higher pricing and volumes more
than offset higher costs.
In December 2022, Albemarle acquired a location in Charlotte, North Carolina, where it plans to
invest at least $180 million to
establish the Albemarle Technology Park, a world-class facility
designed for novel materials research, advanced process
development, and acceleration of next-generation lithium products
to market. The State of North
Carolina awarded Albemarle
a nearly $13 million incentive
package to develop the facility, which is expected to create at
least 200 jobs.
2023 Energy Storage Outlook
As disclosed in January,
Energy Storage net sales are estimated to range between
$8.3 to $9.8
billion, with adjusted EBITDA between $3.7 and $4.6
billion. Energy Storage volumes are projected to be up
30-40% in 2023 compared to 2022. Full year realized pricing is
expected to be up 55-65% vs. prior year, assuming flat pricing to
fourth quarter 2022.
Albemarle continues to expand
its global portfolio of conversion capacity and utilization of its
world-class resource portfolio:
Chile
– The Salar Yield Improvement Project is
on schedule for mechanical completion by the middle of 2023
Australia
– Kemerton I is operating and producing
lithium hydroxide, which remains subject to customer
qualification
– Kemerton II is progressing through commissioning as
planned
China
– Construction is progressing on schedule
at the Meishan greenfield project
United States
– Site selection for the mega-flex
conversion facility is underway
– Kings Mountain mine
studies continue to progress positively
Bromine Results
In
millions
|
Q4
2022
|
|
Q4
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
319.4
|
|
$
290.4
|
|
$
29.1
|
|
10.0 %
|
Adjusted
EBITDA
|
$
85.0
|
|
$
87.4
|
|
$
(2.3)
|
|
(2.7) %
|
Bromine net sales of $319.4
million increased $29.1
million (+10%) primarily due to increased pricing net
of FX (+9%) and higher volumes (+1%). Adjusted EBITDA of
$85.0 million decreased $2.3 million as higher net sales were partially
offset by higher costs for raw materials and freight.
2023 Specialties Outlook
Albemarle expects 2023 net sales to be
approximately $2.0 billion, with
adjusted EBITDA estimated from $555
million to $590 million,
unchanged from the January update. Adjusted EBITDA margins are
expected to be approximately flat year over year.
Catalysts Results
In
millions
|
Q4
2022
|
|
Q4
2021
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
235.5
|
|
$
199.1
|
|
$
36.5
|
|
18.3 %
|
Adjusted
EBITDA
|
$
(2.6)
|
|
$
27.2
|
|
$
(29.9)
|
|
(109.6) %
|
Catalysts net sales of $235.5
million increased $36.5
million (+18.3%) compared to the previous year due to higher
pricing net of FX (+10%) and higher volumes (+8%). Adjusted EBITDA
of $(2.6) million decreased
$29.9 million as higher sales were
more than offset by continued cost pressures from increasing raw
materials, higher energy and freight costs.
On January 30, Albemarle announced the official brand launch
of Ketjen Corporation ("Ketjen"). Ketjen is a wholly owned
subsidiary that crafts tailored, advanced catalyst solutions for
the petrochemical, refining, and specialty chemicals industries.
Financial results of Ketjen will continue to be reported on a
business segment basis.
2023 Ketjen Outlook
As discussed in January, Albemarle
expects Ketjen net sales in 2023 to range between $1.06 billion and $1.09
billion, with EBITDA in the range of $70 million to $100
million, as the segment continues to experience high raw
material costs.
Balance Sheet and Liquidity
As of December 31,
2022, Albemarle had estimated
liquidity of approximately $3.2
billion, including $1.5
billion of cash and equivalents, the full $1.5 billion under its revolver and $179 million on other available credit lines.
Total debt was $3.2 billion,
representing our debt covenant net debt to adjusted EBITDA of 0.5
times.
Cash Flow and Capital Deployment
Cash from operations
of $1.9 billion increased
$1.6 billion 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. Capital
expenditures of $1.3 billion
increased by $308.0 million versus
the prior year period as the company invested 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:
|
Thurs., Feb. 16,
2023
|
Time:
|
9:00 AM Eastern
time
|
Dial-in
(U.S.):
|
+1
844-200-6205
|
Dial-in
(International):
|
+1
929-526-1599
|
Passcode:
|
788162
|
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 leader in transforming essential resources such as
lithium and bromine into critical ingredients for mobility, energy,
connectivity, and health. Building on our world-class resources,
technical and process knowledge, and safety and sustainability
performance, we partner with our customers to pioneer new ways to
move, power, connect, and protect. We are committed to building a
more resilient world where people and planet thrive. Learn more
about Albemarle at
www.albemarle.com and at @albemarlecorp on LinkedIn, Twitter and
Facebook.
Albemarle regularly posts
information to www.albemarle.com, including notification of events,
news, financial performance, investor presentations and webcasts,
non-GAAP reconciliations, Securities and Exchange Commission
("SEC") filings and other information regarding the company,
its businesses and the markets it serves.
Forward-Looking Statements
This press release contains
statements concerning our expectations, anticipations, intentions,
beliefs or strategies regarding the future, which constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are based on assumptions that we have made as of
the date hereof and are subject to known and unknown risks and
uncertainties that could cause actual results, conditions and
events to differ materially from those anticipated, often contain
words such as "anticipate," "assume," "believe," "could,"
"estimate," "expect," "guidance," "intend," "may," "outlook,"
"should," "would," "will" and variations of such words and similar
expressions. Forward-looking statements may include, without
limitation, statements regarding future or expected: financial and
operating results, production capacity, volumes, and pricing,
demand for Albemarle's products,
capital projects, acquisition and divestiture transactions, market
and economic trends, and all other information relating to matters
that are not historical facts. 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; financial
and operating performance of major customers; the timing and
magnitude of orders received from customers; the gain or loss of
significant customers; fluctuations in lithium market pricing;
production volume shortfalls; increased competition; changes in the
demand for its products; availability and cost of raw materials and
energy; technological change and development; fluctuations in
foreign currencies; changes in laws and government regulation;
regulatory actions, proceedings, claims or litigation;
cyber-security breaches, terrorist attacks, industrial accidents or
natural disasters; hazards associated with chemicals manufacturing;
the inability to maintain current levels of insurance; political
unrest; changes in accounting standards; changes in monetary
policies, inflation or interest rates; volatility in the debt and
equity markets; intellectual property infringement; future
acquisition and divestiture transactions, including the ability to
successfully integrate acquisitions; timing and success of active
and proposed projects; 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; 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,
which are filed with the SEC and available on the investor section
of Albemarle's website
(investors.albemarle.com) and on the SEC's website at www.sec.gov.
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales
|
$ 2,620,978
|
|
$
894,204
|
|
$ 7,320,104
|
|
$ 3,327,957
|
Cost of goods
sold
|
1,619,659
|
|
657,610
|
|
4,245,517
|
|
2,329,986
|
Gross
profit
|
1,001,319
|
|
236,594
|
|
3,074,587
|
|
997,971
|
Selling, general and
administrative expenses
|
148,156
|
|
123,302
|
|
524,145
|
|
441,482
|
Research and
development expenses
|
20,154
|
|
12,125
|
|
71,981
|
|
54,026
|
Loss (gain) on sale of
business/interest in properties, net
|
—
|
|
132,453
|
|
8,400
|
|
(295,971)
|
Operating
profit
|
833,009
|
|
(31,286)
|
|
2,470,061
|
|
798,434
|
Interest and financing
expenses
|
(24,039)
|
|
(5,306)
|
|
(122,973)
|
|
(61,476)
|
Other income
(expenses), net
|
54,119
|
|
28,530
|
|
86,356
|
|
(603,340)
|
Income (loss) before
income taxes and equity in net income of unconsolidated
investments
|
863,089
|
|
(8,062)
|
|
2,433,444
|
|
133,618
|
Income tax
expense
|
24,102
|
|
15,024
|
|
390,588
|
|
29,446
|
Income before equity in
net income of unconsolidated investments
|
838,987
|
|
(23,086)
|
|
2,042,856
|
|
104,172
|
Equity in net income of
unconsolidated investments (net of tax)
|
322,799
|
|
33,555
|
|
772,275
|
|
95,770
|
Net income
|
1,161,786
|
|
10,469
|
|
2,815,131
|
|
199,942
|
Net income attributable
to noncontrolling interests
|
(29,341)
|
|
(14,293)
|
|
(125,315)
|
|
(76,270)
|
Net (loss) income
attributable to Albemarle Corporation
|
$ 1,132,445
|
|
$ (3,824)
|
|
$ 2,689,816
|
|
$
123,672
|
Basic (loss) earnings
per share:
|
$
9.67
|
|
$
(0.03)
|
|
$
22.97
|
|
$
1.07
|
Diluted (loss) earnings
per share:
|
$
9.60
|
|
$
(0.03)
|
|
$
22.84
|
|
$
1.06
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – basic
|
117,160
|
|
116,999
|
|
117,120
|
|
115,841
|
Weighted-average common
shares outstanding – diluted
|
117,925
|
|
116,999
|
|
117,793
|
|
116,536
|
Albemarle Corporation
and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)
|
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,499,142
|
|
$
439,272
|
Trade accounts
receivable
|
1,190,970
|
|
556,922
|
Other accounts
receivable
|
185,819
|
|
66,184
|
Inventories
|
2,076,031
|
|
798,620
|
Other current
assets
|
234,955
|
|
132,683
|
Total current
assets
|
5,186,917
|
|
1,993,681
|
Property, plant and
equipment
|
9,354,330
|
|
8,074,746
|
Less accumulated
depreciation and amortization
|
2,391,333
|
|
2,165,130
|
Net property,
plant and equipment
|
6,962,997
|
|
5,909,616
|
Investments
|
1,150,553
|
|
912,008
|
Other assets
|
250,558
|
|
252,239
|
Goodwill
|
1,617,627
|
|
1,597,627
|
Other intangibles, net
of amortization
|
287,870
|
|
308,947
|
Total
assets
|
$ 15,456,522
|
|
$ 10,974,118
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
2,052,001
|
|
$
647,986
|
Accrued
expenses
|
505,894
|
|
763,293
|
Current portion
of long-term debt
|
2,128
|
|
389,920
|
Dividends
payable
|
46,116
|
|
45,469
|
Income taxes
payable
|
134,876
|
|
27,667
|
Total current
liabilities
|
2,741,015
|
|
1,874,335
|
Long-term
debt
|
3,214,972
|
|
2,004,319
|
Postretirement
benefits
|
32,751
|
|
43,693
|
Pension
benefits
|
159,571
|
|
229,187
|
Other noncurrent
liabilities
|
636,596
|
|
663,698
|
Deferred income
taxes
|
480,770
|
|
353,279
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
Common
stock
|
1,172
|
|
1,170
|
Additional
paid-in-capital
|
2,940,840
|
|
2,920,007
|
Accumulated
other comprehensive loss
|
(560,662)
|
|
(392,450)
|
Retained
earnings
|
5,601,277
|
|
3,096,539
|
Total Albemarle
Corporation shareholders' equity
|
7,982,627
|
|
5,625,266
|
Noncontrolling
interests
|
208,220
|
|
180,341
|
Total
equity
|
8,190,847
|
|
5,805,607
|
Total liabilities and
equity
|
$ 15,456,522
|
|
$ 10,974,118
|
Albemarle Corporation
and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)
|
|
|
Year
Ended
|
|
December
31,
|
|
2022
|
|
2021
|
Cash and cash
equivalents at beginning of year
|
$ 439,272
|
|
$ 746,724
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
2,815,131
|
|
199,942
|
Adjustments to
reconcile net income to cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
300,841
|
|
254,000
|
Gain on sale of
business/interest in properties, net
|
8,400
|
|
(295,971)
|
Stock-based
compensation and other
|
30,474
|
|
20,120
|
Equity in net income
of unconsolidated investments (net of tax)
|
(772,275)
|
|
(95,770)
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
801,239
|
|
78,391
|
Pension and
postretirement benefit
|
(52,254)
|
|
(74,010)
|
Pension and
postretirement contributions
|
(16,112)
|
|
(30,253)
|
Unrealized gain on
investments in marketable securities
|
3,279
|
|
(3,818)
|
Loss on early
extinguishment of debt
|
19,219
|
|
28,955
|
Deferred income
taxes
|
93,339
|
|
(38,500)
|
Changes in current
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
Increase in
accounts receivable
|
(786,121)
|
|
(49,295)
|
Increase in
inventories
|
(1,609,642)
|
|
(127,401)
|
(Increase) decrease in other
current assets
|
(104,655)
|
|
17,411
|
Increase in
accounts payable
|
1,287,072
|
|
143,939
|
(Decrease) increase in
accrued expenses and income taxes payable
|
(201,356)
|
|
127,068
|
Non-cash transfer of
40% value of construction in progress of Kemerton plant to
MRL
|
122,682
|
|
135,928
|
Other, net
|
(31,412)
|
|
53,521
|
Net cash provided by
operating activities
|
1,907,849
|
|
344,257
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(162,239)
|
|
—
|
Capital
expenditures
|
(1,261,646)
|
|
(953,667)
|
Cash proceeds from
divestitures, net
|
—
|
|
289,791
|
Sales of marketable
securities, net
|
1,942
|
|
3,774
|
Investments in equity
and other corporate investments
|
(706)
|
|
(6,488)
|
Net cash used in
investing activities
|
(1,422,649)
|
|
(666,590)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from issuance
of common stock
|
—
|
|
1,453,888
|
Proceeds from
borrowings of credit agreements
|
1,964,216
|
|
—
|
Repayments of
long-term debt and credit agreements
|
(705,000)
|
|
(1,173,823)
|
Other (repayments)
borrowings, net
|
(391,662)
|
|
60,991
|
Fees related to early
extinguishment of debt
|
(9,767)
|
|
(24,877)
|
Dividends paid to
shareholders
|
(184,429)
|
|
(177,853)
|
Dividends paid to
noncontrolling interests
|
(44,208)
|
|
(96,136)
|
Proceeds from exercise
of stock options
|
2,783
|
|
18,392
|
Withholding taxes paid
on stock-based compensation award distributions
|
(13,338)
|
|
(8,140)
|
Other
|
(6,708)
|
|
(2,230)
|
Net cash provided by
financing activities
|
611,887
|
|
50,212
|
Net effect of foreign
exchange on cash and cash equivalents
|
(37,217)
|
|
(35,331)
|
Increase (decrease) in
cash and cash equivalents
|
1,059,870
|
|
(307,452)
|
Cash and cash
equivalents at end of period
|
$
1,499,142
|
|
$ 439,272
|
Albemarle Corporation
and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
sales:
|
|
|
|
|
|
|
|
Lithium
|
$ 2,065,989
|
|
$
404,745
|
|
$ 5,008,850
|
|
$ 1,363,284
|
Bromine
|
319,443
|
|
290,365
|
|
1,411,682
|
|
1,128,343
|
Catalysts
|
235,546
|
|
199,094
|
|
899,572
|
|
761,235
|
All Other
|
—
|
|
—
|
|
—
|
|
75,095
|
Total net
sales
|
$ 2,620,978
|
|
$
894,204
|
|
$ 7,320,104
|
|
$ 3,327,957
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Lithium
|
$ 1,187,596
|
|
$
138,245
|
|
$ 3,102,662
|
|
$
479,538
|
Bromine
|
85,041
|
|
87,384
|
|
456,916
|
|
360,682
|
Catalysts
|
(2,605)
|
|
27,247
|
|
28,732
|
|
106,941
|
All Other
|
—
|
|
—
|
|
—
|
|
29,858
|
Corporate
|
(26,280)
|
|
(24,153)
|
|
(112,453)
|
|
(106,045)
|
Total adjusted
EBITDA
|
$ 1,243,752
|
|
$
228,723
|
|
$ 3,475,857
|
|
$
870,974
|
See accompanying non-GAAP reconciliations below.
Additional Information regarding Non-GAAP Measures
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 (on a consolidated basis), 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
(on a consolidated basis), which are non-GAAP financial measures,
to Net income (loss) attributable to Albemarle Corporation
("earnings"), the most directly comparable financial measure
calculated and reported in accordance with GAAP. Reconciliation of
adjusted EBITDA on a segment basis is also provided. 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
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,132,445
|
|
$
(3,824)
|
|
$
2,689,816
|
|
$ 123,672
|
Add back:
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(30,168)
|
|
(47,848)
|
|
(42,189)
|
|
(60,659)
|
Non-recurring and
other unusual items (net of tax)
|
(85,400)
|
|
170,180
|
|
(61,377)
|
|
407,337
|
Adjusted net income
attributable to Albemarle Corporation
|
$
1,016,877
|
|
$ 118,508
|
|
$
2,586,250
|
|
$ 470,350
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
8.62
|
|
$
1.01
|
|
$
21.96
|
|
$
4.04
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – diluted
|
117,925
|
|
116,999
|
|
117,793
|
|
116,536
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,132,445
|
|
$
(3,824)
|
|
$
2,689,816
|
|
$ 123,672
|
Add back:
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
24,039
|
|
5,306
|
|
122,973
|
|
61,476
|
Income tax
expense
|
24,102
|
|
15,024
|
|
390,588
|
|
29,446
|
Depreciation and
amortization
|
85,561
|
|
68,235
|
|
300,841
|
|
254,000
|
EBITDA
|
1,266,147
|
|
84,741
|
|
3,504,218
|
|
468,594
|
Non-operating pension
and OPEB items
|
(41,687)
|
|
(62,407)
|
|
(57,032)
|
|
(78,814)
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
19,292
|
|
206,389
|
|
28,671
|
|
481,194
|
Adjusted
EBITDA
|
$
1,243,752
|
|
$ 228,723
|
|
$
3,475,857
|
|
$ 870,974
|
|
|
|
|
|
|
|
|
Net sales
|
$
2,620,978
|
|
$ 894,204
|
|
$ 7,320,104
|
|
$
3,327,957
|
EBITDA
margin
|
48.3 %
|
|
9.5 %
|
|
47.9 %
|
|
14.1 %
|
Adjusted EBITDA
margin
|
47.5 %
|
|
25.6 %
|
|
47.5 %
|
|
26.2 %
|
See below for a reconciliation of adjusted EBITDA on a segment
basis to Net income (loss) attributable to Albemarle Corporation
(in thousands, except percentages).
|
Lithium
|
|
Bromine
|
|
Catalysts
|
|
All
Other
|
|
Corporate
|
|
Consolidated
Total
|
|
% of Net
Sales
|
Three months ended
December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
1,125,862
|
|
$
70,612
|
|
$
(15,237)
|
|
$
—
|
|
$
(48,792)
|
|
$ 1,132,445
|
|
43.2 %
|
Depreciation and
amortization
|
60,561
|
|
14,429
|
|
12,632
|
|
—
|
|
(2,061)
|
|
85,561
|
|
3.3 %
|
Non-recurring and
other unusual items
|
1,173
|
|
—
|
|
—
|
|
—
|
|
18,119
|
|
19,292
|
|
0.7 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
24,039
|
|
24,039
|
|
0.9 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
24,102
|
|
24,102
|
|
0.9 %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(41,687)
|
|
(41,687)
|
|
(1.6) %
|
Adjusted
EBITDA
|
$
1,187,596
|
|
$
85,041
|
|
$
(2,605)
|
|
$
—
|
|
$
(26,280)
|
|
$ 1,243,752
|
|
47.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ (45,049)
|
|
$
73,831
|
|
$
13,952
|
|
$
—
|
|
$
(46,558)
|
|
$
(3,824)
|
|
(0.4) %
|
Depreciation and
amortization
|
39,213
|
|
13,553
|
|
13,295
|
|
—
|
|
2,174
|
|
68,235
|
|
7.6 %
|
Non-recurring and
other unusual items
|
144,081
|
|
—
|
|
—
|
|
—
|
|
62,308
|
|
206,389
|
|
23.1 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
5,306
|
|
5,306
|
|
0.6 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
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
|
|
$
—
|
|
$
(24,153)
|
|
$
228,723
|
|
25.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
2,903,076
|
|
$ 402,820
|
|
$
(27,104)
|
|
$
—
|
|
$ (588,976)
|
|
$ 2,689,816
|
|
36.7 %
|
Depreciation and
amortization
|
189,347
|
|
54,096
|
|
51,417
|
|
—
|
|
5,981
|
|
300,841
|
|
4.1 %
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
10,239
|
|
—
|
|
4,419
|
|
—
|
|
14,013
|
|
28,671
|
|
0.4 %
|
Interest and financing
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
122,973
|
|
122,973
|
|
1.7 %
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
390,588
|
|
390,588
|
|
5.3 %
|
Non-operating pension
and OPEB items
|
—
|
|
—
|
|
—
|
|
—
|
|
(57,032)
|
|
(57,032)
|
|
(0.8) %
|
Adjusted
EBITDA
|
$
3,102,662
|
|
$ 456,916
|
|
$
28,732
|
|
$
—
|
|
$ (112,453)
|
|
$ 3,475,857
|
|
47.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ 192,244
|
|
$ 309,501
|
|
$
55,353
|
|
$ 27,988
|
|
$ (461,414)
|
|
$
123,672
|
|
3.7 %
|
Depreciation and
amortization
|
138,772
|
|
51,181
|
|
51,588
|
|
1,870
|
|
10,589
|
|
254,000
|
|
7.6 %
|
Non-recurring and
other unusual items (excluding items associated with interest
expense)
|
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
|
|
$ 29,858
|
|
$ (106,045)
|
|
$
870,974
|
|
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
MTM actuarial
gain
|
$
(36,989)
|
|
$
(56,919)
|
|
$
(36,989)
|
|
$
(56,919)
|
Interest
cost
|
5,814
|
|
5,390
|
|
23,497
|
|
21,670
|
Expected return on
assets
|
(10,512)
|
|
(10,878)
|
|
(43,540)
|
|
(43,565)
|
Total
|
$
(41,687)
|
|
$
(62,407)
|
|
$
(57,032)
|
|
$
(78,814)
|
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Restructuring and
other(1)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
0.02
|
Acquisition and
integration related costs(2)
|
0.05
|
|
0.05
|
|
0.11
|
|
0.06
|
Albemarle Foundation
contribution(3)
|
—
|
|
—
|
|
—
|
|
0.13
|
Loss (gain) on sale of
business/interest in properties, net(4)
|
—
|
|
1.13
|
|
0.07
|
|
(1.70)
|
Loss on extinguishment
of debt(5)
|
—
|
|
—
|
|
0.13
|
|
0.20
|
Legal
accrual(6)
|
—
|
|
0.03
|
|
—
|
|
4.36
|
Indemnification
adjustments(7)
|
—
|
|
0.34
|
|
—
|
|
0.34
|
Other(8)
|
0.09
|
|
0.19
|
|
0.02
|
|
0.34
|
Tax related
items(9)
|
(0.86)
|
|
(0.29)
|
|
(0.85)
|
|
(0.25)
|
Total non-recurring
and other unusual items
|
$
(0.72)
|
|
$
1.45
|
|
$
(0.52)
|
|
$
3.50
|
|
|
|
(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.
|
|
|
(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, 2022 of $7.0
million and $16.3 million ($5.4 million and $12.6 million after
income taxes, or $0.05 and $0.11 per share), respectively, and 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.
|
|
|
(3)
|
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 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 year ended
December 31, 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. 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.
|
|
|
(5)
|
Included in Interest
and financing expenses for the year ended December 31, 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 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 following the settlement of an arbitration ruling for a
prior legal matter. 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, 2022 included amounts recorded
in:
|
|
|
•
|
Selling, general and
administrative expenses - $2.6 million of shortfall
contributions for our multiemployer plan financial improvement plan
and $1.2 million primarily related to facility closure expenses of
offices in Germany.
|
|
|
•
|
Other income
(expenses), net - $6.3 million loss related to the fair value
adjustment of equity securities in a public company and a $4.3
million loss resulting from the adjustment of indemnification
related to previously disposed businesses, partially offset by a
$2.0 million gain relating to the adjustment of an environmental
reserve at non-operating businesses we had previously
divested.
|
|
After income taxes,
these charges totaled $10.4 million, or $0.09 per share.
|
|
|
|
Other adjustments for
the year ended December 31, 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 - $4.3 million related to facility
closure expenses of offices in Germany, $2.8 million of
charges for environmental reserves at sites not part of our
operations, $2.8 million of shortfall contributions for our
multiemployer plan financial improvement plan, $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
(expenses), net - $4.3 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, a $2.0 million gain relating to the
adjustment of an environmental reserve at non-operating businesses
we had previously divested and a $0.6 million gain related to
a settlement received from a legal matter in a prior period,
partially offset by a $3.2 million loss resulting from the
adjustment of indemnification related to previously disposed
businesses.
|
|
After income taxes,
these charges totaled $3.2 million, or $0.02 per share.
|
|
|
|
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.
|
|
|
(9)
|
Included in Income tax
expense (benefit) for the three months and year ended December 31,
2021 are discrete net tax benefits of $101.2 million, or $0.86 per
share, and $100.5 million, or $0.85 per share, respectively. The
net benefit for the three months and full year 2022 was primarily
related to the reversal of a valuation allowance in Australia. In
addition, the three months includes 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 domestic and foreign return to provisions. The
discrete net benefit for the full year 2022 also includes
withholding taxes, and domestic 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 (benefit) for the three months and year ended December 31,
2020 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.
|
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).
|
Income (loss)
before
income taxes and
equity in net income
of unconsolidated
investments
|
|
Income tax
expense
|
|
Effective income
tax rate
|
Three months ended
December 31, 2022:
|
|
|
|
|
|
As reported
|
$
863,089
|
|
$
24,102
|
|
2.8 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
(22,394)
|
|
93,174
|
|
|
As adjusted
|
$
840,695
|
|
$
117,276
|
|
14.0 %
|
|
|
|
|
|
|
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 %
|
|
|
|
|
|
|
Year ended December
31, 2022:
|
|
|
|
|
|
As reported
|
$
2,433,444
|
|
$
390,588
|
|
16.1 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
(9,142)
|
|
94,424
|
|
|
As adjusted
|
$
2,424,302
|
|
$
485,012
|
|
20.0 %
|
|
|
|
|
|
|
Year ended December
31, 2021:
|
|
|
|
|
|
As reported
|
$
133,618
|
|
$
29,446
|
|
22.0 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
431,648
|
|
84,649
|
|
|
As adjusted
|
$
565,266
|
|
$
114,095
|
|
20.2 %
|
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SOURCE Albemarle Corporation