Full-Year Net Sales Increase of 31%, Driven by
21% Volume Growth
CHARLOTTE, N.C., Feb. 14,
2024 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity and health, today announced its results for
the fourth quarter and full year ended December 31, 2023.
Full Year 2023 Results
(Unless otherwise stated,
all percentage changes represent year-over-year
comparisons)
- Net sales of $9.6 billion, the
highest in company history, up 31%, of which 21% was total volume
growth; Energy Storage sales volumes were up 35%
- Net income of $1.6 billion, or
$13.36 per diluted share, the second
highest in company history, which included a lower of cost or net
realizable value (LCM) pre-tax charge and a tax valuation allowance
expense in China, both recorded in
the fourth quarter
- Adjusted EBITDA of $2.8 billion,
or $3.4 billion excluding the
$604 million LCM charge, which is
in-line with previous outlook as higher volumes offset lower
pricing
- Adjusted diluted EPS of $15.22
per share, or $22.25 excluding the
LCM charge and the $223 million tax
valuation allowance expense, which is in-line with previous
outlook
Fourth Quarter 2023 Results and Recent
Highlights
- Net sales of $2.4 billion,
primarily driven by 35% volume growth in Energy Storage
- Net loss of $618 million, or
($5.26) per diluted share, including
the LCM charge and tax valuation allowance expense
- Adjusted EBITDA of ($315)
million, or $289 million
excluding the LCM charge
- Adjusted diluted EPS of ($5.19),
or $1.85 excluding the LCM charge and
tax valuation allowance expense
- Announced proactive measures expected to unlock
>$750 million of cash flow
including reduced capital expenditures, costs and working
capital
- Meishan lithium conversion plant achieved mechanical completion
in December 2023
- Recognized by Newsweek as one of America's greatest workplaces
for diversity and one of America's most responsible companies;
featured in JUST Capital's 2024 JUST 100
- Completed amendment to the company's credit agreement to ensure
on-going financial flexibility; amendment utilizes an updated
adjusted EBITDA definition that more accurately reflects the value
of Albemarle's strategic ownership
in the Windfield (Talison) joint venture
- Introduced full-year 2024 outlook considerations, including
Energy Storage ranges based on lithium market price scenarios and
utilizing an updated adjusted EBITDA definition similar to that in
the company's amended credit agreement
"Albemarle's full-year 2023
result marks the second highest earnings year in company history,
made possible by the disciplined focus of our global teams," said
Albemarle CEO Kent Masters. "Looking
ahead, we are taking actions to enhance our financial flexibility,
while advancing near-term growth and preserving future
opportunities to create value. As a global leader for the
end-markets we serve, we remain confident about the projects in our
portfolio and our ability to leverage our world-class resources and
industry-leading technologies."
Fourth Quarter 2023 Results
In millions, except
per share amounts
|
Q4
2023
|
|
Q4
2022
|
|
$
Change
|
|
%
Change
|
Net sales
|
$
2,356.2
|
|
$
2,621.0
|
|
$ (264.8)
|
|
(10.1) %
|
Net (loss) income
attributable to Albemarle Corporation
|
$ (617.7)
|
|
$
1,132.4
|
|
$
(1,750.1)
|
|
(154.5) %
|
Adjusted
EBITDA(a)
|
$ (315.0)
|
|
$
1,243.8
|
|
$
(1,558.8)
|
|
(125.3) %
|
Diluted (loss) earnings
per share
|
$ (5.26)
|
|
$
9.60
|
|
$ (14.86)
|
|
(154.8) %
|
Non-operating pension and OPEB items(a)
|
(0.07)
|
|
(0.26)
|
|
|
|
|
Non-recurring and other unusual items(a)
|
0.14
|
|
(0.72)
|
|
|
|
|
Adjusted diluted (loss)
earnings per share(a)(b)
|
$ (5.19)
|
|
$
8.62
|
|
$ (13.81)
|
|
(160.2) %
|
|
|
(a)
|
See Non-GAAP
Reconciliations for further details.
|
(b)
|
Totals may not add due
to rounding.
|
Net sales for the fourth quarter of 2023 were $2.4 billion
compared to $2.6 billion for the
prior-year quarter. The 10% decrease was driven by lower lithium
market pricing, partially offset by increased volumes in Energy
Storage and higher volumes and pricing in Ketjen. Net loss
attributable to Albemarle of
$617.7 million decreased by
$1.8 billion and Adjusted EBITDA of
($315.0) million decreased by
$1.6 billion from the prior year
quarter due to lower lithium market pricing and a $604 million
lower of cost or net realizable value (LCM) pre-tax charge driven
by lower lithium market pricing and higher spodumene values in cost
of goods sold, partially offset by higher equity income due to
inventory timing.
The effective income tax rate for the fourth quarter of 2023 was
(12.9)%, compared to 2.8% in the same period in 2022. The rate in
2023 was impacted by the recording of an income tax expense of
$223 million related to a valuation
allowance in China, while 2022 was
impacted by the release of a significant valuation allowance in
Australia. On an adjusted basis,
the effective income tax rates were (12.7)% and 14.0% for the
fourth quarter of 2023 and 2022, respectively.
Energy Storage Results
In
millions
|
Q4
2023
|
|
Q4
2022
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
1,675.1
|
|
$
1,980.8
|
|
$
(305.7)
|
|
(15.4) %
|
Adjusted
EBITDA
|
$
(338.3)
|
|
$
1,178.9
|
|
$
(1,517.1)
|
|
(128.7) %
|
Energy Storage net sales of $1.7
billion decreased $305.7
million (-15%) due to lower pricing net of foreign currency
(-50%) related to lower lithium market pricing. Volume was higher
(+35%) related primarily to the La Negra III/IV expansion in
Chile and higher tolling volumes
to meet growing customer demand. Adjusted EBITDA of ($338.3) million decreased by $1.5 billion as lower pricing and a
$604 million LCM charge driven by lower lithium market pricing
and higher spodumene values in cost of goods sold more than offset
higher volumes.
Specialties Results
In
millions
|
Q4
2023
|
|
Q4
2022
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
339.6
|
|
$
404.6
|
|
$
(65.0)
|
|
(16.1) %
|
Adjusted
EBITDA
|
$
29.8
|
|
$
93.8
|
|
$
(63.9)
|
|
(68.2) %
|
Specialties net sales of $339.6
million decreased $65.0
million (-16%) primarily due to decreased pricing net
of foreign currency (-15%) and lower volumes (-2%). Adjusted EBITDA
of $29.8 million decreased
$63.9 million primarily due to lower
net sales. Both volumes and prices were impacted by weaker demand,
particularly for consumer electronics. Operations in the
Middle East continued as normal,
with some shipping delays and tighter availability of processing
materials.
Ketjen Results
In
millions
|
Q4
2023
|
|
Q4
2022
|
|
$
Change
|
|
%
Change
|
Net Sales
|
$
341.5
|
|
$
235.5
|
|
$
105.9
|
|
45.0 %
|
Adjusted
EBITDA
|
$
31.3
|
|
$
(2.6)
|
|
$
33.9
|
|
*
|
|
|
*
|
Percentage change not
meaningful.
|
Ketjen net sales of $341.5 million
increased $105.9 million (+45%)
compared to the previous year due to higher volumes (+37%) and
higher pricing net of foreign currency (+7%). Adjusted EBITDA of
$31.3 million increased $33.9 million as higher sales were partially
offset by pressures from increasing raw materials costs.
Updated Adjusted EBITDA Definition
Beginning in 2024, the company will change its definition of
adjusted EBITDA for financial accounting purposes. The updated
definition includes Albemarle's
share of the pre-tax earnings of the Talison joint venture, whereas
the prior definition included Albemarle's share of Talison earnings net of
tax. This presentation more closely represents the materiality and
financial contribution of the strategic investment in Talison,
smooths the impact of price variations and inventory timing, and
more closely represents a measure of EBITDA. This calculation is
consistent with the covenant definition in the February 2024 amendment to the credit
agreement.
2024 Outlook Considerations
Energy Storage Market Price Scenarios
The table below
reflects expected outcomes for Albemarle's Energy Storage segment based on
recently observed lithium market price scenarios. Ranges are
based on a projected increase in Energy Storage volumes of 10% to
20% in 2024 compared to 2023. All three scenarios assume flat
market pricing flowing through Energy Storage's current contract
book. Scenarios also assume spodumene pricing averages 10% of the
lithium carbonate equivalent (LCE) price, while other costs are
assumed to be constant.
|
Energy Storage FY
2024E
|
Observed market price
case(a)
|
YE 2023
|
Q4 2023
average
|
H2 2023
average
|
Average lithium market
price ($/kg LCE)(a)
|
~$15
|
~$20
|
~$25
|
Net sales
|
$3.2 - $3.4
billion
|
$3.8 - $4.1
billion
|
$4.5 - $4.9
billion
|
Adjusted
EBITDA(b)
|
$0.7 - $0.8
billion
|
$1.3 - $1.5
billion
|
$2.0 - $2.3
billion
|
Equity in net income of
unconsolidated investments (net of tax)(c)(d)
|
$0.8 - $0.9
billion
|
$0.9 - $1.0
billion
|
$1.0 - $1.2
billion
|
|
|
(a)
|
Price represents blend
of relevant Asia and China market indices for the periods
referenced.
|
(b)
|
Presented under updated
adjusted EBITDA definition as of 2024. FY23 Energy Storage adjusted
EBITDA under updated definition would be $3.2B.
|
(c)
|
Included in adjusted
EBITDA on a pre-tax basis.
|
(d)
|
Assumes full Talison
sales volumes for the second half of the calendar year.
|
Specialties and Ketjen Outlook
Considerations
Specialties outlook reflects continued
softness in consumer electronics and elastomers, partially offset
by stronger demand in other end-markets, including oilfield
services, agriculture, and pharmaceuticals. Demand visibility is
expected to remain low in the first half of 2024. Specialties
outlook assumes operations continue as normal in the Middle East, with some shipping delays and
tighter availability of processing materials.
Ketjen outlook assumes increased volumes driven by expected high
refinery utilization, as well as higher pricing driven primarily by
Clean Fuel Technology (CFT) products.
|
Segment FY
2024E
|
Specialties net
sales
|
$1.3 - $1.5
billion
|
Specialties adjusted
EBITDA
|
$270 - $330
million
|
Ketjen net
sales
|
$1.0 - $1.2
billion
|
Ketjen adjusted
EBITDA
|
$130 - $150
million
|
Other Corporate Outlook Considerations
Albemarle expects its 2024 capital
expenditures to be in the range of $1.6
billion to $1.8 billion, down
from approximately $2.1 billion in
2023. This level of spending reflects a re-phasing of larger
projects to focus on those that are significantly progressed, near
completion and in startup.
|
Other Corporate FY
2024E
|
Capital
expenditures
|
$1.6 - $1.8
billion
|
Depreciation and
amortization
|
$580 - $660
million
|
Adjusted effective tax
rate
|
27% - 28%
|
Corporate
costs
|
$120 - $150
million
|
Interest and financing
expenses
|
$180 - $220
million
|
Weighted-average common
shares outstanding (diluted)
|
117.7
million
|
Total Corporate Outlook Considerations
The company's
full-year outlook has been constructed assuming the above
Specialties, Ketjen and Corporate outlook considerations plus the
three Energy Storage market price scenarios.
|
Total Corporate FY
2024E
Including Energy
Storage Scenarios
|
Observed market price
case(a)
|
YE 2023
|
Q4 2023
average
|
H2 2023
average
|
Average lithium market
price ($/kg LCE)(a)
|
~$15
|
~$20
|
~$25
|
Net sales
|
$5.5 - $6.2
billion
|
$6.1 - $6.8
billion
|
$6.9 - $7.6
billion
|
Adjusted
EBITDA(b)(c)
|
$0.9 - $1.2
billion
|
$1.6 - $1.8
billion
|
$2.3 - $2.6
billion
|
|
|
(a)
|
Price represents blend
of relevant Asia and China market indices for the periods
referenced.
|
(b)
|
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.
|
(c)
|
Presented under updated
adjusted EBITDA definition as of 2024. FY23 adjusted EBITDA under
updated definition would be $3.6B. See Non-GAAP Reconciliations for
further details.
|
Cash Flow and Capital Deployment
Cash from operations
of $1.3 billion for the year ended
December 31, 2023 decreased $747.6
million compared to the prior year period. This was driven
by lower adjusted EBITDA and working capital changes that were
primarily due to increases in receivables and inventories from
higher lithium pricing, partially offset by increased dividends
received from equity investments. Capital expenditures of
$2.1 billion were in-line with
previous outlook and increased by $887.6
million versus the prior year period as the company invested
in Energy Storage and Specialties capacity to support growth.
Capital spend is focused on high return projects to expand
Albemarle's global portfolio of
conversion capacity and world-class resources, as well as
productivity and cost savings initiatives. At the end of 2023, the
Meishan lithium conversion facility reached mechanical completion.
Primary 2024 capital activities will include commissioning the
Meishan lithium conversion facility; completing commissioning
activities for trains 1 and 2 at the Kemerton lithium conversion
facility and focusing construction on train 3; and prioritizing
permitting activities at the Kings
Mountain spodumene resource.
Albemarle's primary capital
allocation priorities are to invest in organic opportunities to
drive profitable growth, maintain its financial flexibility and
investment grade credit rating, and fund its dividend.
Balance Sheet and Liquidity
As of December 31,
2023, Albemarle had estimated
liquidity of approximately $1.9
billion, including $889.9
million of cash and equivalents, $880.0 million available under its revolver and
$104 million available on other
credit lines.
On February 9, 2024, Albemarle completed an amendment to its credit
agreement to ensure on-going financial flexibility. The amendment
uses an updated adjusted EBITDA definition in the company's
financial covenant, which includes Talison equity income on a
pre-tax basis. This presentation more closely represents the
materiality and financial contribution of the strategic investment
in Talison, smooths the impact of price variations and inventory
timing, and more closely represents a measure of EBITDA.
Earnings Call
Date:
|
Thurs., Feb. 15,
2024
|
Time:
|
9:00 AM Eastern
time
|
Dial-in
(U.S.):
|
+1
888-330-2007
|
Dial-in
(International):
|
+1
646-960-0105
|
Passcode:
|
5205664
|
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) leads the world in transforming essential resources into
critical ingredients for mobility, energy, connectivity, and
health. We partner to pioneer new ways to move, power, connect and
protect with people and planet in mind. A reliable and high-quality
global supply of lithium and bromine allow us to deliver advanced
solutions for our customers. Learn more about how the people of
Albemarle are enabling a more
resilient world at albemarle.com and on X (formerly Twitter)
@AlbemarleCorp.
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 and beliefs
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, often contain words
such as "anticipate," "believe," "estimate," "expect," "guidance,"
"intend," "may," "outlook," "scenario," "should," "would," and
"will". Forward-looking statements may include statements
regarding: our 2024 company and segment outlooks, including
expected market pricing of lithium and spodumene and other
underlying assumptions and outlook considerations; expected capital
expenditure amounts and the corresponding impact on cash flow;
market pricing of lithium carbonate equivalent and spodumene;
anticipated timing of the commissioning of the Meishan,
China lithium conversion facility;
plans and expectations regarding other projects and activities,
cost reductions and accounting charges, 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: changes in economic and
business conditions; financial and operating performance of
customers; timing and magnitude of customer orders; fluctuations in
lithium market prices; production volume shortfalls; increased
competition; changes in product demand; 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; political unrest; changes in inflation or
interest rates; volatility in the debt and equity markets;
acquisition and divestiture transactions; timing and success of
projects; 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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net
sales
|
$ 2,356,165
|
|
$ 2,620,978
|
|
$ 9,617,203
|
|
$ 7,320,104
|
Cost of goods
sold
|
3,060,217
|
|
1,619,659
|
|
8,431,294
|
|
4,245,517
|
Gross
profit
|
(704,052)
|
|
1,001,319
|
|
1,185,909
|
|
3,074,587
|
Selling, general and
administrative expenses
|
194,251
|
|
148,156
|
|
919,493
|
|
524,145
|
Research and
development expenses
|
22,753
|
|
20,154
|
|
85,725
|
|
71,981
|
(Gain) loss on change
in interest in properties/sale of business, net
|
(71,190)
|
|
—
|
|
(71,190)
|
|
8,400
|
Operating
profit
|
(849,866)
|
|
833,009
|
|
251,881
|
|
2,470,061
|
Interest and financing
expenses
|
(34,386)
|
|
(24,039)
|
|
(116,072)
|
|
(122,973)
|
Other (expenses)
income, net
|
(36,699)
|
|
54,119
|
|
110,929
|
|
86,356
|
(Loss) income before
income taxes and equity in net income of unconsolidated
investments
|
(920,951)
|
|
863,089
|
|
246,738
|
|
2,433,444
|
Income tax
expense
|
118,878
|
|
24,102
|
|
430,277
|
|
390,588
|
(Loss) income before
equity in net income of unconsolidated investments
|
(1,039,829)
|
|
838,987
|
|
(183,539)
|
|
2,042,856
|
Equity in net income of
unconsolidated investments (net of tax)
|
436,537
|
|
322,799
|
|
1,854,082
|
|
772,275
|
Net (loss)
income
|
(603,292)
|
|
1,161,786
|
|
1,670,543
|
|
2,815,131
|
Net income attributable
to noncontrolling interests
|
(14,388)
|
|
(29,341)
|
|
(97,067)
|
|
(125,315)
|
Net (loss) income
attributable to Albemarle Corporation
|
$
(617,680)
|
|
$ 1,132,445
|
|
$ 1,573,476
|
|
$ 2,689,816
|
Basic (loss) earnings
per share:
|
$
(5.26)
|
|
$
9.67
|
|
$
13.41
|
|
$
22.97
|
Diluted (loss) earnings
per share:
|
$
(5.26)
|
|
$
9.60
|
|
$
13.36
|
|
$
22.84
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – basic
|
117,354
|
|
117,160
|
|
117,317
|
|
117,120
|
Weighted-average common
shares outstanding – diluted
|
117,354
|
|
117,925
|
|
117,766
|
|
117,793
|
Albemarle Corporation
and Subsidiaries
Condensed Consolidated
Balance Sheets
(In Thousands)
(Unaudited)
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
889,900
|
|
$
1,499,142
|
Trade accounts
receivable
|
1,213,160
|
|
1,190,970
|
Other accounts
receivable
|
509,097
|
|
185,819
|
Inventories
|
2,161,287
|
|
2,076,031
|
Other current
assets
|
443,475
|
|
234,955
|
Total current
assets
|
5,216,919
|
|
5,186,917
|
Property, plant and
equipment
|
12,233,757
|
|
9,354,330
|
Less accumulated
depreciation and amortization
|
2,738,553
|
|
2,391,333
|
Net property, plant
and equipment
|
9,495,204
|
|
6,962,997
|
Investments
|
1,369,855
|
|
1,150,553
|
Other assets
|
297,087
|
|
250,558
|
Goodwill
|
1,629,729
|
|
1,617,627
|
Other intangibles, net
of amortization
|
261,858
|
|
287,870
|
Total
assets
|
$ 18,270,652
|
|
$ 15,456,522
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
to third parties
|
$
1,537,859
|
|
$
1,533,624
|
Accounts payable
to related parties
|
550,186
|
|
518,377
|
Accrued
expenses
|
544,835
|
|
505,894
|
Current portion
of long-term debt
|
625,761
|
|
2,128
|
Dividends
payable
|
46,666
|
|
46,116
|
Income taxes
payable
|
255,155
|
|
134,876
|
Total current
liabilities
|
3,560,462
|
|
2,741,015
|
Long-term
debt
|
3,541,002
|
|
3,214,972
|
Postretirement
benefits
|
26,247
|
|
32,751
|
Pension
benefits
|
150,312
|
|
159,571
|
Other noncurrent
liabilities
|
769,100
|
|
636,596
|
Deferred income
taxes
|
558,430
|
|
480,770
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
Common
stock
|
1,174
|
|
1,172
|
Additional
paid-in-capital
|
2,952,517
|
|
2,940,840
|
Accumulated
other comprehensive loss
|
(528,526)
|
|
(560,662)
|
Retained
earnings
|
6,987,015
|
|
5,601,277
|
Total Albemarle
Corporation shareholders' equity
|
9,412,180
|
|
7,982,627
|
Noncontrolling
interests
|
252,919
|
|
208,220
|
Total
equity
|
9,665,099
|
|
8,190,847
|
Total liabilities and
equity
|
$ 18,270,652
|
|
$ 15,456,522
|
Albemarle Corporation
and Subsidiaries
Selected Consolidated
Cash Flow Data
(In Thousands)
(Unaudited)
|
|
|
Year
Ended
|
|
December
31,
|
|
2023
|
|
2022
|
Cash and cash
equivalents at beginning of year
|
$
1,499,142
|
|
$ 439,272
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
1,670,543
|
|
2,815,131
|
Adjustments to
reconcile net income to cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
429,944
|
|
300,841
|
(Gain) loss on change
in interest in properties/sale of business, net
|
(71,190)
|
|
8,400
|
Inventory net
realizable value adjustment
|
604,099
|
|
—
|
Stock-based
compensation and other
|
36,545
|
|
30,474
|
Equity in net income
of unconsolidated investments (net of tax)
|
(1,854,082)
|
|
(772,275)
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
2,000,862
|
|
801,239
|
Pension and
postretirement benefit
|
(1,658)
|
|
(52,254)
|
Pension and
postretirement contributions
|
(17,866)
|
|
(16,112)
|
Unrealized gain on
investments in marketable securities
|
39,864
|
|
3,279
|
Loss on early
extinguishment of debt
|
—
|
|
19,219
|
Deferred income
taxes
|
100,877
|
|
93,339
|
Changes in current
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
(Increase) in
accounts receivable
|
(350,655)
|
|
(786,121)
|
(Increase) in
inventories
|
(962,924)
|
|
(1,609,642)
|
(Increase) in other current
assets
|
(171,870)
|
|
(104,655)
|
(Decrease)
increase in accounts payable to third parties
|
(315,220)
|
|
816,194
|
Increase in
accounts payable to related parties
|
31,809
|
|
470,878
|
Increase
(decrease) in accrued expenses and income taxes payable
|
253,518
|
|
(201,356)
|
Non-cash transfer of
40% value of construction in progress of Kemerton plant to
MRL
|
17,297
|
|
122,682
|
Other, net
|
(114,572)
|
|
(31,412)
|
Net cash provided by
operating activities
|
1,325,321
|
|
1,907,849
|
Cash flows from
investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(426,228)
|
|
(162,239)
|
Capital
expenditures
|
(2,149,281)
|
|
(1,261,646)
|
Sales of marketable
securities, net
|
(204,451)
|
|
1,942
|
Investments in equity
and other corporate investments
|
(1,200)
|
|
(706)
|
Net cash used in
investing activities
|
(2,781,160)
|
|
(1,422,649)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
borrowings of credit agreements
|
356,047
|
|
1,964,216
|
Repayments of
long-term debt and credit agreements
|
(28,862)
|
|
(705,000)
|
Other borrowings
(repayments), net
|
617,014
|
|
(391,662)
|
Fees related to early
extinguishment of debt
|
—
|
|
(9,767)
|
Dividends paid to
shareholders
|
(187,188)
|
|
(184,429)
|
Dividends paid to
noncontrolling interests
|
(105,631)
|
|
(44,208)
|
Proceeds from exercise
of stock options
|
190
|
|
2,783
|
Withholding taxes paid
on stock-based compensation award distributions
|
(27,468)
|
|
(13,338)
|
Other
|
(191)
|
|
(6,708)
|
Net cash provided by
financing activities
|
623,911
|
|
611,887
|
Net effect of foreign
exchange on cash and cash equivalents
|
222,686
|
|
(37,217)
|
(Decrease) increase in
cash and cash equivalents
|
(609,242)
|
|
1,059,870
|
Cash and cash
equivalents at end of period
|
$ 889,900
|
|
$
1,499,142
|
Albemarle Corporation
and Subsidiaries
Consolidated Summary of
Segment Results
(In Thousands)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net
sales:
|
|
|
|
|
|
|
|
Energy
Storage
|
$ 1,675,088
|
|
$ 1,980,795
|
|
$ 7,078,998
|
|
$ 4,660,945
|
Specialties
|
339,623
|
|
404,637
|
|
1,482,425
|
|
1,759,587
|
Ketjen
|
341,454
|
|
235,546
|
|
1,055,780
|
|
899,572
|
Total net
sales
|
$ 2,356,165
|
|
$ 2,620,978
|
|
$ 9,617,203
|
|
$ 7,320,104
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Energy
Storage
|
$ (338,287)
|
|
$ 1,178,853
|
|
$ 2,407,393
|
|
$ 3,032,260
|
Specialties
|
29,841
|
|
93,784
|
|
298,506
|
|
527,318
|
Ketjen
|
31,288
|
|
(2,605)
|
|
103,872
|
|
28,732
|
Total segment
adjusted EBITDA
|
(277,158)
|
|
1,270,032
|
|
2,809,771
|
|
3,588,310
|
Corporate
|
(37,829)
|
|
(26,280)
|
|
(43,486)
|
|
(112,453)
|
Total adjusted
EBITDA
|
$ (314,987)
|
|
$ 1,243,752
|
|
$ 2,766,285
|
|
$ 3,475,857
|
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 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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
In thousands, except
percentages and per
share amounts
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
Net (loss) income
attributable to Albemarle
Corporation
|
$
(617,680)
|
|
|
|
$ 1,132,445
|
|
|
|
$ 1,573,476
|
|
|
|
$ 2,689,816
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items
(net of tax)
|
(8,107)
|
|
|
|
(30,168)
|
|
|
|
(6,966)
|
|
|
|
(42,189)
|
|
|
Non-recurring and
other unusual items
(net of tax)
|
16,262
|
|
|
|
(85,400)
|
|
|
|
226,356
|
|
|
|
(61,377)
|
|
|
Adjusted net (loss)
income attributable to
Albemarle Corporation
|
$
(609,525)
|
|
|
|
$ 1,016,877
|
|
|
|
$ 1,792,866
|
|
|
|
$ 2,586,250
|
|
|
Lower of cost or net
realizable value (LCM)
|
604,099
|
|
|
|
—
|
|
|
|
604,099
|
|
|
|
—
|
|
|
Tax valuation
allowance expense (TVA)
|
223,000
|
|
|
|
—
|
|
|
|
223,000
|
|
|
|
—
|
|
|
Adjusted net income
attributable to Albemarle
Corporation, excluding LCM and TVA
|
$
217,574
|
|
|
|
$ 1,016,877
|
|
|
|
$ 2,619,965
|
|
|
|
$ 2,586,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted (loss)
earnings per share
|
$
(5.19)
|
|
|
|
$
8.62
|
|
|
|
$
15.22
|
|
|
|
$
21.96
|
|
|
Adjusted diluted
earnings per share,
excluding LCM and TVA
|
$
1.85
|
|
|
|
$
8.62
|
|
|
|
$
22.25
|
|
|
|
$
21.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares
outstanding – diluted
|
117,354
|
|
|
|
117,925
|
|
|
|
117,766
|
|
|
|
117,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Albemarle
Corporation
|
$
(617,680)
|
|
(26.2) %
|
|
$ 1,132,445
|
|
43.2 %
|
|
$ 1,573,476
|
|
16.4 %
|
|
$ 2,689,816
|
|
36.7 %
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
34,386
|
|
1.5 %
|
|
24,039
|
|
0.9 %
|
|
116,072
|
|
1.2 %
|
|
122,973
|
|
1.7 %
|
Income tax
expense
|
118,878
|
|
5.0 %
|
|
24,102
|
|
0.9 %
|
|
430,277
|
|
4.5 %
|
|
390,588
|
|
5.3 %
|
Depreciation and
amortization
|
144,143
|
|
6.1 %
|
|
85,561
|
|
3.3 %
|
|
429,944
|
|
4.5 %
|
|
300,841
|
|
4.1 %
|
EBITDA
|
(320,273)
|
|
(13.6) %
|
|
1,266,147
|
|
48.3 %
|
|
2,549,769
|
|
26.5 %
|
|
3,504,218
|
|
47.9 %
|
Non-operating pension
and OPEB items
|
(9,804)
|
|
(0.4) %
|
|
(41,687)
|
|
(1.6) %
|
|
(7,971)
|
|
(0.1) %
|
|
(57,032)
|
|
(0.8) %
|
Non-recurring and
other unusual items
|
15,090
|
|
0.6 %
|
|
19,292
|
|
0.7 %
|
|
224,487
|
|
2.3 %
|
|
28,671
|
|
0.4 %
|
Adjusted
EBITDA
|
$
(314,987)
|
|
(13.4) %
|
|
$ 1,243,752
|
|
47.5 %
|
|
$ 2,766,285
|
|
28.8 %
|
|
$ 3,475,857
|
|
47.5 %
|
Lower of cost or net
realizable value (LCM)
|
604,099
|
|
25.6 %
|
|
—
|
|
— %
|
|
604,099
|
|
6.3 %
|
|
—
|
|
— %
|
Adjusted EBITDA,
excluding LCM
|
$
289,112
|
|
12.3 %
|
|
$ 1,243,752
|
|
47.5 %
|
|
$ 3,370,384
|
|
35.0 %
|
|
$ 3,475,857
|
|
47.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 2,356,165
|
|
|
|
$ 2,620,978
|
|
|
|
$ 9,617,203
|
|
|
|
$ 7,320,104
|
|
|
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 (expenses) income, net. Non-operating pension
and OPEB items were as follows (in thousands):
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
MTM actuarial
gain
|
$
(10,174)
|
|
$
(36,989)
|
|
$
(10,174)
|
|
$
(36,989)
|
Interest
cost
|
8,859
|
|
5,814
|
|
35,950
|
|
23,497
|
Expected return on
assets
|
(8,489)
|
|
(10,512)
|
|
(33,747)
|
|
(43,540)
|
Total
|
$ (9,804)
|
|
$
(41,687)
|
|
$ (7,971)
|
|
$
(57,032)
|
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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Acquisition and
integration related costs(1)
|
$
0.03
|
|
$
0.05
|
|
$
0.18
|
|
$
0.11
|
Goodwill
impairment(2)
|
0.05
|
|
—
|
|
0.05
|
|
—
|
(Gain) loss on change
in interest in properties, net(3)
|
(0.40)
|
|
—
|
|
(0.40)
|
|
0.07
|
Mark-to-market loss
(gain) on public equity securities(4)
|
0.51
|
|
0.04
|
|
0.29
|
|
(0.03)
|
Loss on extinguishment
of debt(5)
|
—
|
|
—
|
|
—
|
|
0.13
|
Legal
accrual(6)
|
—
|
|
—
|
|
1.82
|
|
—
|
Other(7)
|
(0.04)
|
|
0.05
|
|
(0.01)
|
|
0.05
|
Tax related
items(8)
|
(0.01)
|
|
(0.86)
|
|
(0.01)
|
|
(0.85)
|
Total non-recurring
and other unusual items
|
$
0.14
|
|
$
(0.72)
|
|
$
1.92
|
|
$
(0.52)
|
|
(1)
|
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, 2023 of $5.1
million and $26.8 million ($4.0 million and $20.8 million after
income taxes, or $0.03 and $0.18 per share), respectively, and 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.
|
|
(2)
|
Goodwill impairment
charge of $6.8 million ($5.3 million after taxes, or $0.05 per
share) recorded in Selling, general and administrative expenses
during the three months and year ended December 31, 2023 related to
our performance catalyst solutions ("PCS") business.
|
|
(3)
|
Included in (Gain) loss
on change in interest in properties/sale of business, net for the
three months and year ended December 31, 2023 is a gain of $71.2
million ($46.6 million after taxes, or $0.40 per share) resulting
from the restructuring of the MARBL joint venture with Mineral
Resources Limited. Included in (Gain) loss on change in interest in
properties/sale of business, net 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.
|
|
(4)
|
Losses of $79.1 million
and $44.7 million ($59.6 million and $34.4 million after income
taxes, or $0.51 and $0.29 per share) recorded in Other (expenses)
income, net for the three months and year ended December 31, 2023,
respectively, resulting from the net change in fair value of
investments in public equity securities. The three months and year
ended December 31, 2022 included losses (gains) of $6.3 million and
($4.3) million ($5.0 million and ($3.4) million after income taxes,
or $0.04 and ($0.03) per share) for these changes in fair value of
investments in public equity securities.
|
|
(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.
|
|
(6)
|
Loss of $218.5 million
($1.82 per share after no income tax impact) recorded in Selling,
general and administrative expenses during the year ended December
31, 2023 resulting from agreements to resolve a previously
disclosed legal matter with the U.S. Department of Justice and the
SEC related to conduct in our Ketjen business prior to
2018.
|
|
(7)
|
Other adjustments for
the three months ended December 31, 2023 included amounts recorded
in:
- Cost of goods sold - $15.1 million loss
recorded to settle an arbitration matter with a regulatory agency
in Chile, partially offset by a $4.1 million gain from an updated
cost estimate of an environmental reserve at a site not part of our
operations.
- SG&A - $1.4 million of various expenses
including for certain legal costs, separation and other severance
costs to employees in Corporate and facility closure expenses
related to offices in Germany.
- Other (expenses) income, net - $8.4 million
gain from PIK dividends of preferred equity in a Grace subsidiary,
$5.5 million of gains from the sale of investments and the
write-off of certain liabilities no longer required and $3.0
million of a gain resulting from the adjustment of indemnification
related to previously disposed businesses.
|
|
After income taxes,
these net gains totaled $4.7 million, or $0.04 per
share.
|
|
|
Other adjustments for
the year ended December 31, 2023 included amounts recorded
in:
- Cost of goods sold - $15.1 million loss
recorded to settle an arbitration matter with a regulatory agency
in Chile, partially offset by a $4.1 million gain from an updated
cost estimate of an environmental reserve at a site not part of our
operations.
- SG&A - $9.5 million of separation and
other severance costs to employees in Corporate and the Ketjen
business primarily paid out during 2023, $2.3 million of facility
closure expenses related to offices in Germany, $1.9 million of
charges primarily for environmental reserves at sites not part of
our operations and $1.8 million of various expenses including for
certain legal costs and shortfall contributions for a multiemployer
plan financial improvement plan.
- Other (expenses) income, net - $19.3 million
gain from PIK dividends of preferred equity in a Grace subsidiary,
a $7.3 million gain resulting from insurance proceeds of a prior
legal matter and $5.5 million of gains from the sale of investments
and the write-off of certain liabilities no longer required,
partially offset by $3.6 million of charges for asset retirement
obligations at a site not part of our operations and $0.9 million
of a loss resulting from the adjustment of indemnification related
to previously disposed businesses.
|
|
After income taxes,
these charges totaled $1.4 million, or $0.01 per share.
|
|
|
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 (expenses) income, net - $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 net charges totaled $5.4 million, or $0.05 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 - $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 net charges totaled $6.7 million, or $0.05 per
share.
|
|
(8)
|
Included in Income tax
expense for the three months and year ended December 31, 2023 are
discrete net tax benefits of $1.3 million, or $0.01 per share, and
$1.0 million, or $0.01 per share, respectively. The net benefits
primarily related to foreign return to provisions, partially offset
by an uncertain tax position in Chile and excess tax benefits
realized from stock-based compensation arrangements.
|
|
|
Included in Income tax
expense for the three months and year ended December 31, 2022 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.
|
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, 2023:
|
|
|
|
|
|
As reported
|
$
(920,951)
|
|
$
118,878
|
|
(12.9) %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
5,286
|
|
(2,869)
|
|
|
As adjusted
|
$
(915,665)
|
|
$
116,009
|
|
(12.7) %
|
|
|
|
|
|
|
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 %
|
|
|
|
|
|
|
Year ended December
31, 2023:
|
|
|
|
|
|
As reported
|
$
246,738
|
|
$
430,277
|
|
174.4 %
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
216,516
|
|
(2,874)
|
|
|
As adjusted
|
$
463,254
|
|
$
427,403
|
|
92.3 %
|
|
|
|
|
|
|
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
|
(8,821)
|
|
94,424
|
|
|
As adjusted
|
$
2,424,623
|
|
$
485,012
|
|
20.0 %
|
As noted above, beginning in 2024, the company will change its
definition of adjusted EBITDA for financial accounting purposes.
The updated definition includes Albemarle's share of the pre-tax earnings of
the Talison joint venture, whereas the prior definition included
Albemarle's share of Talison
earnings net of tax. See below for a reconciliation of adjusted
EBITDA (on a consolidated basis), the non-GAAP financial measure,
to Net income attributable to Albemarle Corporation ("earnings"),
the most directly comparable financial measure calculated and
reported in accordance with GAAP, both as reported and as if it
were presented under the new definition for the year ended
December 31, 2023.
|
Year ended December
31, 2023
|
|
As
Reported
|
|
As Adjusted -
2024 Definition
|
Net income attributable
to Albemarle Corporation
|
$
1,573,476
|
|
$
1,573,476
|
Depreciation and
amortization
|
429,944
|
|
429,944
|
Interest and financing
expenses
|
116,072
|
|
116,072
|
Income tax
expense
|
430,277
|
|
430,277
|
Proportionate share of
Windfield Holdings income tax expense
|
|
|
785,824
|
Gain on sale of
business/interest in properties, net
|
(71,190)
|
|
(71,190)
|
Acquisition and
integration related costs
|
26,767
|
|
26,767
|
Goodwill
impairment
|
6,765
|
|
6,765
|
Non-operating pension
and OPEB items
|
(7,971)
|
|
(7,971)
|
Mark-to-market gain on
public equity securities
|
44,732
|
|
44,732
|
Legal
accrual
|
218,510
|
|
218,510
|
Other
|
(1,097)
|
|
(1,097)
|
Total adjusted
EBITDA
|
$
2,766,285
|
|
$
3,552,109
|
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SOURCE Albemarle Corporation