Albemarle Reports Second Quarter 2024 Results
CHARLOTTE, N.C.,
Second-Quarter
2024 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)
- Net sales of
$1.4 billion , as lower pricing year-over-year was partly offset by Energy Storage volume growth of 37% as new capacity additions ramp - Net loss of
($188) million , or ($1.96 ) per diluted share attributable to common shareholders, which included an after-tax charge of$215 million related to capital project asset write-offs and associated contract cancellation costs - Adjusted diluted EPS attributable to common shareholders of
$0.04 - Adjusted EBITDA of
$386 million , up sequentially, driven by higher equity income from increased Talison JV sales volumes - Cash from operations of
$363 million , an increase of$289 million year-over-year, driven by higher Talison JV dividends and working capital improvements - Delivered more than
$150 million in productivity benefits; on track to exceed the company's full-year restructuring and productivity target by 50% - Maintaining full-year outlook considerations; notably, the previously published
$15 /kg scenario is expected to apply even assuming lower July market pricing persists for the remainder of the year - Initiating comprehensive review of cost and operating structure to maintain competitive position, while addressing current end-market realities, including immediate footprint changes at the Kemerton,
Australia site
"Our operational mindset continued to serve us well in the second quarter as
Masters continued, "Building on the progress already underway, we are announcing a comprehensive review of our cost and operating structure, beginning with immediate footprint actions at our Kemerton site in
Announcement of Asset and Cost Actions and Initiation of Review to Optimize Cost and Operating Structure
Today's announcement builds on the proactive measures announced by
Total Corporate Outlook Considerations
The company is maintaining its prior full-year outlook considerations, which are based on observed lithium market price scenarios. Notably, the previously published
|
Total Corporate FY 2024E Including Energy Storage Scenarios |
||
Observed market price case(a) |
Recent pricing |
Q4 2023 average |
H2 2023 average |
Average lithium market price ($/kg LCE)(a) |
|
|
|
Net sales |
|
|
|
Adjusted EBITDA(b)(c) |
|
|
|
Weighted-average common shares outstanding |
~118 million |
~118 million |
135 - 139 million |
|
|
(a) |
Price represents blend of relevant |
(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 |
(d) |
Each quarter, |
2024 Other Corporate Outlook Considerations
The company is reducing its Specialties adjusted EBITDA outlook due to a slower than expected market rebound and higher logistics costs related to the ongoing conflict in the
|
Other FY 2024E Considerations |
Specialties adj. EBITDA |
|
Capital expenditures |
|
Depreciation and amortization |
|
Corporate costs (excluding FX) |
|
Interest and financing expenses |
|
Second Quarter 2024 Results
In millions, except per share amounts |
Q2 2024 |
|
Q2 2023 |
|
$ Change |
|
% Change |
Net sales |
$ 1,430.4 |
|
$ 2,370.2 |
|
$ (939.8) |
|
(39.7) % |
Net (loss) income attributable to |
$ (188.2) |
|
$ 650.0 |
|
$ (838.2) |
|
(129.0) % |
Adjusted EBITDA(a)(b) |
$ 386.4 |
|
$ 1,266.2 |
|
$ (879.9) |
|
(69.5) % |
Diluted (loss) earnings per share attributable to common shareholders |
$ (1.96) |
|
$ 5.52 |
|
$ (7.48) |
|
(135.5) % |
Non-recurring and other unusual items(a) |
1.99 |
|
1.81 |
|
|
|
|
Adjusted diluted earnings per share attributable to common shareholders(a)(c) |
$ 0.04 |
|
$ 7.33 |
|
$ (7.29) |
|
(99.5) % |
|
|
(a) |
See Non-GAAP Reconciliations for further details. |
(b) |
For comparability, 2023 figures presented under adjusted EBITDA definition that the company adopted beginning in 2024. |
(c) |
Totals may not add due to rounding. |
Net sales for the second quarter of 2024 were
The effective income tax rate for the second quarter of 2024 was 6.2% compared to 25.5% in the same period of 2023. On an adjusted basis, the effective income tax rates were (25.9)% and 12.9% for the second quarter of 2024 and 2023, respectively, with the decrease primarily due to changes in the geographic income mix and the impact of a valuation allowance for losses in certain entities in China.
Energy Storage Results
In millions |
Q2 2024 |
|
Q2 2023 |
|
$ Change |
|
% Change |
|
$ 830.1 |
|
$ 1,763.1 |
|
$ (933.0) |
|
(52.9) % |
Adjusted EBITDA |
$ 283.0 |
|
$ 1,165.1 |
|
$ (882.1) |
|
(75.7) % |
Energy Storage net sales for the second quarter of 2024 were
Specialties Results
In millions |
Q2 2024 |
|
Q2 2023 |
|
$ Change |
|
% Change |
|
$ 334.6 |
|
$ 371.3 |
|
$ (36.7) |
|
(9.9) % |
Adjusted EBITDA |
$ 54.2 |
|
$ 60.2 |
|
$ (6.0) |
|
(10.0) % |
Specialties net sales for the second quarter of 2024 were
Ketjen Results
In millions |
Q2 2024 |
|
Q2 2023 |
|
$ Change |
|
% Change |
|
$ 265.7 |
|
$ 235.8 |
|
$ 29.9 |
|
12.7 % |
Adjusted EBITDA |
$ 37.8 |
|
$ 42.9 |
|
$ (5.0) |
|
(11.8) % |
Ketjen net sales of
Cash Flow and Capital Deployment
Second-quarter cash from operations of
Balance Sheet and Liquidity
As of
Earnings Call
Date: |
|
Time: |
|
Dial-in ( |
1-800-590-8290 |
Dial-in (International): |
1-240-690-8800 |
Conference ID: |
ALBQ2 |
The company's earnings presentation and supporting material are available on
About
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; 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 Corporation and Subsidiaries |
|||||||
Consolidated Statements of (Loss) Income |
|||||||
(In Thousands Except Per Share Amounts) (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net sales |
|
|
|
|
|
|
|
Cost of goods sold |
1,440,963 |
|
1,811,703 |
|
2,762,761 |
|
3,115,415 |
Gross (loss) profit |
(10,578) |
|
558,487 |
|
28,360 |
|
1,835,027 |
Selling, general and administrative expenses |
168,948 |
|
397,070 |
|
346,660 |
|
551,376 |
Capital project asset write-off |
292,315 |
|
— |
|
309,515 |
|
— |
Research and development expenses |
20,770 |
|
21,419 |
|
44,302 |
|
41,890 |
Operating (loss) profit |
(492,611) |
|
139,998 |
|
(672,117) |
|
1,241,761 |
Interest and financing expenses |
(35,187) |
|
(25,577) |
|
(73,156) |
|
(52,354) |
Other income, net |
33,666 |
|
53,954 |
|
83,567 |
|
136,446 |
(Loss) income before income taxes and equity in net income |
(494,132) |
|
168,375 |
|
(661,706) |
|
1,325,853 |
Income tax (benefit) expense |
(30,660) |
|
42,987 |
|
(34,381) |
|
319,950 |
(Loss) income before equity in net income of unconsolidated |
(463,472) |
|
125,388 |
|
(627,325) |
|
1,005,903 |
Equity in net income of unconsolidated investments (net of |
286,878 |
|
551,051 |
|
467,378 |
|
947,239 |
Net (loss) income |
(176,594) |
|
676,439 |
|
(159,947) |
|
1,953,142 |
Net income attributable to noncontrolling interests |
(11,604) |
|
(26,396) |
|
(25,803) |
|
(64,519) |
Net (loss) income attributable to |
(188,198) |
|
650,043 |
|
(185,750) |
|
1,888,623 |
Mandatory convertible preferred stock dividends |
(41,688) |
|
— |
|
(53,272) |
|
— |
Net (loss) income attributable to |
$ (229,886) |
|
$ 650,043 |
|
$ (239,022) |
|
|
Basic (loss) earnings per share attributable to common |
$ (1.96) |
|
$ 5.54 |
|
$ (2.03) |
|
$ 16.10 |
Diluted (loss) earnings per share attributable to common |
$ (1.96) |
|
$ 5.52 |
|
$ (2.03) |
|
$ 16.03 |
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding – basic |
117,528 |
|
117,332 |
|
117,489 |
|
117,282 |
Weighted-average common shares outstanding – diluted |
117,528 |
|
117,769 |
|
117,489 |
|
117,805 |
Albemarle Corporation and Subsidiaries |
|||
Condensed Consolidated Balance Sheets |
|||
(In Thousands) (Unaudited) |
|||
|
|||
|
|
|
|
|
2024 |
|
2023 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 1,830,227 |
|
$ 889,900 |
Trade accounts receivable |
785,553 |
|
1,213,160 |
Other accounts receivable |
412,181 |
|
509,097 |
Inventories |
1,800,114 |
|
2,161,287 |
Other current assets |
397,630 |
|
443,475 |
Total current assets |
5,225,705 |
|
5,216,919 |
Property, plant and equipment |
12,788,646 |
|
12,233,757 |
Less accumulated depreciation and amortization |
2,951,614 |
|
2,738,553 |
Net property, plant and equipment |
9,837,032 |
|
9,495,204 |
Investments |
1,160,674 |
|
1,369,855 |
Other assets |
320,598 |
|
297,087 |
|
1,600,938 |
|
1,629,729 |
Other intangibles, net of amortization |
243,335 |
|
261,858 |
Total assets |
$ 18,388,282 |
|
$ 18,270,652 |
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable to third parties |
$ 1,138,975 |
|
$ 1,537,859 |
Accounts payable to related parties |
184,198 |
|
550,186 |
Accrued expenses |
508,334 |
|
544,835 |
Current portion of long-term debt |
3,213 |
|
625,761 |
Dividends payable |
60,668 |
|
46,666 |
Income taxes payable |
63,070 |
|
255,155 |
Total current liabilities |
1,958,458 |
|
3,560,462 |
Long-term debt |
3,519,504 |
|
3,541,002 |
Postretirement benefits |
25,925 |
|
26,247 |
Pension benefits |
141,627 |
|
150,312 |
Other noncurrent liabilities |
758,283 |
|
769,100 |
Deferred income taxes |
501,330 |
|
558,430 |
Commitments and contingencies |
|
|
|
Equity: |
|
|
|
|
|
|
|
Common stock |
1,175 |
|
1,174 |
Mandatory convertible preferred stock |
2,235,105 |
|
— |
Additional paid-in capital |
2,969,851 |
|
2,952,517 |
Accumulated other comprehensive loss |
(637,551) |
|
(528,526) |
Retained earnings |
6,653,979 |
|
6,987,015 |
|
11,222,559 |
|
9,412,180 |
Noncontrolling interests |
260,596 |
|
252,919 |
Total equity |
11,483,155 |
|
9,665,099 |
Total liabilities and equity |
$ 18,388,282 |
|
$ 18,270,652 |
Albemarle Corporation and Subsidiaries |
|||
Selected Consolidated Cash Flow Data |
|||
(In Thousands) (Unaudited) |
|||
|
|||
|
Six Months Ended
|
||
|
2024 |
|
2023 |
Cash and cash equivalents at beginning of year |
$ 889,900 |
|
$ 1,499,142 |
Cash flows from operating activities: |
|
|
|
Net (loss) income |
(159,947) |
|
1,953,142 |
Adjustments to reconcile net (loss) income to cash flows from operating activities: |
|
|
|
Depreciation and amortization |
262,030 |
|
180,356 |
Non-cash capital project assets write-off |
276,013 |
|
— |
Stock-based compensation and other |
15,439 |
|
20,017 |
Equity in net income of unconsolidated investments (net of tax) |
(467,378) |
|
(947,239) |
Dividends received from unconsolidated investments and nonmarketable |
270,926 |
|
1,079,439 |
Pension and postretirement expense |
2,529 |
|
3,933 |
Pension and postretirement contributions |
(9,428) |
|
(8,632) |
Realized loss on investments in marketable securities |
33,746 |
|
— |
Unrealized loss (gain) on investments in marketable securities |
23,777 |
|
(61,434) |
Deferred income taxes |
(129,087) |
|
(144,720) |
Working capital changes |
460,937 |
|
(1,155,408) |
Other, net |
(118,711) |
|
(124,767) |
Net cash provided by operating activities |
460,846 |
|
794,687 |
Cash flows from investing activities: |
|
|
|
Acquisitions, net of cash acquired |
— |
|
(8,240) |
Capital expenditures |
(1,026,936) |
|
(919,295) |
Sales (purchases) of marketable securities, net |
82,578 |
|
(123,979) |
Investments in equity investments and nonmarketable securities |
(148) |
|
(1,192) |
Net cash used in investing activities |
(944,506) |
|
(1,052,706) |
Cash flows from financing activities: |
|
|
|
Proceeds from issuance of mandatory convertible preferred stock |
2,236,750 |
|
— |
Repayments of long-term debt and credit agreements |
(56,453) |
|
— |
Proceeds from borrowings of long-term debt and credit agreements |
56,453 |
|
300,000 |
Other debt repayments, net |
(627,390) |
|
(1,500) |
Dividends paid to common shareholders |
(93,916) |
|
(93,317) |
Dividends paid to mandatory convertible preferred shareholders |
(39,376) |
|
— |
Dividends paid to noncontrolling interests |
(18,137) |
|
(53,145) |
Proceeds from exercise of stock options |
86 |
|
81 |
Withholding taxes paid on stock-based compensation award distributions |
(10,677) |
|
(24,910) |
Other |
(2,758) |
|
— |
Net cash provided by financing activities |
1,444,582 |
|
127,209 |
Net effect of foreign exchange on cash and cash equivalents |
(20,595) |
|
231,406 |
Increase in cash and cash equivalents |
940,327 |
|
100,596 |
Cash and cash equivalents at end of period |
$ 1,830,227 |
|
$ 1,599,738 |
Albemarle Corporation and Subsidiaries |
|||||||
Consolidated Summary of Segment Results |
|||||||
(In Thousands) (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net sales: |
|
|
|
|
|
|
|
Energy Storage |
$ 830,110 |
|
|
|
|
|
|
Specialties |
334,600 |
|
371,302 |
|
650,665 |
|
790,080 |
Ketjen |
265,675 |
|
235,823 |
|
509,448 |
|
453,615 |
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
Energy Storage |
$ 282,979 |
|
|
|
$ 480,975 |
|
|
Specialties |
54,175 |
|
60,200 |
|
99,356 |
|
222,358 |
Ketjen |
37,836 |
|
42,882 |
|
59,815 |
|
57,425 |
Total segment adjusted EBITDA |
374,990 |
|
1,268,162 |
|
640,146 |
|
3,012,555 |
Corporate |
11,370 |
|
(1,920) |
|
37,450 |
|
15,391 |
Total adjusted EBITDA |
$ 386,360 |
|
|
|
$ 677,596 |
|
|
See accompanying non-GAAP reconciliations below.
Additional Information regarding Non-GAAP Measures
It should be noted that adjusted net income attributable to
A description of other non-GAAP financial measures that
Non-GAAP Reconciliations
(Unaudited)
See below for a reconciliation of adjusted net income attributable to
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
In thousands, except percentages and per |
$ |
|
% of |
|
$ |
|
% of |
|
$ |
|
% of |
|
$ |
|
% of |
Net (loss) income attributable to |
( |
|
|
|
|
|
|
|
( |
|
|
|
$ 1,888,623 |
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating pension and OPEB items |
(336) |
|
|
|
381 |
|
|
|
(687) |
|
|
|
755 |
|
|
Non-recurring and other unusual items (net |
234,498 |
|
|
|
213,194 |
|
|
|
274,542 |
|
|
|
190,420 |
|
|
Adjusted net income attributable to |
45,964 |
|
|
|
863,618 |
|
|
|
88,105 |
|
|
|
2,079,798 |
|
|
Mandatory convertible preferred stock |
(41,688) |
|
|
|
— |
|
|
|
(53,272) |
|
|
|
— |
|
|
Adjusted net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,079,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share |
$ 0.04 |
|
|
|
$ 7.33 |
|
|
|
$ 0.30 |
|
|
|
$ 17.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average common shares |
117,703 |
|
|
|
117,769 |
|
|
|
117,685 |
|
|
|
117,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to |
( |
|
(13.2) % |
|
|
|
27.4 % |
|
( |
|
(6.7) % |
|
$ 1,888,623 |
|
38.2 % |
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing expenses |
35,187 |
|
2.5 % |
|
25,577 |
|
1.1 % |
|
73,156 |
|
2.6 % |
|
52,354 |
|
1.1 % |
Income tax (benefit) expense |
(30,660) |
|
(2.1) % |
|
42,987 |
|
1.8 % |
|
(34,381) |
|
(1.2) % |
|
319,950 |
|
6.5 % |
Depreciation and amortization |
138,279 |
|
9.7 % |
|
93,085 |
|
3.9 % |
|
262,030 |
|
9.4 % |
|
180,356 |
|
3.6 % |
EBITDA |
(45,392) |
|
(3.2) % |
|
811,692 |
|
34.2 % |
|
115,055 |
|
4.1 % |
|
2,441,283 |
|
49.3 % |
Proportionate share of |
119,780 |
|
8.4 % |
|
233,976 |
|
9.9 % |
|
193,469 |
|
6.9 % |
|
399,961 |
|
8.1 % |
Non-operating pension and OPEB items |
(337) |
|
— % |
|
612 |
|
— % |
|
(662) |
|
— % |
|
1,213 |
|
— % |
Non-recurring and other unusual items |
312,309 |
|
21.8 % |
|
219,962 |
|
9.3 % |
|
369,734 |
|
13.2 % |
|
185,489 |
|
3.7 % |
Adjusted EBITDA |
|
|
27.0 % |
|
$ 1,266,242 |
|
53.4 % |
|
|
|
24.3 % |
|
$ 3,027,946 |
|
61.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 1,430,385 |
|
|
|
$ 2,370,190 |
|
|
|
$ 2,791,121 |
|
|
|
$ 4,950,442 |
|
|
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
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Interest cost |
$ 8,501 |
|
$ 9,027 |
|
$ 17,006 |
|
$ 18,037 |
Expected return on assets |
(8,838) |
|
(8,415) |
|
(17,668) |
|
(16,824) |
Total |
$ (337) |
|
$ 612 |
|
$ (662) |
|
$ 1,213 |
In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Restructuring and other charges(1) |
$ 0.02 |
|
$ 0.05 |
|
$ 0.13 |
|
$ 0.05 |
Acquisition and integration related costs(2) |
0.01 |
|
0.04 |
|
0.02 |
|
0.08 |
Capital project assets write-off(3) |
1.82 |
|
— |
|
1.94 |
|
— |
Loss (gain) in fair value of public equity securities(4) |
0.12 |
|
(0.10) |
|
0.47 |
|
(0.39) |
Legal accrual(5) |
— |
|
1.82 |
|
— |
|
1.82 |
Other(6) |
(0.03) |
|
0.02 |
|
(0.18) |
|
0.07 |
Tax related items(7) |
0.05 |
|
(0.02) |
|
(0.05) |
|
(0.01) |
Total non-recurring and other unusual items |
$ 1.99 |
|
$ 1.81 |
|
$ 2.33 |
|
$ 1.62 |
|
|
|
(1) |
In |
|
|
|
|
(2) |
Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three and six months ended |
|
|
|
|
(3) |
As part of the organic growth investment re-phasing, during 2024 the Company wrote-off the value of assets related to certain capital projects no longer part of the Company's modified capital plan. The Company determined that these assets will not provide future value or will require significant re-engineering if the related projects are restarted. Losses of |
|
|
|
|
(4) |
Losses of |
|
|
|
|
(5) |
Accrual of |
|
|
|
|
(6) |
Other adjustments for the three months ended |
|
|
|
|
|
After income taxes, these net gains totaled |
|
|
|
|
|
Other adjustments for the three months ended |
|
|
|
|
|
After income taxes, these charges totaled |
|
|
|
|
|
Other adjustments for the six months ended |
|
|
|
|
|
After income taxes, these net gains totaled |
|
|
|
|
|
Other adjustments for the six months ended |
|
|
|
|
|
After income taxes, these charges totaled |
|
|
|
|
(7) |
Included in Income tax benefit for the three and six months ended |
|
|
|
|
|
Included in Income tax expense for the three and six months ended |
See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).
|
(Loss) Income |
|
Income tax (benefit) |
|
Effective income tax |
Three months ended |
|
|
|
|
|
As reported |
$ (494,132) |
|
$ (30,660) |
|
6.2 % |
Non-recurring, other unusual and non-operating pension and OPEB |
311,972 |
|
77,810 |
|
|
As adjusted |
$ (182,160) |
|
$ 47,150 |
|
(25.9) % |
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
As reported |
$ 168,375 |
|
$ 42,987 |
|
25.5 % |
Non-recurring, other unusual and non-operating pension and OPEB |
220,574 |
|
6,999 |
|
|
As adjusted |
$ 388,949 |
|
$ 49,986 |
|
12.9 % |
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
As reported |
$ (661,706) |
|
$ (34,381) |
|
5.2 % |
Non-recurring, other unusual and non-operating pension and OPEB |
369,072 |
|
95,217 |
|
|
As adjusted |
$ (292,634) |
|
$ 60,836 |
|
(20.8) % |
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
As reported |
$ 1,325,853 |
|
$ 319,950 |
|
24.1 % |
Non-recurring, other unusual and non-operating pension and OPEB |
186,702 |
|
(4,473) |
|
|
As adjusted |
$ 1,512,555 |
|
$ 315,477 |
|
20.9 % |
As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes
Net income attributable to |
$ 1,573,476 |
Depreciation and amortization |
429,944 |
Interest and financing expenses |
116,072 |
Income tax expense |
430,277 |
Proportionate share of |
779,703 |
Gain on sale of business/interest in properties, net |
(71,190) |
Acquisition and integration related costs |
26,767 |
|
6,765 |
Non-operating pension and OPEB items |
(7,971) |
Mark-to-market gain on public equity securities |
44,732 |
Legal accrual |
218,510 |
Other |
(1,097) |
Total adjusted EBITDA |
$ 3,545,988 |
Contact:
Meredith Bandy 1.980.999.5168
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