CHARLOTTE, N.C., Feb. 12,
2025 /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, 2024.
Fourth Quarter and Full Year 2024 Results and
Highlights
(Unless otherwise stated, all percentage
changes represent year-over-year comparisons)
- Fourth quarter net sales of $1.2
billion; net income of $75
million, or $0.29 per diluted
share; adjusted diluted loss per share of ($1.09)
- Fourth quarter adjusted EBITDA of $251
million, with year-over-year increases in all business
segments (Energy Storage up $290
million, Specialties up $43
million and Ketjen up $4
million)
- Full year net sales of $5.4
billion, with Energy Storage sales volumes up 26%; net loss
of $1.2 billion, or ($11.20) per diluted share, which included
previously announced restructuring charges and asset write-offs;
adjusted diluted loss per share of ($2.34)
- Full year adjusted EBITDA of $1.1
billion, in-line with outlook considerations, due to
enterprise-wide cost improvements, volume growth and contract
performance
- Full year cash from operations of $702
million, representing more than 60% operating cash flow
conversion(a), driven primarily by working capital
management
- Introducing new full-year 2025 outlook considerations,
including ranges based on updated lithium market price scenarios
- Further reducing expected full-year 2025 capital expenditures
by $100 million; now targeting
capital expenditures in the range of $700 and $800
million, or down more than 50% year-over-year
- Line of sight to breakeven free cash flow in 2025
|
(a)
|
Defined as Operating
Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See
Non-GAAP Reconciliations for further details.
|
"We are taking decisive actions to reduce costs, optimize our
conversion network and increase efficiencies to preserve our
long-term competitive position," said Kent
Masters, chairman and CEO. "As we look ahead, we expect
dynamic market conditions to persist but remain confident in our
ability to deliver value to stakeholders by increasing our
financial flexibility, strengthening our core capabilities and
positioning Albemarle for future
growth."
Broad Actions Executed and Underway to Maintain Long-Term
Competitiveness
In 2024 and continuing into 2025,
Albemarle has rapidly adjusted to
market realities with steps that enhance our resilience,
including:
- Optimizing conversion network: achieved record
production in the fourth quarter at La Negra and Meishan lithium
conversion plants; announcing today plans to place Chengdu site into care and maintenance by
mid-2025 and to shift a portion of Qinzhou production from
hydroxide to carbonate
- Improving costs and efficiency: streamlined
organizational structure; achieved at year-end over 50% run-rate
relative to the $300-400 million cost
and productivity improvement target
- Reducing capital expenditures: proactively re-phased
growth investments; reduced 2024 capex by over $450 million year-over-year and plan to
significantly reduce further in 2025
- Enhancing financial flexibility: pursued multiple cash
generation steps and proactively amended credit agreement to
fortify balance sheet and navigate near-term dynamics
Fourth Quarter 2024 Results
|
In millions, except
per share amounts
|
Q4
2024
|
|
Q4
2023
|
|
$
Change
|
|
%
Change
|
|
Net sales
|
$
1,231.7
|
|
$
2,356.2
|
|
$
(1,124.5)
|
|
(47.7) %
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
75.3
|
|
$ (617.7)
|
|
$
693.0
|
|
(112.2) %
|
|
Adjusted
EBITDA(a)(b)
|
$ 250.7
|
|
$ (134.9)
|
|
$
385.6
|
|
(285.8) %
|
|
Diluted earnings (loss)
per share attributable to common shareholders
|
$
0.29
|
|
$ (5.26)
|
|
$
5.55
|
|
(105.5) %
|
|
Non-operating pension and OPEB items(a)
|
(0.07)
|
|
(0.07)
|
|
|
|
|
|
Non-recurring and other unusual items(a)
|
(1.31)
|
|
0.14
|
|
|
|
|
|
Adjusted loss earnings
per share attributable to common
shareholders(a)(c)
|
$ (1.09)
|
|
$ (5.19)
|
|
$
4.10
|
|
(79.0) %
|
|
|
|
(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.
|
|
(b)
|
Totals may not add due
to rounding.
|
Net sales for the fourth quarter of 2024 were $1.2 billion
compared to $2.4 billion for the
prior-year quarter, a decline of 48% driven primarily by lower
pricing and volumes in Energy Storage, partially offset by higher
volumes in Specialties (+3%). Net income attributable to
Albemarle of $75 million increased year-over-year by
$693 million primarily due to a
$604 million lower of cost or net
realizable value (LCM) charge recorded in the prior-year quarter
and discrete tax benefits of $111
million primarily related to a tax valuation allowance in
Australia. Adjusted EBITDA of
$251 million increased by
$386 million from the prior-year
quarter primarily due to favorable volume growth, productivity
benefits, and lower cost of goods sold, including the LCM charge in
the prior-year quarter, which more than offset margin compression
and reduced equity earnings as a result of lower pricing in the
lithium value chain.
The effective income tax rate for the fourth quarter of 2024 was
13.8%, compared to (12.9)% in the same period of 2023. The rate in
2023 was impacted by the recording of a tax valuation allowance in
China. On an adjusted basis, the
effective income tax rates were 446.9% and (12.7)% for the fourth
quarters of 2024 and 2023, respectively, with the increase
primarily due to changes in geographic income mix and the impact of
tax valuation allowances in Australia and China.
Energy Storage Results
|
In
millions
|
Q4
2024
|
|
Q4
2023
|
|
$
Change
|
|
%
Change
|
|
Net Sales
|
$
616.8
|
|
$
1,675.1
|
|
$
(1,058.3)
|
|
(63.2) %
|
|
Adjusted
EBITDA
|
$
133.7
|
|
$
(156.1)
|
|
$
289.8
|
|
(185.6) %
|
Energy Storage net sales for the fourth quarter of 2024 were
$617 million, a decrease of
$1.1 billion, or 63%, due to lower
pricing (-53%) and lower volumes (-10%) related to the timing of
chemical-grade spodumene sales and planned lithium processing
plant outages. Adjusted EBITDA of $134
million increased $290
million, as the benefit of lower spodumene costs and a
$604 million LCM charge recorded in
the fourth quarter of 2023 more than offset the impact of lower
year-over-year pricing and volumes.
Specialties Results
|
In
millions
|
Q4
2024
|
|
Q4
2023
|
|
$
Change
|
|
%
Change
|
|
Net Sales
|
$
332.9
|
|
$
339.6
|
|
$
(6.7)
|
|
(2.0) %
|
|
Adjusted
EBITDA
|
$
72.9
|
|
$
29.8
|
|
$
43.0
|
|
144.2 %
|
Specialties net sales for the fourth quarter of 2024 were
$333 million, a decrease of
$7 million, or 2%, primarily due to
lower prices (-5%), which more than offset higher volumes (+3%).
Adjusted EBITDA of $73 million
increased $43 million versus the
year-ago quarter, as productivity benefits and improved end-market
demand more than offset lower prices.
Ketjen Results
|
In
millions
|
Q4
2024
|
|
Q4
2023
|
|
$
Change
|
|
%
Change
|
|
Net Sales
|
$
281.9
|
|
$
341.5
|
|
$
(59.5)
|
|
(17.4) %
|
|
Adjusted
EBITDA
|
$
35.8
|
|
$
31.3
|
|
$
4.5
|
|
14.4 %
|
Ketjen net sales for the fourth quarter of 2024 were
$282 million, down 17% compared to
the prior-year quarter as higher prices (+1%) were more than offset
by lower volumes (-19%), primarily due to timing of sales volumes.
Adjusted EBITDA of $36 million
increased $4 million, driven by
favorable product mix and lower input costs, partly offset by
timing of sales volumes.
2025 Outlook Considerations
Total Corporate Outlook Considerations
The table below
reflects expected outcomes for the total company based on recently
observed lithium market price scenarios. Ranges are based on
variation in sales volume and mix, including a projected increase
in Energy Storage volumes of 0% to 10% in 2025 compared to 2024.
All three scenarios assume flat market pricing flowing through
Energy Storage's current contract book. Scenarios also assume
spodumene pricing averages 10% of the lithium carbonate equivalent
(LCE) price, while other costs are assumed to be constant.
|
Total Corporate FY
2025E
Including Energy
Storage Scenarios
|
|
Observed market price
case(a)
|
YE 2024
|
H1 2024
range
|
Q4 2023
average
|
|
Average lithium market
price ($/kg LCE)(a)
|
~$9
|
$12-15
|
~$20
|
|
Net sales
|
$4.9 - $5.2
billion
|
$5.3 - $6.1
billion
|
$6.5 - $7.0
billion
|
|
Adjusted
EBITDA(b)
|
$0.8 - $1.0
billion
|
$1.2 - $1.8
billion
|
$2.5 - $2.7
billion
|
|
|
|
(a)
|
Price represents blend
of relevant market pricing including spot and regional indices for
the periods referenced.
|
|
(b)
|
The company does not
provide a reconciliation of forward-looking non-GAAP financial
measures to the most directly comparable financial measures
calculated and reported in accordance with GAAP, as the company is
unable to estimate significant non-recurring or unusual items
without unreasonable effort. See "Additional information regarding
Non-GAAP Measures" for more information.
|
Energy Storage Market Price Scenarios
|
Energy Storage FY
2025E
|
|
Observed market price
case(a)
|
YE 2024
|
H1 2024
range
|
Q4 2023
average
|
|
Average lithium market
price ($/kg LCE)(a)
|
~$9
|
$12-15
|
~$20
|
|
Net sales
|
$2.5 - $2.6
billion
|
$2.9 - $3.5
billion
|
$4.2 - $4.5
billion
|
|
Adjusted
EBITDA
|
$0.6 - $0.7
billion
|
$1.0 - $1.5
billion
|
$2.2 - $2.4
billion
|
|
Equity in net income of
unconsolidated investments (net of tax)(b)
|
$0.2 - $0.3
billion
|
$0.3 - $0.5
billion
|
$0.6 - $0.7
billion
|
|
|
|
(a)
|
Price represents blend
of relevant market pricing including spot and regional indices for
the periods referenced.
|
|
(b)
|
Included in adjusted
EBITDA on a pre-tax basis.
|
Specialties and Ketjen Outlook
Considerations
Specialties outlook reflects modest volume
growth in key end markets led by pharma, automotive, and oilfield,
partially offset by weakness in building and construction.
Ketjen outlook assumes favorable product revenue mix, lower
input costs and the continuation of its turnaround plan
execution.
|
Segment FY
2025E
|
|
Specialties net
sales
|
$1.3 - $1.5
billion
|
|
Specialties adjusted
EBITDA
|
$210 - $280
million
|
|
Ketjen net
sales
|
$1.0 - $1.1
billion
|
|
Ketjen adjusted
EBITDA
|
$120 - $150
million
|
Other Corporate Outlook Considerations
Albemarle expects its 2025 capital
expenditures to be in the range of $700
million to $800 million, down
more than 50% from $1.7 billion in
2024. This level of spending reflects a prioritization on
sustaining existing assets and resources, with the remainder
allocated to select growth projects and high-return, quick payback
improvements.
|
Other Corporate FY
2025E
|
|
Capital
expenditures
|
$700 - $800
million
|
|
Depreciation and
amortization
|
$630 - $670
million
|
|
Adjusted effective tax
rate(a)
|
(40%) - 25%
|
|
Corporate
costs
|
$70 - $100
million
|
|
Interest and financing
expenses
|
$180 - $210
million
|
|
Weighted-average common
shares outstanding (diluted)
|
118 million
|
|
(a)
|
Adjusted effective tax
rate dependent on lithium market prices and geographic income
mix
|
Cash Flow and Capital Deployment
Cash from operations
of $702 million for the year ended
December 31, 2024 decreased
$623 million compared to the
prior-year period. This was driven by lower adjusted EBITDA and
reduced dividends received from equity investments, partially
offset by inflows from working capital. Capital expenditures of
$1.7 billion were in-line with
outlook considerations and decreased by $463
million versus the prior-year period, reflecting the impact
of decisions that stopped or slowed spending and the completion of
capacity expansions in Energy Storage and Specialties.
Balance Sheet and Liquidity
As of December 31, 2024, Albemarle had estimated liquidity of
approximately $2.8 billion, including
$1.2 billion of cash and equivalents,
$1.5 billion available under its
revolver and $99 million available on
other credit lines. Total debt was $3.5
billion, representing a debt covenant net debt to adjusted
EBITDA of approximately 2.6 times.
Earnings Call
|
Date:
|
Thurs., Feb. 13,
2025
|
|
Time:
|
8:00 AM Eastern
time
|
|
Dial-in
(U.S.):
|
+1
800-590-8290
|
|
Dial-in
(International):
|
+1
240-690-8800
|
|
Passcode:
|
ALBQ4
|
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 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 2025 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'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 (Loss)
(In Thousands Except
Per Share Amounts) (Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
$ 1,231,713
|
|
$ 2,356,165
|
|
$ 5,377,526
|
|
$ 9,617,203
|
|
Cost of goods
sold
|
1,093,500
|
|
3,060,217
|
|
5,314,987
|
|
8,431,294
|
|
Gross profit
(loss)
|
138,213
|
|
(704,052)
|
|
62,539
|
|
1,185,909
|
|
Selling, general and
administrative expenses
|
135,996
|
|
193,956
|
|
618,048
|
|
910,002
|
|
Restructuring charges
and asset write-offs
|
(22,206)
|
|
295
|
|
1,134,316
|
|
9,491
|
|
Research and
development expenses
|
20,021
|
|
22,753
|
|
86,720
|
|
85,725
|
|
Gain on change in
interest in properties/sale of business, net
|
—
|
|
(71,190)
|
|
—
|
|
(71,190)
|
|
Operating profit
(loss)
|
4,402
|
|
(849,866)
|
|
(1,776,545)
|
|
251,881
|
|
Interest and financing
expenses
|
(44,703)
|
|
(34,386)
|
|
(165,619)
|
|
(116,072)
|
|
Other income
(expenses), net
|
117,028
|
|
(36,699)
|
|
178,339
|
|
110,929
|
|
Income (loss) before
income taxes and equity in net
income of unconsolidated investments
|
76,727
|
|
(920,951)
|
|
(1,763,825)
|
|
246,738
|
|
Income tax
expense
|
10,613
|
|
118,878
|
|
87,085
|
|
430,277
|
|
Income (loss) before
equity in net income of unconsolidated investments
|
66,114
|
|
(1,039,829)
|
|
(1,850,910)
|
|
(183,539)
|
|
Equity in net income of
unconsolidated investments (net of tax)
|
18,997
|
|
436,537
|
|
715,433
|
|
1,854,082
|
|
Net (loss) income from
continuing operations
|
85,111
|
|
(603,292)
|
|
(1,135,477)
|
|
1,670,543
|
|
Income from
discontinued operations (net of tax)
|
—
|
|
—
|
|
—
|
|
—
|
|
Net income
(loss)
|
85,111
|
|
(603,292)
|
|
(1,135,477)
|
|
1,670,543
|
|
Net income attributable
to noncontrolling interests
|
(9,818)
|
|
(14,388)
|
|
(43,972)
|
|
(97,067)
|
|
Net income (loss)
attributable to Albemarle Corporation
|
75,293
|
|
(617,680)
|
|
(1,179,449)
|
|
1,573,476
|
|
Mandatory convertible
preferred stock dividends
|
(41,688)
|
|
—
|
|
(136,647)
|
|
—
|
|
Net income (loss)
attributable to Albemarle Corporation
common shareholders
|
$ 33,605
|
|
$
(617,680)
|
|
$
(1,316,096)
|
|
$ 1,573,476
|
|
Basic earnings (loss)
per share attributable to common shareholders
|
$
0.29
|
|
$
(5.26)
|
|
$ (11.20)
|
|
$
13.41
|
|
Diluted earnings (loss)
per share attributable to common shareholders
|
$
0.29
|
|
$
(5.26)
|
|
$ (11.20)
|
|
$
13.36
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding – basic
|
117,549
|
|
117,354
|
|
117,516
|
|
117,317
|
|
Weighted-average common
shares outstanding – diluted
|
117,723
|
|
117,354
|
|
117,516
|
|
117,766
|
|
Albemarle Corporation
and Subsidiaries
Condensed Consolidated
Balance Sheets
(In Thousands)
(Unaudited)
|
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,192,230
|
|
$
889,900
|
|
Trade accounts
receivable
|
742,201
|
|
1,213,160
|
|
Other accounts
receivable
|
238,384
|
|
509,097
|
|
Inventories
|
1,502,531
|
|
2,161,287
|
|
Other current
assets
|
166,916
|
|
443,475
|
|
Total
current assets
|
3,842,262
|
|
5,216,919
|
|
Property, plant and
equipment
|
12,523,368
|
|
12,233,757
|
|
Less accumulated
depreciation and amortization
|
3,191,898
|
|
2,738,553
|
|
Net
property, plant and equipment
|
9,331,470
|
|
9,495,204
|
|
Investments
|
1,117,739
|
|
1,369,855
|
|
Other assets
|
504,711
|
|
297,087
|
|
Goodwill
|
1,582,714
|
|
1,629,729
|
|
Other intangibles, net
of amortization
|
230,753
|
|
261,858
|
|
Total
assets
|
$ 16,609,649
|
|
$ 18,270,652
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
to third parties
|
$
793,455
|
|
$
1,537,859
|
|
Accounts payable
to related parties
|
150,432
|
|
550,186
|
|
Accrued
expenses
|
467,997
|
|
544,835
|
|
Current portion
of long-term debt
|
398,023
|
|
625,761
|
|
Dividends
payable
|
61,282
|
|
46,666
|
|
Income taxes
payable
|
95,275
|
|
255,155
|
|
Total
current liabilities
|
1,966,464
|
|
3,560,462
|
|
Long-term
debt
|
3,118,142
|
|
3,541,002
|
|
Postretirement
benefits
|
31,930
|
|
26,247
|
|
Pension
benefits
|
116,192
|
|
150,312
|
|
Other noncurrent
liabilities
|
819,204
|
|
769,100
|
|
Deferred income
taxes
|
358,029
|
|
558,430
|
|
Commitments and
contingencies
|
|
|
|
|
Equity:
|
|
|
|
|
Albemarle Corporation
shareholders' equity:
|
|
|
|
|
Common
stock
|
1,176
|
|
1,174
|
|
Mandatory
convertible preferred stock
|
2,235,105
|
|
—
|
|
Additional
paid-in-capital
|
2,985,606
|
|
2,952,517
|
|
Accumulated
other comprehensive loss
|
(742,062)
|
|
(528,526)
|
|
Retained
earnings
|
5,481,692
|
|
6,987,015
|
|
Total
Albemarle Corporation shareholders' equity
|
9,961,517
|
|
9,412,180
|
|
Noncontrolling
interests
|
238,171
|
|
252,919
|
|
Total
equity
|
10,199,688
|
|
9,665,099
|
|
Total liabilities and
equity
|
$ 16,609,649
|
|
$ 18,270,652
|
|
Albemarle Corporation
and Subsidiaries
Selected Consolidated
Cash Flow Data
(In Thousands)
(Unaudited)
|
|
|
Year
Ended
|
|
December
31,
|
|
2024
|
|
2023
|
|
Cash and cash
equivalents at beginning of year
|
$ 889,900
|
|
$
1,499,142
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net (loss)
income
|
(1,135,477)
|
|
1,670,543
|
|
Adjustments to
reconcile net (loss) income to cash flows from operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
588,638
|
|
429,944
|
|
Non-cash restructuring
and asset write-offs
|
1,013,444
|
|
—
|
|
Gain on change in
interest in properties/sale of business, net
|
—
|
|
(71,190)
|
|
Inventory net
realizable value adjustment
|
(500,153)
|
|
604,099
|
|
Stock-based
compensation and other
|
32,141
|
|
36,545
|
|
Equity in net income
of unconsolidated investments (net of tax)
|
(715,433)
|
|
(1,854,082)
|
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
358,933
|
|
2,000,862
|
|
Pension and
postretirement benefit
|
(5,274)
|
|
(1,658)
|
|
Pension and
postretirement contributions
|
(19,379)
|
|
(17,866)
|
|
Realized loss on
investments in marketable securities
|
33,746
|
|
—
|
|
Unrealized loss on
investments in marketable securities
|
30,073
|
|
39,864
|
|
Deferred income
taxes
|
(230,406)
|
|
100,877
|
|
Changes in current
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
|
Decrease (increase) in
accounts receivable
|
555,218
|
|
(350,655)
|
|
Decrease (increase) in
inventories
|
1,560,450
|
|
(962,924)
|
|
Decrease (increase) in
other current assets
|
244,987
|
|
(171,870)
|
|
(Decrease) increase in
accounts payable to third parties
|
(462,839)
|
|
(315,220)
|
|
(Decrease) increase in
accounts payable to related parties
|
(399,398)
|
|
31,809
|
|
(Decrease) increase in
accrued expenses and income taxes payable
|
(140,099)
|
|
253,518
|
|
Other, net
|
(107,104)
|
|
(97,275)
|
|
Net cash provided by
operating activities
|
702,068
|
|
1,325,321
|
|
Cash flows from
investing activities:
|
|
|
|
|
Acquisitions, net of
cash acquired
|
—
|
|
(426,228)
|
|
Capital
expenditures
|
(1,685,790)
|
|
(2,149,281)
|
|
Proceeds from sale of
property and equipment
|
29,102
|
|
—
|
|
Sales (purchases) of
marketable securities, net
|
82,520
|
|
(204,451)
|
|
Investments in equity
investments and nonmarketable securities
|
(270)
|
|
(1,200)
|
|
Net cash used in
investing activities
|
(1,574,438)
|
|
(2,781,160)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from issuance
of mandatory convertible preferred stock
|
2,236,750
|
|
—
|
|
Proceeds from
borrowings of long-term debt and credit agreements
|
112,439
|
|
356,047
|
|
Repayments of
long-term debt and credit agreements
|
(112,439)
|
|
(28,862)
|
|
Other (repayments)
borrowings, net
|
(631,834)
|
|
617,014
|
|
Dividends paid to
common shareholders
|
(188,530)
|
|
(187,188)
|
|
Dividends paid to
mandatory convertible preferred shareholders
|
(122,746)
|
|
—
|
|
Dividends paid to
noncontrolling interests
|
(37,194)
|
|
(105,631)
|
|
Proceeds from exercise
of stock options
|
374
|
|
190
|
|
Withholding taxes paid
on stock-based compensation award distributions
|
(11,891)
|
|
(27,468)
|
|
Other
|
(3,194)
|
|
(191)
|
|
Net cash provided by
financing activities
|
1,241,735
|
|
623,911
|
|
Net effect of foreign
exchange on cash and cash equivalents
|
(67,035)
|
|
222,686
|
|
Increase (decrease) in
cash and cash equivalents
|
302,330
|
|
(609,242)
|
|
Cash and cash
equivalents at end of period
|
$
1,192,230
|
|
$ 889,900
|
|
Albemarle Corporation
and Subsidiaries
Consolidated Summary of
Segment Results
(In Thousands)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
sales:
|
|
|
|
|
|
|
|
|
Energy
Storage
|
$
616,822
|
|
$ 1,675,088
|
|
$ 3,015,121
|
|
$ 7,078,998
|
|
Specialties
|
332,942
|
|
339,623
|
|
1,325,983
|
|
1,482,425
|
|
Ketjen
|
281,949
|
|
341,454
|
|
1,036,422
|
|
1,055,780
|
|
Total net
sales
|
$ 1,231,713
|
|
$ 2,356,165
|
|
$ 5,377,526
|
|
$ 9,617,203
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
Energy
Storage
|
$
133,678
|
|
$ (156,127)
|
|
$
757,540
|
|
$ 3,181,593
|
|
Specialties
|
72,875
|
|
29,841
|
|
228,504
|
|
298,506
|
|
Ketjen
|
35,778
|
|
31,288
|
|
131,066
|
|
103,872
|
|
Total segment
adjusted EBITDA
|
242,331
|
|
(94,998)
|
|
1,117,110
|
|
3,583,971
|
|
Corporate
|
8,353
|
|
(39,932)
|
|
22,668
|
|
(37,983)
|
|
Total adjusted
EBITDA
|
$
250,684
|
|
$ (134,930)
|
|
$ 1,139,778
|
|
$ 3,545,988
|
See accompanying non-GAAP reconciliations below.
Additional Information regarding Non-GAAP Measures
It should be noted that adjusted net income (loss) attributable
to Albemarle Corporation, adjusted net income (loss) attributable
to Albemarle Corporation common shareholders, adjusted diluted
(loss) earnings per share attributable to common shareholders,
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, and operating cash flow conversion 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 (loss) 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 (loss)
attributable to Albemarle Corporation, adjusted net income (loss)
attributable to Albemarle Corporation common shareholders, 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. Adjusted
net income (loss) attributable to Albemarle Corporation common
shareholders is defined as net income (loss) after mandatory
convertible preferred stock dividends, but 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 (loss)
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
proportionate share of Windfield Holdings income tax expense,
non-recurring, other unusual and non-operating pension and OPEB
items as listed below.
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
In thousands, except
percentages and per
share amounts
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
|
$
|
|
% of
net
sales
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ 75,293
|
|
|
|
$
(617,680)
|
|
|
|
$
(1,179,449)
|
|
|
|
$ 1,573,476
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(8,014)
|
|
|
|
(8,107)
|
|
|
|
(9,045)
|
|
|
|
(6,966)
|
|
|
|
Non-recurring and
other unusual items (net of tax)
|
(153,490)
|
|
|
|
16,262
|
|
|
|
1,049,823
|
|
|
|
226,356
|
|
|
|
Adjusted net (loss)
income attributable to
Albemarle Corporation
|
$
(86,211)
|
|
|
|
$
(609,525)
|
|
|
|
$
(138,671)
|
|
|
|
$ 1,792,866
|
|
|
|
Mandatory convertible
preferred stock dividends
|
(41,688)
|
|
|
|
—
|
|
|
|
(136,647)
|
|
|
|
—
|
|
|
|
Adjusted net (loss)
income attributable to
Albemarle Corporation common shareholders
|
$
(127,899)
|
|
|
|
$
(609,525)
|
|
|
|
$
(275,318)
|
|
|
|
$ 1,792,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted (loss)
earnings per share
attributable to common shareholders
|
$
(1.09)
|
|
|
|
$
(5.19)
|
|
|
|
$
(2.34)
|
|
|
|
$
15.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
weighted-average common shares
outstanding – diluted
|
117,549
|
|
|
|
117,354
|
|
|
|
117,684
|
|
|
|
117,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$ 75,293
|
|
6.1 %
|
|
$
(617,680)
|
|
(26.2) %
|
|
$
(1,179,449)
|
|
(21.9) %
|
|
$ 1,573,476
|
|
16.4 %
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
44,703
|
|
3.6 %
|
|
34,386
|
|
1.5 %
|
|
165,619
|
|
3.1 %
|
|
116,072
|
|
1.2 %
|
|
Income tax
expense
|
10,613
|
|
0.9 %
|
|
118,878
|
|
5.0 %
|
|
87,085
|
|
1.6 %
|
|
430,277
|
|
4.5 %
|
|
Depreciation and
amortization
|
163,106
|
|
13.2 %
|
|
144,143
|
|
6.1 %
|
|
588,638
|
|
10.9 %
|
|
429,944
|
|
4.5 %
|
|
EBITDA
|
293,715
|
|
23.8 %
|
|
(320,273)
|
|
(13.6) %
|
|
(338,107)
|
|
(6.3) %
|
|
2,549,769
|
|
26.5 %
|
|
Proportionate share of
Windfield income tax expense
|
6,201
|
|
0.5 %
|
|
180,057
|
|
7.6 %
|
|
299,193
|
|
5.6 %
|
|
779,703
|
|
8.1 %
|
|
Non-operating pension
and OPEB items
|
(10,342)
|
|
(0.8) %
|
|
(9,804)
|
|
(0.4) %
|
|
(11,335)
|
|
(0.2) %
|
|
(7,971)
|
|
(0.1) %
|
|
Non-recurring and
other unusual items
|
(38,890)
|
|
(3.2) %
|
|
15,090
|
|
0.6 %
|
|
1,190,027
|
|
22.1 %
|
|
224,487
|
|
2.3 %
|
|
Adjusted
EBITDA
|
$
250,684
|
|
20.4 %
|
|
$
(134,930)
|
|
(5.7) %
|
|
$ 1,139,778
|
|
21.2 %
|
|
$ 3,545,988
|
|
36.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 1,231,713
|
|
|
|
$ 2,356,165
|
|
|
|
$ 5,377,526
|
|
|
|
$ 9,617,203
|
|
|
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, net. Non-operating pension and OPEB
items were as follows (in thousands):
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
MTM actuarial
gain
|
$ (9,831)
|
|
$
(10,174)
|
|
$ (9,831)
|
|
$
(10,174)
|
|
Interest
cost
|
8,696
|
|
8,859
|
|
34,225
|
|
35,950
|
|
Expected return on
assets
|
(9,207)
|
|
(8,489)
|
|
(35,729)
|
|
(33,747)
|
|
Total
|
$
(10,342)
|
|
$ (9,804)
|
|
$
(11,335)
|
|
$ (7,971)
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Restructuring charges
and asset write-offs(1)
|
$
(0.21)
|
|
$
—
|
|
$
9.77
|
|
$
0.06
|
|
Acquisition and
integration related costs(2)
|
0.01
|
|
0.03
|
|
0.04
|
|
0.18
|
|
Goodwill
impairment(3)
|
—
|
|
0.05
|
|
—
|
|
0.05
|
|
Gain on change in
interest in properties, net(4)
|
—
|
|
(0.40)
|
|
—
|
|
(0.40)
|
|
Loss in fair value of
public equity securities(5)
|
0.03
|
|
0.51
|
|
0.53
|
|
0.29
|
|
Legal
accrual(6)
|
—
|
|
—
|
|
—
|
|
1.82
|
|
Other(7)
|
(0.19)
|
|
(0.04)
|
|
(0.42)
|
|
(0.07)
|
|
Tax related
items(8)
|
(0.95)
|
|
(0.01)
|
|
(1.00)
|
|
(0.01)
|
|
Total non-recurring
and other unusual items
|
$
(1.31)
|
|
$
0.14
|
|
$
8.92
|
|
$
1.92
|
|
|
|
|
|
(1)
|
The Company took
several actions during the year ended December 31, 2024 as part of
a broader effort that will focus on preserving its world-class
resource advantages, optimizing its global conversion network,
improving the Company's cost competitiveness and efficiency,
reducing capital intensity and enhancing the Company's financial
flexibility. Those actions included stopping construction of
Kemerton Trains 3 and 4, as well as certain other capital projects,
and placing Kemerton Train 2 in care and maintenance. As a result,
the Company recorded restructuring and asset write-off charges
(gains) as described above of $3.8 million in Cost of goods sold
during the three months and year ended December 31, 2024, and
($22.2) million and net charges of $1.2 billion during the three
months and year ended December 31, 2024, respectively, in
Restructuring charges and asset write-offs. In addition, losses of
$4.6 million and $26.1 million were recorded in Other income
(expenses), net for the three months and year ended December 31,
2024, respectively, related to these actions. In total, this
resulted in after-tax (gains) losses of ($24.9) million and $1.1
billion, or ($0.21) and $9.77 per share for the three months and
year ended December 31, 2024, respectively. The tax impact includes
a valuation allowance to reverse the tax benefits associated with
the expenses recorded in Australia. During the three months and
year ended December 31, 2023, $0.3 million and $9.5 million of
separation and other severance costs to employees in Corporate and
the Ketjen business were recorded in Selling, general and
administrative expenses ($0.2 million and $7.2 million after income
taxes, or less than $0.01 and $0.06 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, 2024 of $2.3
million and $6.2 million ($1.8 million and $4.9 million after
income taxes, or $0.01 and $0.04 per share), respectively, and 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.
|
|
|
|
|
|
(3)
|
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.
|
|
|
|
|
|
(4)
|
Included in Gain 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.
|
|
|
|
|
|
(5)
|
Losses of $4.8 million
and $37.0 million recorded in Other income (expenses), net
resulting from the net change in fair value of investments in
public equity securities for the three months and year ended
December 31, 2024, respectively, and a loss of $33.7 million
recorded in Other income (expenses), net for the year ended
December 31, 2024 resulting from the sale of investments in public
equity securities ($3.7 million and $62.7 million after income
taxes, or $0.03 and $0.53 per share). 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 income (expenses),
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.
|
|
|
|
|
|
(6)
|
Loss of $218.5 million
($214.9 million after income taxes, or $1.82 per share) recorded in
Selling, general and administrative expenses resulting from
agreements in principle to resolve a previously disclosed legal
matter with the DOJ 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:
|
|
|
•
|
Other income
(expenses), net - $23.5 million of gains from the sale of assets at
a site not part of our operations, $9.5 million of income from PIK
dividends of preferred equity in a Grace subsidiary, a $1.4 million
net gain primarily resulting from the adjustment of indemnification
related to previously disposed businesses, partially offset by $2.1
million of a loss related to the fair value adjustment of a
nonmarketable security investment.
|
|
After income taxes,
these net gains totaled $22.7 million, or $0.19 per
share.
|
|
|
|
|
|
Other adjustments for
the year ended December 31, 2024 included amounts recorded
in:
|
|
|
•
|
Cost of goods sold -
$1.4 million of expenses related to non-routine labor and
compensation related costs that are outside normal compensation
arrangements.
|
|
|
•
|
Selling, general and
administrative expenses - $5.3 million of expenses related to
certain historical legal and environmental matters.
|
|
|
•
|
Other income
(expenses), net - $40.9 million of gains from the sale of assets at
sites not part of our operations, $36.3 million of income from PIK
dividends of preferred equity in a Grace subsidiary, a $1.8 million
net gain primarily resulting from the adjustment of indemnification
related to previously disposed businesses and a $0.6 million gain
from an updated cost estimate of an environmental reserve at a site
not part of our operations, partially offset by $2.9 million of
charges for asset retirement obligations at a site not part of our
operations and $2.1 million of a loss related to the fair value
adjustment of a nonmarketable security investment.
|
|
After income taxes,
these net gains totaled $49.0 million, or $0.42 per
share.
|
|
|
|
|
|
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.
|
|
|
•
|
Selling, general and
administrative expenses - $1.4 million of various expenses
including for certain legal costs and facility closure expenses
related to offices in Germany.
|
|
|
•
|
Other income
(expenses), 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 $4.9 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.
|
|
|
•
|
Selling, general and
administrative expenses - $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 income
(expenses), 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 net gains totaled $8.7 million, or $0.07 per
share.
|
|
|
|
|
|
(8)
|
Included in Income tax
expense for the three months and year ended December 31, 2024 are
discrete net tax benefits of $111.4 million, or $0.95 per share,
and $117.5 million, or $1.00 per share, respectively, primarily
related to the impact of valuation allowances on a return to
provision, partially offset by the increase in a foreign tax
reserve.
|
|
|
|
|
|
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.
|
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 (benefit)
|
|
Effective income
tax rate
|
|
Three months ended
December 31, 2024:
|
|
|
|
|
|
|
As reported
|
$
76,727
|
|
$
10,613
|
|
13.8 %
|
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
(49,232)
|
|
112,272
|
|
|
|
As adjusted
|
$
27,495
|
|
$
122,885
|
|
446.9 %
|
|
|
|
|
|
|
|
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) %
|
|
|
|
|
|
|
|
Year ended December
31, 2024:
|
|
|
|
|
|
|
As reported
|
$
(1,763,825)
|
|
$
87,085
|
|
(4.9) %
|
|
Non-recurring, other
unusual and non-operating pension and OPEB items
|
1,178,692
|
|
137,914
|
|
|
|
As adjusted
|
$
(585,133)
|
|
$
224,999
|
|
(38.5) %
|
|
|
|
|
|
|
|
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 %
|
See below for the calculation of operating cash flow conversion,
which the Company defines as Net cash provided by operating
activities from the statement of cash flows divided by adjusted
EBITDA, which is a non-GAAP measure. A reconciliation of adjusted
EBITDA, the non-GAAP financial measure, from net income (loss)
attributable to Albemarle Corporation, the most directly comparable
financial measure calculated and reporting in accordance with GAAP,
is provided in the above tables (in thousands, except
percentages).
|
Year
Ended
|
|
December 31,
2024
|
|
Net cash provided by
operating activities
|
$
702,068
|
|
|
|
Adjusted
EBITDA
|
$
1,139,778
|
|
|
|
Operating cash flow
conversion
|
62 %
|
Media Contact: Peter
Smolowitz, +1 (980) 308-6310, media@albemarle.com
Investor Relations Contact: +1 (980) 299-5700,
invest@albemarle.com
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SOURCE Albemarle Corporation
