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Albemarle(ALB) - 2024 Q1 - Quarterly Results
ALBAlbemarle(ALB)2024-05-01 20:26

Financial Performance - Net sales for Q1 2024 were 1.4billion,adecreaseof471.4 billion, a decrease of 47% year-over-year from 2.6 billion in Q1 2023, primarily due to lower pricing in Energy Storage[12]. - Net income attributable to Albemarle was 2million,down2 million, down 1.2 billion from the prior year, with adjusted EBITDA of 291million,adeclineof291 million, a decline of 1.5 billion or 83.5% year-over-year[10][12]. - Energy Storage net sales decreased by 59% to 801million,drivenbya89801 million, driven by a 89% drop in pricing, despite a 31% increase in volumes[14]. - Adjusted diluted EPS for Q1 2024 was 0.26, down from 10.32inQ12023,reflectingtheimpactoflowerlithiummarketpricing[10][12].−GrossprofitforQ12024was10.32 in Q1 2023, reflecting the impact of lower lithium market pricing[10][12]. - Gross profit for Q1 2024 was 38,938, down from 1,276,540inQ12023,reflectingasignificantdecline[24].−OperatinglossforQ12024was1,276,540 in Q1 2023, reflecting a significant decline[24]. - Operating loss for Q1 2024 was (179,506), compared to an operating profit of 1,101,763inQ12023[24].−NetincomeattributabletoAlbemarleCorporationwas1,101,763 in Q1 2023[24]. - Net income attributable to Albemarle Corporation was 2,448 in Q1 2024, a sharp decline from 1,238,580inQ12023[24].−TotaladjustedEBITDAforQ12024was1,238,580 in Q1 2023[24]. - Total adjusted EBITDA for Q1 2024 was 291,236, a decrease of 83.5% from 1,761,704inQ12023[28].−Adjustednetincomeattributabletocommonshareholderswas1,761,704 in Q1 2023[28]. - Adjusted net income attributable to common shareholders was 30,557 thousand in Q1 2024, compared to 1,216,180thousandinQ12023,reflectingasignificantdecline[34].−EBITDAforQ12024was1,216,180 thousand in Q1 2023, reflecting a significant decline[34]. - EBITDA for Q1 2024 was 160,447 thousand, representing 11.8% of net sales, compared to 1,629,591thousandor63.21,629,591 thousand or 63.2% of net sales in Q1 2023[34]. Liquidity and Capital Expenditures - As of March 31, 2024, Albemarle had estimated liquidity of approximately 3.7 billion, including 2.1billionincashandequivalents[19].−Capitalexpendituresfor2024areestimatedtobebetween2.1 billion in cash and equivalents[19]. - Capital expenditures for 2024 are estimated to be between 1.6 billion and 1.8billion,withdepreciationandamortizationexpectedtobe1.8 billion, with depreciation and amortization expected to be 580 to 660million[9].−Thecompanycompleteda660 million[9]. - The company completed a 2.3 billion public offering of mandatory convertible preferred stock to enhance financial flexibility and fund growth investments[18]. - Cash and cash equivalents increased to 2,055,813asofMarch31,2024,upfrom2,055,813 as of March 31, 2024, up from 889,900 at the beginning of the year[27]. - Total assets rose to 19,032,333asofMarch31,2024,comparedto19,032,333 as of March 31, 2024, compared to 18,270,652 at the end of 2023[26]. Tax and Restructuring - The effective income tax rate for Q1 2024 was 2.2%, a significant decrease from 23.9% in Q1 2023, primarily due to changes in geographic income mix[13]. - The company recorded 33.5millioninseverancecostsandotherrestructuringchargesinQ12024,impactingfinancialflexibility[35].−Non−recurringandotherunusualitemstotaled33.5 million in severance costs and other restructuring charges in Q1 2024, impacting financial flexibility[35]. - Non-recurring and other unusual items totaled 40,044 thousand in Q1 2024, compared to a negative 22,774thousandinQ12023[34].FutureOutlook−Albemarle′sfull−yearoutlookfor2024includesnetsalesprojectionsof22,774 thousand in Q1 2023[34]. Future Outlook - Albemarle's full-year outlook for 2024 includes net sales projections of 5.5 to 6.2billion,dependingonlithiummarketpricescenarios[5].−Thecompanyisontracktoachieveover6.2 billion, depending on lithium market price scenarios[5]. - The company is on track to achieve over 280 million in productivity benefits for 2024, having delivered over $90 million in Q1[3]. - The company plans to optimize its cost structure and re-phase organic growth investments to enhance cash flow and financial flexibility[35].