SQM(US:SQM)2024-11-20 11:10Financial Performance - SQM reported total revenues of US$3,455.0 million for the nine months ended September 30, 2024, a decrease of 43.9% compared to US$6,155.9 million for the same period last year[3]. - The company experienced a net loss of US$524.5 million or US$1.84 per share for the nine months ended September 30, 2024, compared to a net income of US$1,809.5 million or US$6.33 per share for the same period last year[3]. - Gross profit for the nine months ended September 30, 2024, was US$1,033.3 million, representing 29.9% of revenues, down from US$2,674.3 million or 43.4% of revenues for the same period in 2023[3]. - Total revenues for Q3 2024 were $1,076.9 million, a decrease of 41.5% compared to $1,840.3 million in Q3 2023[50]. - Gross profit for Q3 2024 was $280.8 million, down 62.8% from $753.6 million in Q3 2023[50]. - Net income for Q3 2024 was $131.4 million, compared to $479.4 million in Q3 2023, representing a decrease of 72.6%[50]. Revenue Breakdown - Lithium and derivatives revenues totaled US$1,709.3 million for the nine months ended September 30, 2024, a decrease of 61.1% compared to US$4,388.7 million for the same period in 2023[7]. - Specialty Plant Nutrition revenues increased to US$717.3 million for the nine months ended September 30, 2024, a slight increase from US$690.2 million reported for the same period in 2023[10]. - Iodine and derivatives revenues totaled US$742.8 million for the nine months ended September 30, 2024, an increase of 10.2% compared to US$674.0 million for the same period in 2023[16]. - Potassium revenues for the nine months ended September 30, 2024, totaled US$204.9 million, representing a 10.2% decrease from US$228.2 million in the same period of 2023[23]. - Industrial chemicals revenues for the nine months ended September 30, 2024, reached US$61.0 million, a 61.0% decrease from US$156.4 million in the same period of 2023[25]. - Lithium and derivatives revenue dropped to $497.2 million from $1,277.9 million year-over-year, reflecting a decline of 61.1%[50]. Sales Volumes - Lithium sales volumes reached over 51,200 metric tons for the third quarter of 2024, an 18% increase year-on-year[8]. - Specialty Plant Nutrition sales volumes increased by 21% year-on-year for the nine months ended September 30, 2024, totaling 745.3 thousand metric tons[13]. - Potassium sales volumes for the nine months ended September 30, 2024, were 528.6 thousand metric tons, a 23% increase from 430.5 thousand metric tons in the same period of 2023[23]. - Industrial nitrates sales volumes for the nine months ended September 30, 2024, were 41.1 thousand metric tons, a 76% decrease from 168.1 thousand metric tons in the same period of 2023[29]. Profitability and Expenses - Adjusted EBITDA for the nine months ended September 30, 2024, was US$1,155.4 million, with an adjusted EBITDA margin of 33.4%, compared to US$2,752.5 million and a margin of 44.7% for the same period in 2023[37]. - Net financial expenses for the nine months ended September 30, 2024, totaled US$82.8 million, compared to US$3.9 million for the same period in 2023[33]. - Income tax expense for the nine months ended September 30, 2024, reached US$1,301.1 million, compared to US$719.3 million during the same period in 2023[34]. - Administrative expenses totaled US$132.2 million (3.8% of revenues) for the nine months ended September 30, 2024, compared to US$126.8 million (2.1% of revenues) for the same period in 2023[32]. - Cost of sales amounted to US$2,421.7 million for the nine months ended September 30, 2024, a decrease of 30.4% compared to US$3,481.5 million for the same period in 2023[31]. Financial Position - The company reported a liquidity ratio of 2.9, indicating strong short-term financial health[48]. - Total current assets remained stable at $5,608.1 million as of September 30, 2024[48]. - Total assets were reported at $11,290.5 million, unchanged from the previous quarter[48]. - Shareholders' equity stood at $5,123.0 million, consistent with the previous reporting period[48]. Future Outlook - The company anticipates future growth driven by the development of the Salar Futuro Project and partnerships, including with Codelco[52]. - SQM aims to maintain its leading position in the lithium, potassium nitrate, iodine, and thermo-solar salts markets through innovation and technological development[51].