Financial Data and Key Metrics Changes - For the full year 2023, the company reported net sales of $9.6 billion, a 31% increase compared to 2022, with 21% attributed to volume growth [5][11] - Adjusted EBITDA for 2023 was $2.8 billion, or $3.4 billion excluding a lower of cost or market charge recorded in Q4 [5][11] - Q4 2023 net sales were $2.4 billion, down 10% year-over-year, primarily due to lower lithium market pricing [8][11] Business Line Data and Key Metrics Changes - Energy Storage achieved 35% volumetric growth in 2023, but Q4 adjusted EBITDA decreased due to lower lithium market pricing [5][11][12] - Specialties experienced a decline in adjusted EBITDA by $64 million, driven by lower sales volumes and pricing [11] - Ketjen's adjusted EBITDA increased by $34 million, attributed to higher sales and pricing [11] Market Data and Key Metrics Changes - The company provided three lithium market price scenarios for 2024: $15, $20, and $25 per kilogram of lithium carbonate equivalent [13][14] - Approximately two-thirds of 2024 estimated volumes in Energy Storage are expected to be sold on index-referenced, variable-priced contracts [16] Company Strategy and Development Direction - The company announced a reduction in capital expenditures by $300 million to $500 million in 2024, focusing on high-return projects [22][24] - The company is committed to maintaining financial flexibility and adapting to changing market conditions [20][24] - Long-term growth in lithium demand is anticipated, with a projected 28% growth in 2024 alone [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the company and ongoing demand for essential elements supporting modern infrastructure [6][7] - The current pricing environment is viewed as unsustainable, with a need for long-term pricing above investment economics to incentivize producers [28][29] - The company is actively monitoring geopolitical situations affecting operations, particularly in the Middle East [17] Other Important Information - The company plans to update its definition of adjusted EBITDA to include its share of pre-tax earnings from the Talison joint venture starting Q1 2024 [12] - The company is pursuing cash management actions to optimize working capital and reduce costs by nearly $100 million [23][24] Q&A Session Summary Question: Clarification on fourth quarter sales volumes and Q1 expectations - Management indicated that specific volume growth numbers for Q1 2024 have not been provided, but a 10% to 20% growth is expected for the year [33] Question: Update on Salar expansion in Chile - Management confirmed that the Salar is operating at capacity and that the Salar Yield Project is in commissioning to provide additional brine [35] Question: Triggers for re-accelerating CapEx investments - Management stated that pricing levels and trends will dictate the re-acceleration of investments, emphasizing the need for sustainable pricing [39] Question: Normalized inventory levels in the channel - Management noted that inventory levels at the upstream supply chain are normalized, but there is uncertainty regarding inventory at the battery and EV levels [41] Question: Where is the glut of inventory driving spot prices down? - Management clarified that the inventory issue is downstream, particularly at the battery and EV level, rather than at the upstream or conversion levels [45] Question: Impact of current prices on Energy Storage EBITDA guidance - Management advised that the provided scenarios should be used for interpolation, cautioning against a one-for-one correlation with lower price scenarios [71] Question: Return on invested capital expectations for CapEx in Energy Storage - Management aims for a return on invested capital that doubles the cost of capital at mid-cycle pricing [68] Question: Lepidolite production shut-ins in China - Management estimated that about 200,000 tons of capacity has come offline, with a portion attributed to lepidolite production [73]

Albemarle Q4 and FY 2023 Earnings Feb 15, 2024 9:00am ET Forward-Looking Statements This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations andbeliefs 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 subj ...

Albemarle (ALB) reported $2.36 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 10.1%. EPS of $1.85 for the same period compares to $8.62 a year ago.The reported revenue represents a surprise of +2.90% over the Zacks Consensus Estimate of $2.29 billion. With the consensus EPS estimate being $0.99, the EPS surprise was +86.87%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine t ...

Wednesday, February 14th, 2024As we saw during today’s pre-market activity, investors were in a mood to kiss and make up from their stormy session yesterday — the worst of the year among all major indices. It is Valentine’s Day, after all. The Dow bid up a chunk of the 500+ points it lost yesterday, +150 points or +0.39%, and it was the low performer of the day. The S&P 500 gained +0.96%, while the Nasdaq climbed +203 points, +1.30%. The Russell 2000, again marching to the beat of its own drummer, grew +2.3 ...

Albemarle (ALB) came out with quarterly earnings of $1.85 per share, beating the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $8.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 86.87%. A quarter ago, it was expected that this specialty chemicals company would post earnings of $3.70 per share when it actually produced earnings of $2.74, delivering a surprise of -25.95%.Over the last four quarters ...

With electric vehicle powerhouses like Tesla (NASDAQ:TSLA) getting off to a bad start this year, the concept of best lithium stocks to buy might seem unusually risky. After all, even lithium players have struggled amid the fallout. You could say that EVs represent their best customers.However, it’s also possible that this juncture may be the ideal time to consider the best lithium stocks to buy. Fundamentally, most research papers emphasize that EVs represent the future of mobility. For example, a recent Bl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 10-K ________________________________________ ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-12658 ALBEMARLE CORPORATION (Exact name of registrant as speci ...

Some of the best battery stocks to buy have a long way to go in terms of upside potential and value creation. The electric vehicle (EV) industry faces some near-term challenges in the form of macroeconomic headwinds and geopolitical tensions. Supply chain concerns have also impacted sentiments. This has translated into a correction for some of the best battery stocks.However, considering their long-term growth potential, this is the best time to accumulate quality names. To put things into perspective, the ...

Battery stocks continue to take a beating due to multiple factors. Demand and prices for lithium continue to be very low. There is no current indication that will change in the immediate future. The electric vehicle (EV) industry continues to go through growing pains overall. Tesla’s (NASDAQ:TSLA) fortunes tend to dictate the direction of the sector broadly. It continues to stumble, as recent earnings and revenue misses clearly show.While many investors are heralding the troubles as the beginning of the end ...

Amidst the current market turbulence, shrewd investors are eyeing the dip in lithium prices as an ideal opportunity to wager on the most promising lithium stocks to buy. Lithium’s pivotal role in the burgeoning electric vehicle (EV) sector and high-tech industries positions for significant long-term expansion. Despite short-term market fluctuations, the long-term trajectory for lithium appears remarkably bright, with global demand for lithium batteries projected to quintuple by the end of the current decade ...