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Albemarle Corporation (ALB) logged a loss of $9.45 per share in the third quarter of 2024. In the year-ago quarter, the company had reported earnings of $2.57 per share. Barring one-time items, adjusted loss for the reported quarter came in at $1.55 per share. It was wider than the Zacks Consensus Estimate of a loss of 31 cents. The bottom line was hurt by pre-tax charges of $861 million related to restructuring charges and asset write-offs.Find the latest EPS estimates and surprises on Zacks Earnings Calen ...

Financial Data and Key Metrics Changes - Albemarle reported net sales of $1.4 billion for Q3 2024, a decline of 41% compared to $2.3 billion in the prior year quarter, primarily due to lower lithium pricing [9] - The company recorded a loss attributable to Albemarle of $1.1 billion, with a diluted loss per share of $9.45, and an adjusted diluted loss per share of $1.55 [9] - Adjusted EBITDA for Q3 was $211 million, lower than the prior year period, mainly due to reduced lithium pricing, although partially offset by lower cost of goods sold [10] Business Line Data and Key Metrics Changes - Year-over-year profitability improved in the Specialties segment due to productivity improvements and better end market demand [10] - Ketjen EBITDA also showed improvement year-over-year as the company executed its turnaround plan [10] Market Data and Key Metrics Changes - The demand for grid storage increased by 36% year-to-date, driven by installations in the US and China, while global electric vehicle registrations rose by 23% year-to-date, led by China [16] - China accounted for 60% of the overall EV market, with demand growth exceeding 30% year-to-date, while European EV sales growth declined slightly due to reduced subsidies and weaker economic conditions [17] Company Strategy and Development Direction - Albemarle is implementing a new operating structure aimed at delivering significant cost savings and maintaining long-term competitiveness, targeting $300 million to $400 million in cost improvements [6][19] - The company plans to reduce capital expenditures for 2025 by at least $800 million, approximately 50% lower than 2024, focusing on critical health, safety, and environmental projects [7][21] - The strategic framework remains unchanged, emphasizing the transformation of essential resources into critical ingredients, with a focus on long-term growth potential in the lithium market [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the actions taken to adapt to market conditions while pursuing long-term value creation [7] - The company expects full-year 2024 net sales to be near the lower end of the $12 to $15 per kilogram scenario, primarily due to weaker second-half pricing for lithium [12] - Management highlighted the importance of maintaining financial flexibility and proactive measures taken regarding covenant waivers [13][14] Other Important Information - Albemarle ended Q3 with available liquidity of $3.4 billion, including $1.7 billion in cash and cash equivalents [13] - The company has proactively extended its covenant waiver through Q3 2026 to ensure financial flexibility [14] Q&A Session Summary Question: Can you keep your EBITDA at least flat if prices don't change? - Management indicated it is premature to provide a 2025 outlook but acknowledged that fixed costs are expected to decrease, which could help maintain EBITDA levels [28][29] Question: How is the CapEx cut affecting volumes next year? - Management clarified that the CapEx cuts would not impact the volume forecast for next year, maintaining a 20% growth outlook through 2027 [30][31] Question: What are the assumptions for Talison equity income in Q4? - Management suggested that equity income for the next quarter should be similar to Q3 levels, with ongoing discussions about the Talison budget [33][34] Question: What is the outlook for cash conversion in the next several quarters? - Management emphasized a strong focus on cash generation and conversion, with expectations for lower cash conversion in Q4 due to reduced dividends from the Talison joint venture [38][40] Question: What is Albemarle's strategy if lithium prices recover? - Management stated that the strategy remains unchanged, but execution will adapt to market conditions, with a cautious approach to ensure price stability before shifting plans [50]

اد Q3 2024 Earnings November 7, 2024 8:00am ET Forward-Looking Statements 2 This presentation, conference call and discussions that follow contain 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 unc ...

Albemarle (ALB) reported $1.35 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 41.4%. EPS of -$1.55 for the same period compares to $2.74 a year ago.The reported revenue represents a surprise of -2.24% over the Zacks Consensus Estimate of $1.39 billion. With the consensus EPS estimate being -$0.31, the EPS surprise was -400.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Albemarle (ALB) came out with a quarterly loss of $1.55 per share versus the Zacks Consensus Estimate of a loss of $0.31. This compares to earnings of $2.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -400%. A quarter ago, it was expected that this specialty chemicals company would post earnings of $0.53 per share when it actually produced earnings of $0.04, delivering a surprise of -92.45%.Over the last four quarters, the ...

Table of Contents Title of each classTrading SymbolName of each exchange on which registered COMMON STOCK, $.01 Par Value ALB New York Stock Exchange DEPOSITARY SHARES, each representing a 1/20th interest in a share of 7.25% Series A Mandatory Convertible Preferred Stock ALB PR A New York Stock Exchange Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________ FORM 10-Q _________________________________________________ ...

Contact: invest@albemarle.com 1.980.299.5700 Exhibit 99.1 Albemarle® Albemarle Reports Third Quarter 2024 Results CHARLOTTE, N.C. – November 6, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2024. Third-Quarter 2024 and Recent Highlights (Unless otherwise stated, all percentage changes represent year-over-year comparisons) • Net sales of $1.4 billion ...

CHARLOTTE, N.C., Nov. 6, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2024.Third-Quarter 2024 and Recent Highlights(Unless otherwise stated, all percentage changes represent year-over-year comparisons) Net sales of $1.4 billion, with volumes in Energy Storage and Specialties up 16% and 4%, respectively Net loss of ($1.1) billion, or ( ...