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Jun 30, 2024
Albemarle Q2 2024 Earnings Report
Albemarle's financial performance declined due to lower pricing in Energy Storage, but was partly offset by volume growth and productivity benefits.
Key Takeaways
Albemarle Corporation reported a net sales of $1.4 billion, a net loss of $188 million, and an adjusted EPS of $0.04. The company delivered over $150 million in productivity benefits and is on track to exceed its full-year restructuring and productivity target by 50%.
Net sales reached $1.4 billion, offset by Energy Storage volume growth of 37% due to new capacity.
Net loss was ($188) million, including a $215 million after-tax charge for capital project asset write-offs.
Adjusted diluted EPS was $0.04.
Adjusted EBITDA increased sequentially, driven by higher equity income from increased Talison JV sales volumes.
Revenue by Segment
Forward Guidance
The company is maintaining its prior full-year outlook considerations, which are based on observed lithium market price scenarios.
Positive Outlook
- Enterprise-wide cost improvements
- Strong volume growth
- Higher shipments from the Talison JV
- Energy Storage contract performance
- Previously published $15/kg range is expected to apply even when assuming that lower July market pricing persists for the remainder of the year
Challenges Ahead
- Slower than expected market rebound
- Higher logistics costs related to the ongoing conflict in the Middle East
- Placing Kemerton Train 2 in care and maintenance
- Stopping construction on Kemerton Train 3
- Focusing on optimizing and ramping Kemerton Train 1
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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