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Sep 30, 2020
Albemarle Q3 2020 Earnings Report
Albemarle reported solid results with net sales in the upper end of outlook range and adjusted EBITDA exceeding outlook.
Key Takeaways
Albemarle's Q3 2020 net sales were $747 million, a 15% decrease year-over-year. Net income was $98 million, or $0.92 per diluted share, with adjusted diluted EPS of $1.09. Adjusted EBITDA was $216 million, a 15% decrease year-over-year but exceeding the high-end of the Q3 2020 outlook by 14%. The company expects approximately $80 million of sustainable cost savings to be achieved in 2020.
Net income of $98 million, or $0.92 per diluted share; Adjusted diluted EPS of $1.09.
Net sales of $747 million decreased by 15%, in-line with Q3 2020 outlook.
Adjusted EBITDA of $216 million decreased by 15%, exceeding the high-end of Q3 2020 outlook by 14%.
Approximately $80 million of sustainable cost savings to be achieved in 2020.
Forward Guidance
Albemarle anticipates that its full year 2020 performance will be lower year-over-year based on reduced global economic activity due to the global pandemic.
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