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Sep 30, 2024
Albemarle Q3 2024 Earnings Report
Albemarle reported solid third-quarter results and maintained its full-year 2024 corporate outlook considerations as cost improvements, higher volumes, and the performance of its long-term contracts offset lower market pricing.
Key Takeaways
Albemarle Corporation reported third-quarter 2024 net sales of $1.4 billion, a 41% year-over-year decline. The company experienced a net loss of ($1.1) billion, or ($9.45) per diluted share, including pre-tax charges of $861 million. Adjusted EBITDA was $211 million, with Specialties and Ketjen showing significant year-over-year growth.
Net sales were $1.4 billion, with Energy Storage and Specialties volumes up 16% and 4%, respectively.
Net loss was ($1.1) billion, or ($9.45) per diluted share, including pre-tax charges of $861 million.
Adjusted diluted loss per share was ($1.55).
Adjusted EBITDA was $211 million, with Specialties and Ketjen adjusted EBITDA up 22% and 134% year-over-year, respectively.
Albemarle
Albemarle
Albemarle Revenue by Segment
Revenue by Segment
Energy Storage Revenue
CapyFin.comSpecialties Revenue
CapyFin.comKetjen Revenue
CapyFin.com Forward Guidance
The company is maintaining its prior full-year 2024 outlook considerations, which are based on observed lithium market price scenarios. Total company full-year 2024 net sales are expected to be at the lower-end of that range due to lower recent market pricing. Full-year adjusted EBITDA is expected to be towards the middle of that range, driven by productivity and cost benefits and higher equity income. All other corporate outlook considerations are unchanged.
Positive Outlook
- Enterprise-wide cost improvements
- Strong volume growth
- Energy Storage contract performance
- Productivity and cost benefits
- Higher equity income
Challenges Ahead
- Observed lithium market price scenarios
- Lower recent market pricing
- Lithium market price scenarios
- Market pricing of lithium carbonate equivalent and spodumene
- Fluctuations in lithium market prices
Revenue & Expenses
Visualization of income flow from segment revenue to net income