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Albemarle Corporation (NYSE: ALB), headquartered in Baton Rouge, Louisiana, is a leading specialty chemicals company with a global footprint. Albemarle excels in developing, manufacturing, and marketing high-value products such as lithium and lithium compounds, bromine and derivatives, catalysts, and surface treatment chemistries. These products find applications in a wide array of industries, including consumer electronics, flame retardants, metal processing, plastics, transportation, refining, pharmaceuticals, agriculture, and construction.
As a fully integrated lithium producer, Albemarle operates significant upstream resources, including salt brine deposits in Chile and the US, and hard rock mines in Australia through joint ventures. The company has refining operations in Chile, the US, Australia, and China, making it one of the world's largest lithium producers. With lithium playing a crucial role in electric vehicle batteries, Albemarle is well-positioned for growth in the energy storage market, boasting 35% volume growth in Energy Storage sales volumes in 2023.
In addition to its stronghold in the lithium market, Albemarle is a global leader in bromine production, essential for flame retardants, and a significant producer of oil refining catalysts. The company's ongoing projects include the expansion of lithium conversion plants and advancements in technology for sustainable solutions.
Financially, Albemarle achieved a record net sales of $9.6 billion in 2023, driven by a 31% increase from the previous year. The company's continuous growth and strategic investments have positioned it for future success. Albemarle employs approximately 6,900 people and serves clients in around 100 countries, further strengthening its global presence.
Albemarle is committed to community development and environmental stewardship. Recently, the company announced a $1 million donation to Cleveland Community College to enhance workforce training programs and foster regional economic growth. Moreover, Albemarle's proactive measures are expected to unlock over $750 million in cash flow, ensuring ongoing financial flexibility and sustainable growth.
For more information on Albemarle Corporation, visit their website at www.albemarle.com.
Albemarle (NYSE: ALB) reported third-quarter 2024 results with net sales of $1.4 billion and a net loss of ($1.1) billion, or ($9.45) per diluted share. The loss included $861 million in pre-tax charges primarily from capital project asset write-offs. Energy Storage and Specialties volumes increased by 16% and 4% respectively. The company announced cost-saving initiatives including a 6-7% global workforce reduction and transition to an integrated functional model, expecting annual savings of $300-400 million. FY2025 capital expenditures will be reduced by approximately 50% to $800-900 million. Albemarle maintains its full-year 2024 outlook despite lower market pricing, supported by cost improvements and higher volumes.
Albemarle (NYSE: ALB) has declared a quarterly common stock dividend of $0.405 per share, with an annualized rate of $1.62. The dividend will be paid on January 2, 2025, to shareholders of record as of December 13, 2024. Albemarle is a global leader in providing essential elements for mobility, energy, connectivity and health, specializing in lithium and bromine supply for advanced solutions.
Albemarle (NYSE: ALB), a global leader in essential elements for mobility, energy, connectivity, and health, has announced the release of its third-quarter 2024 earnings after NYSE closes on Wednesday, November 6, 2024. The company will host a conference call to discuss the results on Thursday, November 7, at 8:00 a.m. ET. Investors can access the call via webcast or direct dial, with toll-free numbers provided for U.S. & Canada and international participants. A webcast replay will be available after the event on Albemarle's investor relations website.
Albemarle is known for transforming essential resources into critical ingredients, focusing on reliable and high-quality global supply of lithium and bromine. The company aims to pioneer new ways to move, power, connect, and protect with consideration for people and the planet.
Albemarle (NYSE: ALB) has been named one of the World's Best Companies in 2024 by TIME magazine. The recognition is based on exceptional performance in employee satisfaction, revenue growth, and sustainability. Albemarle, a global leader in essential elements for mobility, energy, connectivity, and health, was one of only seven companies headquartered in the Carolinas to receive this honor.
The company has also been recognized for diversity and its performance on business issues important to Americans. Albemarle joined the Fortune 500 rankings last year and was named one of America's Greatest Workplaces for Diversity in 2024 by Newsweek. The selection process, conducted in partnership with Statista, analyzed businesses with at least $100 million in revenue in 2023 after two consecutive years of growth.
Albemarle (NYSE: ALB), a global leader in essential elements, has announced a comprehensive review of its cost and operating structure, along with immediate asset actions at its Kemerton lithium processing site in Australia. These measures aim to address industry headwinds, particularly in the lithium value chain, and maintain long-term competitiveness. The company's strategy focuses on preserving resource advantages, optimizing conversion networks, improving cost competitiveness, reducing capital intensity, and enhancing financial flexibility.
At Kemerton, Albemarle will stop construction of Train 3, idle production at Train 2, and focus on ramping up Train 1. The company plans to provide more details during its third quarter earnings call. CEO Kent Masters emphasized the need to adapt to global market dynamics while leveraging core capabilities. These actions coincide with Albemarle's release of its second quarter 2024 earnings results.
Albemarle (NYSE: ALB) reported its Q2 2024 results, with net sales of $1.4 billion and a net loss of $188 million. The company saw a 37% increase in Energy Storage volume growth, but lower pricing year-over-year. Adjusted EBITDA was $386 million, up sequentially. Cash from operations increased by $289 million to $363 million.
Albemarle delivered over $150 million in productivity benefits and is on track to exceed its full-year restructuring target by 50%. The company is maintaining its full-year outlook considerations, with the $15/kg scenario expected to apply even with lower July market pricing. Albemarle announced asset and cost actions, including placing Kemerton Train 2 in care and maintenance and stopping construction on Kemerton Train 3, resulting in an expected charge of $0.9-$1.1 billion in Q3 2024.
Albemarle (NYSE: ALB) has declared a quarterly common stock dividend of $0.405 per share, payable on Oct. 1, 2024, to shareholders of record as of Sept. 13, 2024. The dividend has an annualized rate of $1.62. Notably, Albemarle has increased its dividend for 30 consecutive years, demonstrating a strong track record of shareholder returns.
Albemarle is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. The company's focus on reliable and high-quality global supply of lithium and bromine enables it to deliver advanced solutions for its customers, contributing to a more resilient world.
The global lithium industry is experiencing significant growth, with reserves and resources surging 52.2% to 303.5 million metric tons in Q1 2024 compared to three years ago. Lithium South Development (TSXV:LIS) (OTC:LISMF) filed a new Preliminary Economic Assessment (PEA) for its Hombre Muerto North Lithium Project, revealing an after-tax NPV of US$938 million and an IRR of 31.6%. The company also updated its NI 43-101 technical report, showing a 175% increase in lithium resources to over 1.58 million tonnes of LCE.
Other industry developments include Sigma Lithium 's 40% upgrade in proven and probable reserves, Lithium Ionic Corp.'s $11 million financing for its Brazilian projects, Albemarle 's agreement to increase production quota in Chile, and Standard Lithium 's partnership with Equinor ASA for a potential $160 million investment.
Albemarle (NYSE: ALB), a global leader in essential resources for mobility, energy, connectivity, and health, announced it will release its second-quarter 2024 earnings on July 31, 2024, after the NYSE closes. The company will hold a conference call on August 1, 2024, at 8:00 AM ET to discuss the results. Access to the call will be available via webcast or direct dial, with replay information accessible through Albemarle's website. The company specializes in a reliable, high-quality global supply of lithium and bromine, partnering to deliver advanced solutions for various sectors.
Albemarle (NYSE: ALB), a global leader in essential elements for mobility, energy, connectivity, and health, has released its fourth annual Sustainability Day video. The video showcases key highlights from the 2023 Sustainability Report titled 'All the Elements for a Better World.' According to Chairman and CEO Kent Masters, sustainability is ingrained in Albemarle's purpose, strategy, and value proposition. The video details the company's progress and commitment to building a more resilient world in collaboration with global stakeholders.
Key areas of focus include environmental stewardship, social responsibility, and governance. The company has made advancements toward its sustainability targets and engaged in innovative agreements with third-party partners. The sustainability video is available on Albemarle's website, where viewers can also access the full 2023 Sustainability Report.
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