Albemarle Reports Net Sales Increase of 60% for Second Quarter 2023
Second-Quarter 2023 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)
- Net sales of
, an increase of$2.4 billion 60% - Net income of
, or$650.0 million per diluted share, an increase of$5.52 60% - Adjusted diluted EPS of
, an increase of$7.33 112% - Adjusted EBITDA of
, an increase of$1.0 billion 69% - Established strategic agreement with Ford Motor Company to supply over 100,000 metric tons of lithium hydroxide from 2026 to 2030
- Agreed to amend the terms of the transaction signed earlier this year with Mineral Resources Ltd. ("MinRes") to significantly simplify operations and retain full control of downstream conversion assets
- Achieved IRMA 50 performance rating in the Salar de Atacama, becoming first lithium producer to complete independent audit and publish Initiative for Responsible Mining Assurance ("IRMA") report
- Published 2022 Sustainability Report, highlighting progress on diversity and environmental goals, including a new air quality goal to reduce
90% of sulfur oxide emissions by 2027 - Named to Fortune 500 rankings and TIME100 Most Influential Companies list
- Improved 2023 Energy Storage guidance reflecting recent lithium market prices; Albemarle's 2023 net sales are now expected to increase approximately
40% to55% year-over-year and 2023 adjusted EBITDA is expected to increase10% to25% year-over-year
"We achieved
2023 Corporate Outlook
The company is updating its full-year 2023 outlook to reflect recent lithium market prices. Net sales are expected to increase
FY 2023 Guidance as of May 3, 2023 | FY 2023 Guidance as of August 2, 2023 | ||
Net sales | |||
Adjusted EBITDA(a) | |||
Adjusted EBITDA Margin(a) | |||
Adjusted Diluted EPS(a) | |||
Net Cash from Operations | |||
Capital Expenditures |
(a) | The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional Information regarding Non-GAAP Measures" for more information. |
Second Quarter 2023 Results
In millions, except per share amounts | Q2 2023 | Q2 2022 | $ Change | % Change | |||
Net sales | $ 2,370.2 | $ 1,479.6 | $ 890.6 | 60.2 % | |||
Net income attributable to Albemarle Corporation | $ 650.0 | $ 406.8 | $ 243.3 | 59.8 % | |||
Adjusted EBITDA(a) | $ 1,032.3 | $ 610.2 | $ 422.1 | 69.2 % | |||
Diluted earnings per share | $ 5.52 | $ 3.46 | $ 2.06 | 59.5 % | |||
Non-operating pension and OPEB items(a) | — | (0.03) | |||||
Non-recurring and other unusual items(a) | 1.81 | 0.02 | |||||
Adjusted diluted earnings per share(a)(b) | $ 7.33 | $ 3.45 | $ 3.88 | 112.5 % |
(a) | See Non-GAAP Reconciliations for further details. |
(b) | Totals may not add due to rounding. |
Net sales for the second quarter of 2023 were
The effective income tax rate for the second quarter of 2023 was
Adjusted diluted EPS of
Business Segment Results
Beginning January 1, 2023, the company re-segmented its operating segments. The results from 2022 are recast to align with the new structure.
Energy Storage Results
In millions | Q2 2023 | Q2 2022 | $ Change | % Change | |||
Net Sales | $ 1,763.1 | $ 802.4 | $ 960.7 | 119.7 % | |||
Adjusted EBITDA | $ 932.0 | $ 483.5 | $ 448.5 | 92.8 % |
Energy Storage net sales for the second quarter of 2023 were
2023 Energy Storage Outlook
Energy Storage net sales for the full year are estimated to range between
In July, Albemarle announced an agreement to amend and simplify commercial arrangements reached with MinRes in February 2023. Under the revised agreements, Albemarle is expected to take full ownership of the Kemerton lithium processing facility and
Albemarle continues to expand its global portfolio of conversion capacity and improve utilization of its world-class resource portfolio with several notable developments in the second quarter. In
Specialties Results
In millions | Q2 2023 | Q2 2022 | $ Change | % Change | |||
Net Sales | $ 371.3 | $ 466.9 | $ (95.6) | (20.5) % | |||
Adjusted EBITDA | $ 60.2 | $ 147.4 | $ (87.2) | (59.2) % |
Specialties net sales for the second quarter of 2023 were
2023 Specialties Outlook
Albemarle is updating its 2023 outlook for Specialties net sales to range between
Ketjen Results
In millions | Q2 2023 | Q2 2022 | $ Change | % Change | |||
Net Sales | $ 235.8 | $ 210.3 | $ 25.5 | 12.1 % | |||
Adjusted EBITDA | $ 42.9 | $ 9.8 | $ 33.1 | 337.9 % |
Ketjen net sales of
In June, Albemarle announced the appointment of Michael J. Simmons as president of Ketjen, a wholly owned subsidiary.
2023 Ketjen Outlook
Albemarle reaffirmed Ketjen net sales of
Cash Flow and Capital Deployment
Cash from operations of
Albemarle's primary capital allocation priorities are to invest in organic and inorganic opportunities to drive profitable growth, maintain its financial flexibility and investment grade credit rating, and fund its dividends.
Balance Sheet and Liquidity
As of June 30, 2023, Albemarle had estimated liquidity of approximately
Earnings Call
Date: | Thursday, August 3, 2023 |
Time: | 9:00 AM Eastern time |
Dial-in ( | 1.888.550.9911 |
Dial-in (International): | 1.646.960.0798 |
Passcode: | 7739681 |
The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on Twitter @AlbemarleCorp.
Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.
Forward-Looking Statements
This press release contains 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 uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "should," "would," and "will". Forward-looking statements may include statements regarding expected: financial and operating results, production capacity, volumes, and prices, demand for Albemarle's products, capital projects, acquisition and divestiture transactions, market and economic trends, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Albemarle Corporation and Subsidiaries Consolidated Statements of Income (In Thousands Except Per Share Amounts) (Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net sales | |||||||
Cost of goods sold | 1,811,703 | 899,169 | 3,115,415 | 1,577,867 | |||
Gross profit | 558,487 | 580,424 | 1,835,027 | 1,029,454 | |||
Selling, general and administrative expenses | 397,070 | 128,942 | 551,376 | 241,510 | |||
Research and development expenses | 21,419 | 17,386 | 41,890 | 33,469 | |||
Loss on sale of interest in properties | — | — | — | 8,400 | |||
Operating profit | 139,998 | 434,096 | 1,241,761 | 746,075 | |||
Interest and financing expenses | (25,577) | (41,409) | (52,354) | (69,243) | |||
Other income, net | 53,954 | 8,767 | 136,446 | 24,263 | |||
Income before income taxes and equity in net income of unconsolidated investments | 168,375 | 401,454 | 1,325,853 | 701,095 | |||
Income tax expense | 42,987 | 89,018 | 319,950 | 169,548 | |||
Income before equity in net income of unconsolidated investments | 125,388 | 312,436 | 1,005,903 | 531,547 | |||
Equity in net income of unconsolidated investments (net of tax) | 551,051 | 128,156 | 947,239 | 190,592 | |||
Net income | 676,439 | 440,592 | 1,953,142 | 722,139 | |||
Net income attributable to noncontrolling interests | (26,396) | (33,819) | (64,519) | (61,983) | |||
Net income attributable to Albemarle Corporation | $ 650,043 | $ 406,773 | $ 660,156 | ||||
Basic earnings per share | $ 5.54 | $ 3.47 | $ 16.10 | $ 5.64 | |||
Diluted earnings per share | $ 5.52 | $ 3.46 | $ 16.03 | $ 5.61 | |||
Weighted-average common shares outstanding – basic | 117,332 | 117,116 | 117,282 | 117,091 | |||
Weighted-average common shares outstanding – diluted | 117,769 | 117,724 | 117,805 | 117,689 |
Albemarle Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) (Unaudited) | |||
June 30, | December 31, | ||
2023 | 2022 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 1,599,738 | $ 1,499,142 | |
Trade accounts receivable | 1,344,278 | 1,190,970 | |
Other accounts receivable | 426,780 | 185,819 | |
Inventories | 3,658,623 | 2,076,031 | |
Other current assets | 425,358 | 234,955 | |
Total current assets | 7,454,777 | 5,186,917 | |
Property, plant and equipment | 10,396,965 | 9,354,330 | |
Less accumulated depreciation and amortization | 2,542,424 | 2,391,333 | |
Net property, plant and equipment | 7,854,541 | 6,962,997 | |
Investments | 1,621,424 | 1,150,553 | |
Other assets | 269,694 | 250,558 | |
Goodwill | 1,634,823 | 1,617,627 | |
Other intangibles, net of amortization | 274,409 | 287,870 | |
Total assets | $ 19,109,668 | $ 15,456,522 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Accounts payable to third parties | $ 1,960,068 | $ 1,533,624 | |
Accounts payable to related parties | 1,092,398 | 518,377 | |
Accrued expenses | 672,807 | 505,894 | |
Current portion of long-term debt | 6,247 | 2,128 | |
Dividends payable | 46,654 | 46,116 | |
Income taxes payable | 513,339 | 134,876 | |
Total current liabilities | 4,291,513 | 2,741,015 | |
Long-term debt | 3,509,289 | 3,214,972 | |
Postretirement benefits | 32,792 | 32,751 | |
Pension benefits | 159,131 | 159,571 | |
Other noncurrent liabilities | 700,825 | 636,596 | |
Deferred income taxes | 328,078 | 480,770 | |
Commitments and contingencies | |||
Equity: | |||
Albemarle Corporation shareholders' equity: | |||
Common stock | 1,174 | 1,172 | |
Additional paid-in capital | 2,936,036 | 2,940,840 | |
Accumulated other comprehensive loss | (517,946) | (560,662) | |
Retained earnings | 7,396,045 | 5,601,277 | |
Total Albemarle Corporation shareholders' equity | 9,815,309 | 7,982,627 | |
Noncontrolling interests | 272,731 | 208,220 | |
Total equity | 10,088,040 | 8,190,847 | |
Total liabilities and equity | $ 19,109,668 | $ 15,456,522 |
Albemarle Corporation and Subsidiaries Selected Consolidated Cash Flow Data (In Thousands) (Unaudited) | |||
Six Months Ended June 30, | |||
2023 | 2022 | ||
Cash and cash equivalents at beginning of year | $ 1,499,142 | $ 439,272 | |
Cash flows from operating activities: | |||
Net income | 1,953,142 | 722,139 | |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Depreciation and amortization | 180,356 | 137,567 | |
Loss on sale of interest in properties | — | 8,400 | |
Stock-based compensation and other | 20,017 | 15,232 | |
Equity in net income of unconsolidated investments (net of tax) | (947,239) | (190,592) | |
Dividends received from unconsolidated investments and nonmarketable securities | 1,079,439 | 156,964 | |
Pension and postretirement benefit | 3,933 | (8,273) | |
Pension and postretirement contributions | (8,632) | (7,685) | |
Unrealized (gain) loss on investments in marketable securities | (61,434) | 3,061 | |
Loss on early extinguishment of debt | — | 19,219 | |
Deferred income taxes | (144,720) | 39,476 | |
Working capital changes | (1,155,408) | (888,036) | |
Non-cash transfer of | 11,623 | 96,314 | |
Other, net | (136,390) | (43,475) | |
Net cash provided by operating activities | 794,687 | 60,311 | |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (8,240) | — | |
Capital expenditures | (919,295) | (502,607) | |
(Purchases) sales of marketable securities, net | (123,979) | 3,402 | |
Investments in equity and other corporate investments | (1,192) | (767) | |
Net cash used in investing activities | (1,052,706) | (499,972) | |
Cash flows from financing activities: | |||
Repayments of long-term debt and credit agreements | — | (455,000) | |
Proceeds from borrowings of long-term debt and credit agreements | 300,000 | 1,964,216 | |
Other debt repayments, net | (1,500) | (390,601) | |
Fees related to early extinguishment of debt | — | (9,767) | |
Dividends paid to shareholders | (93,317) | (91,894) | |
Dividends paid to noncontrolling interests | (53,145) | (26,525) | |
Proceeds from exercise of stock options | 81 | 855 | |
Withholding taxes paid on stock-based compensation award distributions | (24,910) | (10,583) | |
Other | — | (4,172) | |
Net cash provided by financing activities | 127,209 | 976,529 | |
Net effect of foreign exchange on cash and cash equivalents | 231,406 | (45,544) | |
Increase in cash and cash equivalents | 100,596 | 491,324 | |
Cash and cash equivalents at end of period | $ 1,599,738 | $ 930,596 |
Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results (In Thousands) (Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net sales: | |||||||
Energy Storage | $ 802,393 | ||||||
Specialties | 371,302 | 466,875 | 790,080 | 913,022 | |||
Ketjen | 235,823 | 210,325 | 453,615 | 428,202 | |||
Total net sales | |||||||
Adjusted EBITDA: | |||||||
Energy Storage | $ 932,023 | $ 483,517 | $ 768,764 | ||||
Specialties | 60,200 | 147,374 | 222,358 | 299,976 | |||
Ketjen | 42,882 | 9,792 | 57,425 | 26,702 | |||
Total segment adjusted EBITDA | 1,035,105 | 640,683 | 2,617,987 | 1,095,442 | |||
Corporate | (2,839) | (30,474) | 9,998 | (53,303) | |||
Total adjusted EBITDA | $ 610,209 |
See accompanying non-GAAP reconciliations below.
Additional Information regarding Non-GAAP Measures
It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in
A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.
ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited)
See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Reconciliation of adjusted EBITDA on a segment basis is also provided. Adjusted net income attributable to Albemarle Corporation is defined as net income before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the non-recurring, other unusual and non-operating pension and OPEB items as listed below.
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
In thousands, except percentages and per share amounts | $ | % of net sales | $ | % of net sales | $ | % of net sales | $ | % of net sales | |||||||
Net income attributable to Albemarle Corporation | $ 1,888,623 | ||||||||||||||
Add back: | |||||||||||||||
Non-operating pension and OPEB items (net of tax) | 381 | (3,946) | 755 | (8,085) | |||||||||||
Non-recurring and other unusual items (net of tax) | 213,194 | 2,909 | 190,420 | 33,812 | |||||||||||
Adjusted net income attributable to Albemarle Corporation | $ 2,079,798 | ||||||||||||||
Adjusted diluted earnings per share | $ 7.33 | $ 3.45 | $ 17.65 | $ 5.83 | |||||||||||
Weighted-average common shares outstanding – diluted | 117,769 | 117,724 | 117,805 | 117,689 | |||||||||||
Net income attributable to Albemarle Corporation | 27.4 % | 27.5 % | $ 1,888,623 | 38.2 % | 25.3 % | ||||||||||
Add back: | |||||||||||||||
Interest and financing expenses | 25,577 | 1.1 % | 41,409 | 2.8 % | 52,354 | 1.1 % | 69,243 | 2.7 % | |||||||
Income tax expense | 42,987 | 1.8 % | 89,018 | 6.0 % | 319,950 | 6.5 % | 169,548 | 6.5 % | |||||||
Depreciation and amortization | 93,085 | 3.9 % | 70,993 | 4.8 % | 180,356 | 3.6 % | 137,567 | 5.3 % | |||||||
EBITDA | 811,692 | 34.2 % | 608,193 | 41.1 % | 2,441,283 | 49.3 % | 1,036,514 | 39.8 % | |||||||
Non-operating pension and OPEB items | 612 | — % | (5,038) | (0.3) % | 1,213 | — % | (10,318) | (0.4) % | |||||||
Non-recurring and other unusual items | 220,725 | 9.3 % | 7,054 | 0.5 % | 186,252 | 3.8 % | 15,943 | 0.6 % | |||||||
Adjusted EBITDA | $ 1,033,029 | 43.6 % | 41.2 % | $ 2,628,748 | 53.1 % | $ 1,042,139 | 40.0 % | ||||||||
Net sales | $ 2,370,190 | $ 1,479,593 | $ 4,950,442 | $ 2,607,321 |
Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income (expenses), net. Non-operating pension and OPEB items were as follows (in thousands):
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Interest cost | $ 9,027 | $ 5,894 | $ 18,037 | $ 11,826 | |||
Expected return on assets | (8,415) | (10,932) | (16,824) | (22,144) | |||
Total | $ 612 | $ (5,038) | $ 1,213 | $ (10,318) |
In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Acquisition and integration related costs(1) | $ 0.04 | $ 0.03 | $ 0.08 | $ 0.05 | |||
Loss on sale of interest in properties(2) | — | — | — | 0.07 | |||
Loss on early extinguishment of debt(3) | — | 0.13 | — | 0.13 | |||
Mark-to-market gain on public equity securities(4) | (0.10) | — | (0.39) | — | |||
Legal accrual(5) | 1.82 | — | 1.82 | — | |||
Other(6) | 0.07 | 0.01 | 0.12 | — | |||
Tax related items(7) | (0.02) | (0.15) | (0.01) | 0.04 | |||
Total non-recurring and other unusual items | $ 1.81 | $ 0.02 | $ 1.62 | $ 0.29 |
(1) | Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three and six months ended June 30, 2023 were |
(2) | Included in Loss on sale of interest in properties for the six months ended June 30, 2022 is an expense of |
(3) | Included in Interest and financing expenses for the three and six months ended June 30, 2022 is a loss on early extinguishment of debt of |
(4) | Gain of |
(5) | Accrual of |
(6) | Other adjustments for the three months ended June 30, 2023 included amounts recorded in: |
| |
After income taxes, these charges totaled | |
Other adjustments for the six months ended June, 2023 included amounts recorded in: | |
| |
After income taxes, these charges totaled | |
Other adjustments for the three months ended June 30, 2022 included amounts recorded in: | |
| |
After income taxes, these charges totaled | |
Other adjustments for the six months ended June 30, 2022 included amounts recorded in: | |
| |
After income taxes, these charges totaled | |
(7) | Included in Income tax expense for the three and six months ended June 30, 2023 are discrete net tax benefits of |
Included in Income tax expense for the three and six months ended June 30, 2022 are discrete net tax benefits of |
See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).
Income before income taxes and equity in net income of unconsolidated investments | Income tax expense | Effective income tax rate | |||
Three months ended June 30, 2023 | |||||
As reported | $ 168,375 | $ 42,987 | 25.5 % | ||
Non-recurring, other unusual and non-operating pension and OPEB items | 221,337 | 7,762 | |||
As adjusted | $ 389,712 | $ 50,749 | 13.0 % | ||
Three months ended June 30, 2022 | |||||
As reported | $ 401,454 | $ 89,018 | 22.2 % | ||
Non-recurring, other unusual and non-operating pension and OPEB items | 21,235 | 22,272 | |||
As adjusted | $ 422,689 | $ 111,290 | 26.3 % | ||
Six months ended June 30, 2023 | |||||
As reported | $ 1,325,853 | $ 319,950 | 24.1 % | ||
Non-recurring, other unusual and non-operating pension and OPEB items | 187,465 | (3,710) | |||
As adjusted | $ 1,513,318 | $ 316,240 | 20.9 % | ||
Six months ended June 30, 2022 | |||||
As reported | $ 701,095 | $ 169,548 | 24.2 % | ||
Non-recurring, other unusual and non-operating pension and OPEB items | 24,844 | (883) | |||
As adjusted | $ 725,939 | $ 168,665 | 23.2 % |
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SOURCE Albemarle Corporation