Welcome to our dedicated page for Albemarle news (Ticker: ALB), a resource for investors and traders seeking the latest updates and insights on Albemarle stock.
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) has declared a quarterly dividend of $0.40 per share with an annualized rate of $1.60. The dividend will be payable on July 1, 2024, to shareholders of record as of June 14, 2024.
Albemarle reported its first quarter 2024 results, with net sales of $1.4 billion driven by energy storage volume growth. The company achieved net income of $2 million and adjusted diluted EPS of $0.26. They also delivered over $90 million in productivity and restructuring cost savings in Q1 and reaffirmed their FY 2024 corporate outlook. Albemarle's CEO highlighted the team's agility in market conditions, emphasizing their focus on profitable organic growth and value creation.
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