Albemarle Reports Third Quarter 2025 Results
Albemarle (NYSE: ALB) reported third-quarter 2025 results for the period ended September 30, 2025. Net sales were $1.3 billion, Adjusted EBITDA was $225.6 million (up 6.7% YoY) and the company reported a net loss of ($161) million, or ($1.72) per diluted share. On an adjusted basis, diluted loss was ($0.19) per share excluding a Ketjen goodwill impairment. Cash from operations for Q3 was $356 million (up 57% YoY); year-to-date cash from operations was $894 million.
Management reduced full-year capex to ~ $600 million, expects positive free cash flow of $300–$400 million for 2025, and announced combined pre-tax proceeds of ~ $660 million from sale agreements for stakes in Ketjen and Eurecat.
Albemarle (NYSE: ALB) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Le vendite nette sono state di 1,3 miliardi di dollari, l’EBITDA rettificato è stato di 225,6 milioni di dollari (in aumento del 6,7% su base annua) e l’azienda ha riportato una perdita netta di (161) milioni, o (1,72) dollari per azione diluita. Su base rettificata, la perdita diluita è stata di (0,19) dollari per azione escludendo un impairment del goodwill Ketjen. Il flusso di cassa operativo per il Q3 è stato di 356 milioni di dollari (in aumento del 57% su base annua); da inizio anno, il flusso di cassa operativo è stato di 894 milioni di dollari.
La direzione ha ridotto gli investimenti per l’intero anno a circa 600 milioni di dollari, prevede un flusso di cassa libero positivo di 300–400 milioni di dollari per il 2025 e ha annunciato proventi combinati ante imposte di circa 660 milioni di dollari da accordi di vendita di partecipazioni in Ketjen ed Eurecat.
Albemarle (NYSE: ALB) reportó resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. Las ventas netas fueron de 1,3 mil millones de dólares, el EBITDA ajustado fue de 225,6 millones de dólares (un 6,7% más interanual) y la empresa reportó una pérdida neta de (161) millones, o (1,72) dólares por acción diluida. En base ajustada, la pérdida diluida fue de (0,19) dólares por acción, excluyendo una impairment de goodwill de Ketjen. El flujo de efectivo de operaciones para el Q3 fue de 356 millones de dólares (un 57% interanual); el flujo de caja de operaciones acumulado para el año hasta la fecha fue de 894 millones de dólares.
La dirección redujo el capex anual a aproximadamente 600 millones de dólares, espera un flujo de caja libre positivo de 300–400 millones de dólares para 2025, y anunció ingresos totales antes de impuestos de aproximadamente 660 millones de dólares provenientes de acuerdos de venta de participaciones en Ketjen y Eurecat.
앨버멜 (NYSE: ALB) 2025년 3분기 실적을 2025년 9월 30일 종료 기간에 대해 발표했습니다. 순매출은 13억 달러, 조정 EBITDA는 2억 2,560만 달러(전년 대비 6.7% 증가)였고 회사는 순손실을 (1)6100만 달러, 또는 주당 희석손실 (1.72) 달러로 보고했습니다. 조정 기준으로 희석 손실은 Ketjen의 영업권 손상 제외하고 주당 (0.19) 달러였습니다. 3분기 운영현금흐름은 3.56억 달러(전년 대비 57% 증가); 연초 이후 누적 운영현금흐름은 8.94억 달러였습니다.
경영진은 연간 자본지출(CAPEX)을 약 6억 달러로 축소했고 2025년에 자유현금흐름 positive를 3억~4억 달러로 전망했으며 Ketjen 및 Eurecat 지분 매각 계약으로 세전 수익 약 6.6억 달러를 발표했습니다.
Albemarle (NYSE: ALB) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Ventes nettes de 1,3 milliard de dollars, EBITDA ajusté de 225,6 millions de dollars (en hausse de 6,7% sur un an) et l’entreprise a enregistré une perte nette de (161) millions, soit (1,72) dollar par action diluée. Sur une base ajustée, la perte diluée s’établit à (0,19) dollar par action, hors impairment du goodwill Ketjen. Le flux de trésorerie opérationnel pour le T3 s’est élevé à 356 millions de dollars (hausse de 57% sur un an) ; le flux de trésorerie opérationnel cumulatif à ce jour de l’année est de 894 millions de dollars.
La direction a réduit les capex annuels à environ 600 millions de dollars, prévoit un flux de trésorerie libre positif de 300–400 millions de dollars pour 2025 et a annoncé des produit avant impôt combinés d’environ 660 millions de dollars issus des accords de vente de participations dans Ketjen et Eurecat.
Albemarle (NYSE: ALB) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025 bekannt gegeben. Nettoumsatz betrug 1,3 Milliarden USD, bereinigtes EBITDA betrug 225,6 Millionen USD (YoY-Anstieg +6,7%) und das Unternehmen meldete einen Nettoverlust von (161) Millionen USD, bzw. (1,72) USD pro verwässerter Aktie. Auf bereinigter Basis betrug der verwässerte Verlust (0,19) USD je Aktie, exklusive einer Ketjen-Goodwill-Impairment. Der operative Cashflow im Q3 belief sich auf 356 Millionen USD (YoY +57%); der kumulierte operative Cashflow seit Jahresbeginn betrug 894 Millionen USD.
Management reduzierte das Jahres-CAPEX auf ca. 600 Mio. USD, erwartet einen positiven freien Cashflow von 300–400 Mio. USD für 2025 und kündigte vor Steuern ca. 660 Mio. USD an combined Erlösen aus Verkaufvereinbarungen für Ketjen- und Eurecat-Anteile an.
ألبيمارل (NYSE: ALB) أبلغت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. المبيعات الصافية بلغت 1.3 مليار دولار، وEBITDA المعدل بلغ 225.6 مليون دولار (ارتفاع 6.7% على أساس سنوي) وشركة أبلغت عن خسارة صافية قدرها (161) مليون دولار، أو (1.72) دولار للسهم المخفف. وفقاً للقياس المعدل، كانت الخسارة المخفّفة (0.19) دولار للسهم باستثناء انخفاض قيمة goodwill لـ Ketjen. النقد من العمليات للربع الثالث بلغ 356 مليون دولار (ارتفاع 57% على أساس سنوي)؛ النقد من العمليات منذ بداية السنة حتى تاريخه بلغ 894 مليون دولار.
خفضت الإدارة رأس المال المستثمر (CAPEX) للسنة إلى حوالي 600 مليون دولار، وتوقعت تدفقاً نقدياً حراً إيجابياً يقارب 300–400 مليون دولار لعام 2025، وأعلنت عن عوائد إجمالية قبل الضريبة تبلغ حوالي 660 مليون دولار من اتفاقات بيع لأسهم Ketjen و Eurecat.
- Adjusted EBITDA of $225.6M, up 6.7% year-over-year
- Q3 cash from operations $356M, up 57% year-over-year
- YTD cash from operations $894M, up $202M (29%)
- Full‑year free cash flow guidance of $300–$400M for 2025
- Reduced 2025 capital expenditures to approximately $600M
- Announced ~ $660M combined pre-tax proceeds from Ketjen and Eurecat sales
- Reported net loss of ($160.7)M, or ($1.72) per diluted share
- Energy Storage net sales down 7.6% YoY due to ~16% lower pricing
- Energy Storage adjusted EBITDA down $18.8M (13.2%) YoY
- Ketjen adjusted EBITDA down $1.9M (5.4%) YoY
Insights
Mixed quarter: stronger cash generation and cost savings offset by a GAAP loss and weaker lithium pricing.
Sales fell slightly to
Key dependencies and near‑term risks include lithium market prices and the completion of portfolio transactions; management expects full‑year free cash flow of
Third Quarter
2025 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)
- Net sales of
$1.3 billion 8% ) and Ketjen (+8% ). - Net loss of
( , or ($161) million $1.72 $0.19 - Adjusted EBITDA of
$226 million 7% due to improved fixed cost absorption and on-going cost savings. - On track to achieve full-year run-rate cost and productivity improvements of approximately
$450 million $300 $400 million - Third quarter cash from operations of
$356 million 57% , or$128 million $894 million 29% , or$202 million - Reducing full-year 2025 capital expenditures outlook to approximately
$600 million - Expect to achieve positive free cash flow(a) of
$300 $400 million - Enhancing full-year outlook considerations; enterprise results are expected to be towards the higher end of the previously published
$9 - On October 27, announced agreements to sell stakes in Ketjen and the Eurecat joint venture for combined pre-tax proceeds of approximately
$660 million
"Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution," said Kent Masters, Chairman and CEO. "Our successful implementation of cost and productivity improvements and reduced capital expenditures coupled with our recent portfolio management actions underscore our commitment to long-term value and enhanced financial flexibility. We remain confident in our full-year outlook and ability to navigate dynamic markets."
Third Quarter 2025 Results
|
In millions, except per share amounts |
Q3 2025 |
|
Q3 2024 |
|
$ Change |
|
% Change |
|
Net sales |
$ 1,307.8 |
|
$ 1,354.7 |
|
$ (46.9) |
|
(3.5) % |
|
Net loss attributable to Albemarle Corporation |
$ (160.7) |
|
$ (1,069.0) |
|
$ 908.3 |
|
85.0 % |
|
Adjusted EBITDA(b) |
$ 225.6 |
|
$ 211.5 |
|
$ 14.1 |
|
6.7 % |
|
Diluted loss per share attributable to common shareholders |
$ (1.72) |
|
$ (9.45) |
|
$ 7.73 |
|
81.8 % |
|
Non-recurring and other unusual items(b) |
1.53 |
|
7.90 |
|
|
|
|
|
Adjusted diluted loss per share attributable to common shareholders(b)(c) |
$ (0.19) |
|
$ (1.55) |
|
$ 1.36 |
|
87.7 % |
|
|
|
|
(a) |
A non-GAAP measure defined as operating cash flow minus capital expenditures. 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 non-recurring or unusual items or their probable significance without unreasonable effort. See "Additional Information Regarding Non-GAAP Measures" for more information. |
|
(b) |
See Non-GAAP Reconciliations for further details. |
|
(c) |
Totals may not add due to rounding. |
Net sales for the third quarter of 2025 were
The effective income tax rate for the third quarter of 2025 was
Energy Storage Results
|
In millions |
Q3 2025 |
|
Q3 2024 |
|
$ Change |
|
% Change |
|
Net Sales |
$ 708.8 |
|
$ 767.3 |
|
$ (58.5) |
|
(7.6) % |
|
Adjusted EBITDA |
$ 124.1 |
|
$ 142.9 |
|
$ (18.8) |
|
(13.2) % |
Energy Storage net sales for the third quarter of 2025 were
Specialties Results
|
In millions |
Q3 2025 |
|
Q3 2024 |
|
$ Change |
|
% Change |
|
Net Sales |
$ 345.0 |
|
$ 342.4 |
|
$ 2.6 |
|
0.8 % |
|
Adjusted EBITDA |
$ 75.5 |
|
$ 56.3 |
|
$ 19.3 |
|
34.2 % |
Specialties net sales for the third quarter of 2025 were
Ketjen Results
|
In millions |
Q3 2025 |
|
Q3 2024 |
|
$ Change |
|
% Change |
|
Net Sales |
$ 254.1 |
|
$ 245.0 |
|
$ 9.1 |
|
3.7 % |
|
Adjusted EBITDA |
$ 33.6 |
|
$ 35.5 |
|
$ (1.9) |
|
(5.4) % |
Ketjen net sales for the third quarter of 2025 were
2025 Outlook Considerations
Total Corporate Outlook Considerations
Albemarle is enhancing its prior full-year outlook considerations for the enterprise and Energy Storage, which are based on observed lithium market price scenarios. Full-year 2025 results are expected to be towards the higher end of the previously published
The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios, and are unchanged from the prior quarter. Ranges are based on variation in sales volume and mix, including a projected increase in Energy Storage sales volumes of
|
|
Total Corporate FY 2025E Including Energy Storage Scenarios |
||
|
Observed market price case(a) |
H1 2025 average |
H1 2024 range |
Q4 2023 average |
|
Average lithium market price ($/kg LCE)(a) |
|
|
|
|
Net sales |
|
|
|
|
Adjusted EBITDA(b) |
|
|
|
|
|
|
|
(a) |
Price represents blend of relevant market pricing including spot and regional indices for the periods referenced. |
|
(b) |
The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional Information Regarding Non-GAAP Measures" for more information. |
Energy Storage Market Price Scenarios
|
|
Energy Storage FY 2025E |
||
|
Observed market price case(a) |
H1 2025 average |
H1 2024 range |
Q4 2023 average |
|
Average lithium market price ($/kg LCE)(a) |
|
|
|
|
Net sales |
|
|
|
|
Adjusted EBITDA |
|
|
|
|
Equity in net income of unconsolidated investments (net of tax)(b) |
|
|
|
|
|
|
|
(a) |
Price represents blend of relevant market pricing including spot and regional indices for the periods referenced. |
|
(b) |
Included in adjusted EBITDA on a pre-tax basis. |
Specialties and Ketjen Outlook Considerations
Specialties outlook reflects volume growth in key end markets led by pharma, automotive and oilfield, partially offset by weakness in building and construction.
Ketjen outlook assumes strong fluidized catalytic cracking (FCC) volume offset by lower clean fuel technologies (CFT) volume due to order timing.
|
|
Segment FY 2025E |
|
Specialties net sales |
|
|
Specialties adjusted EBITDA |
|
|
Ketjen net sales |
|
|
Ketjen adjusted EBITDA |
|
Other Corporate Outlook Considerations
Albemarle expects its 2025 capital expenditures to be approximately
|
|
Other Corporate FY 2025E |
|
Capital expenditures |
|
|
Depreciation and amortization |
|
|
Adjusted effective tax rate(a) |
(40)% - |
|
Corporate costs(b) |
|
|
Interest and financing expenses |
|
|
Weighted-average common shares outstanding (diluted) |
118 million |
|
|
|
|
(a) |
Adjusted effective tax rate dependent on lithium market prices and geographic income mix |
|
(b) |
FY 2025E outlook includes FX impact in the first nine months of 2025 |
Cash Flow and Capital Deployment
Cash from operations of
Balance Sheet and Liquidity
As of September 30, 2025, Albemarle had estimated liquidity of approximately
Earnings Call
|
Date: |
Thurs., November 6, 2025 |
|
Time: |
8:00 AM Eastern time |
|
Dial-in ( |
1-800-590-8290 |
|
Dial-in (International): |
1-240-690-8800 |
|
Conference ID: |
ALBQ3 |
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 allows 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, LinkedIn and X.
Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations,
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," "scenario," "should," "would," and "will". Forward-looking statements may include statements regarding: our 2025 company and segment outlooks, including expected market pricing of lithium and spodumene and other underlying assumptions and outlook considerations; planned sale of a controlling stake in Ketjen and the amount of the proceeds for the controlling stake in Ketjen and our interest in the Eurecat JV; timing for completion of both transactions, including obtaining regulatory approvals and meeting other closing conditions; expectations regarding use of proceeds from the both transactions; expected capital expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; market pricing of lithium carbonate equivalent and spodumene; plans and expectations regarding other projects and activities, cost reductions and accounting charges, 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; changes in trade policies and tariffs; 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; geopolitical conflicts and political unrest; trade policies and tariffs; 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 Loss (In Thousands Except Per Share Amounts) (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net sales |
|
|
|
|
|
|
|
|
Cost of goods sold |
1,190,219 |
|
1,458,726 |
|
3,243,917 |
|
4,221,487 |
|
Gross profit (loss) |
117,610 |
|
(104,034) |
|
470,785 |
|
(75,674) |
|
Selling, general and administrative expenses |
138,577 |
|
154,253 |
|
394,536 |
|
482,052 |
|
Goodwill impairment charges |
181,070 |
|
— |
|
181,070 |
|
— |
|
Restructuring charges and asset write-offs |
2,275 |
|
828,146 |
|
5,660 |
|
1,156,522 |
|
Research and development expenses |
12,674 |
|
22,397 |
|
39,217 |
|
66,699 |
|
Operating loss |
(216,986) |
|
(1,108,830) |
|
(149,698) |
|
(1,780,947) |
|
Interest and financing expenses |
(50,959) |
|
(47,760) |
|
(149,875) |
|
(120,916) |
|
Other income (expenses), net |
28,799 |
|
(22,256) |
|
32,490 |
|
61,311 |
|
Loss before income taxes and equity in net income of unconsolidated investments |
(239,146) |
|
(1,178,846) |
|
(267,083) |
|
(1,840,552) |
|
Income tax (benefit) expense |
(30,565) |
|
110,853 |
|
(449) |
|
76,472 |
|
Loss before equity in net income of unconsolidated investments |
(208,581) |
|
(1,289,699) |
|
(266,634) |
|
(1,917,024) |
|
Equity in net income of unconsolidated investments (net of tax) |
60,640 |
|
229,058 |
|
203,184 |
|
696,436 |
|
Net loss |
(147,941) |
|
(1,060,641) |
|
(63,450) |
|
(1,220,588) |
|
Net income attributable to noncontrolling interests |
(12,753) |
|
(8,351) |
|
(32,999) |
|
(34,154) |
|
Net loss attributable to Albemarle Corporation |
(160,694) |
|
(1,068,992) |
|
(96,449) |
|
(1,254,742) |
|
Mandatory convertible preferred stock dividends |
(41,688) |
|
(41,687) |
|
(125,063) |
|
(94,959) |
|
Net loss attributable to Albemarle Corporation common shareholders |
$ (202,382) |
|
$ (1,110,679) |
|
$ (221,512) |
|
$ (1,349,701) |
|
Basic loss per share attributable to common shareholders |
$ (1.72) |
|
$ (9.45) |
|
$ (1.88) |
|
$ (11.49) |
|
Diluted loss per share attributable to common shareholders |
$ (1.72) |
|
$ (9.45) |
|
$ (1.88) |
|
$ (11.49) |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding – basic |
117,685 |
|
117,535 |
|
117,651 |
|
117,505 |
|
Weighted-average common shares outstanding – diluted |
117,685 |
|
117,535 |
|
117,651 |
|
117,505 |
|
Albemarle Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) (Unaudited) |
|||
|
|
|||
|
|
September 30, |
|
December 31, |
|
|
2025 |
|
2024 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 1,931,758 |
|
$ 1,192,230 |
|
Trade accounts receivable |
733,477 |
|
742,201 |
|
Other accounts receivable |
107,701 |
|
238,384 |
|
Inventories |
1,532,622 |
|
1,502,531 |
|
Other current assets |
249,347 |
|
166,916 |
|
Total current assets |
4,554,905 |
|
3,842,262 |
|
Property, plant and equipment |
12,902,998 |
|
12,523,368 |
|
Less accumulated depreciation and amortization |
3,680,755 |
|
3,191,898 |
|
Net property, plant and equipment |
9,222,243 |
|
9,331,470 |
|
Investments |
914,040 |
|
1,117,739 |
|
Other assets |
736,279 |
|
504,711 |
|
Goodwill |
1,490,869 |
|
1,582,714 |
|
Other intangibles, net of amortization |
229,949 |
|
230,753 |
|
Total assets |
$ 17,148,285 |
|
$ 16,609,649 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable to third parties |
$ 780,377 |
|
$ 793,455 |
|
Accounts payable to related parties |
122,794 |
|
150,432 |
|
Accrued expenses |
500,940 |
|
467,997 |
|
Current portion of long-term debt |
445,384 |
|
398,023 |
|
Dividends payable |
61,339 |
|
61,282 |
|
Income taxes payable |
93,120 |
|
95,275 |
|
Total current liabilities |
2,003,954 |
|
1,966,464 |
|
Long-term debt |
3,181,009 |
|
3,118,142 |
|
Postretirement benefits |
31,915 |
|
31,930 |
|
Pension benefits |
118,004 |
|
116,192 |
|
Other noncurrent liabilities |
1,137,211 |
|
819,204 |
|
Deferred income taxes |
407,134 |
|
358,029 |
|
Commitments and contingencies |
|
|
|
|
Equity: |
|
|
|
|
Albemarle Corporation shareholders' equity: |
|
|
|
|
Common stock |
1,177 |
|
1,176 |
|
Mandatory convertible preferred stock |
2,235,105 |
|
2,235,105 |
|
Additional paid-in capital |
3,011,210 |
|
2,985,606 |
|
Accumulated other comprehensive loss |
(368,592) |
|
(742,062) |
|
Retained earnings |
5,117,213 |
|
5,481,692 |
|
Total Albemarle Corporation shareholders' equity |
9,996,113 |
|
9,961,517 |
|
Noncontrolling interests |
272,945 |
|
238,171 |
|
Total equity |
10,269,058 |
|
10,199,688 |
|
Total liabilities and equity |
$ 17,148,285 |
|
$ 16,609,649 |
|
Albemarle Corporation and Subsidiaries Selected Consolidated Cash Flow Data (In Thousands) (Unaudited) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2025 |
|
2024 |
|
Cash and cash equivalents at beginning of year |
$ 1,192,230 |
|
$ 889,900 |
|
Cash flows from operating activities: |
|
|
|
|
Net loss |
(63,450) |
|
(1,220,588) |
|
Adjustments to reconcile net loss to cash flows from operating activities: |
|
|
|
|
Depreciation and amortization |
494,968 |
|
425,532 |
|
Non-cash goodwill impairment charges |
181,070 |
|
— |
|
Non-cash restructuring and asset write-offs |
— |
|
1,075,888 |
|
Stock-based compensation and other |
28,048 |
|
24,443 |
|
Equity in net income of unconsolidated investments (net of tax) |
(203,184) |
|
(696,436) |
|
Dividends received from unconsolidated investments and nonmarketable securities |
89,048 |
|
348,358 |
|
Pension and postretirement expense |
5,361 |
|
3,806 |
|
Pension and postretirement contributions |
(15,849) |
|
(13,339) |
|
Realized loss on investments in marketable securities |
— |
|
33,746 |
|
Unrealized (gain) loss on investments in marketable securities |
(4,955) |
|
26,982 |
|
Deferred income taxes |
10,316 |
|
(112,777) |
|
Working capital changes |
46,478 |
|
830,851 |
|
Noncurrent liability changes and other, net |
325,931 |
|
(34,211) |
|
Net cash provided by operating activities |
893,782 |
|
692,255 |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
(434,416) |
|
(1,337,719) |
|
Proceeds from sale of property and equipment |
25,651 |
|
— |
|
Proceeds from sale of available for sale debt securities |
288,000 |
|
— |
|
Proceeds (payments) from settlement of foreign currency forward contracts, net |
144,540 |
|
(1,956) |
|
Sales of marketable securities, net |
7,038 |
|
83,651 |
|
Investments in equity investments and nonmarketable securities |
(180) |
|
(217) |
|
Net cash provided by (used in) investing activities |
30,633 |
|
(1,256,241) |
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from issuance of mandatory convertible preferred stock |
— |
|
2,236,750 |
|
Repayments of long-term debt and credit agreements |
(47,947) |
|
(84,403) |
|
Proceeds from borrowings of long-term debt and credit agreements |
38,332 |
|
84,403 |
|
Other debt repayments, net |
(3,694) |
|
(629,434) |
|
Dividends paid to common shareholders |
(142,899) |
|
(140,929) |
|
Dividends paid to mandatory convertible preferred shareholders |
(125,063) |
|
(81,059) |
|
Dividends paid to noncontrolling interests |
(18,169) |
|
(37,176) |
|
Proceeds from exercise of stock options |
1,494 |
|
114 |
|
Withholding taxes paid on stock-based compensation award distributions |
(3,170) |
|
(10,892) |
|
Other |
(55) |
|
(2,758) |
|
Net cash (used in) provided by financing activities |
(301,171) |
|
1,334,616 |
|
Net effect of foreign exchange on cash and cash equivalents |
116,284 |
|
3,989 |
|
Increase in cash and cash equivalents |
739,528 |
|
774,619 |
|
Cash and cash equivalents at end of period |
$ 1,931,758 |
|
$ 1,664,519 |
|
Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results (In Thousands) (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net sales: |
|
|
|
|
|
|
|
|
Energy Storage |
$ 708,755 |
|
$ 767,291 |
|
|
|
|
|
Specialties |
344,960 |
|
342,376 |
|
1,017,534 |
|
993,041 |
|
Ketjen |
254,114 |
|
245,025 |
|
746,192 |
|
754,473 |
|
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Energy Storage |
$ 124,077 |
|
$ 142,887 |
|
$ 530,157 |
|
$ 623,862 |
|
Specialties |
75,544 |
|
56,273 |
|
207,187 |
|
155,629 |
|
Ketjen |
33,566 |
|
35,473 |
|
100,721 |
|
95,288 |
|
Total segment adjusted EBITDA |
233,187 |
|
234,633 |
|
838,065 |
|
874,779 |
|
Corporate |
(7,557) |
|
(23,135) |
|
(8,816) |
|
14,315 |
|
Total adjusted EBITDA |
$ 225,630 |
|
$ 211,498 |
|
$ 829,249 |
|
$ 889,094 |
See accompanying non-GAAP reconciliations below.
Additional Information Regarding Non-GAAP Measures
It should be noted that adjusted net income (loss) attributable to Albemarle Corporation, adjusted net loss attributable to Albemarle Corporation common shareholders, adjusted diluted loss per share attributable to common shareholders, 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, operating cash flow conversion, and free cash flow 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 (loss) attributable to Albemarle Corporation, adjusted net loss attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net loss attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net income (loss) attributable to Albemarle Corporation is defined as net loss attributable to Albemarle Corporation 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. Adjusted net loss attributable to Albemarle Corporation common stockholders is defined as adjusted net income (loss) attributable to Albemarle Corporation after mandatory convertible preferred stock dividends. EBITDA is defined as net loss 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 proportionate share of Windfield Holdings income tax expense, non-recurring, other unusual and non-operating pension and OPEB items as listed below.
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
In thousands, except percentages and per share amounts |
$ |
|
% of net sales |
|
$ |
|
% of net sales |
|
$ |
|
% of net sales |
|
$ |
|
% of net sales |
|
Net loss attributable to Albemarle Corporation |
( |
|
|
|
$ (1,068,992) |
|
|
|
( |
|
|
|
$ (1,254,742) |
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating pension and OPEB items (net of tax) |
189 |
|
|
|
(344) |
|
|
|
483 |
|
|
|
(1,031) |
|
|
|
Non-recurring and other unusual items (net of tax) |
180,025 |
|
|
|
928,771 |
|
|
|
190,533 |
|
|
|
1,203,313 |
|
|
|
Adjusted net income (loss) attributable to Albemarle Corporation |
19,520 |
|
|
|
(140,565) |
|
|
|
94,567 |
|
|
|
(52,460) |
|
|
|
Mandatory convertible preferred stock dividends |
(41,688) |
|
|
|
(41,687) |
|
|
|
(125,063) |
|
|
|
(94,959) |
|
|
|
Adjusted net loss attributable to Albemarle Corporation common shareholders |
( |
|
|
|
$ (182,252) |
|
|
|
$ (30,496) |
|
|
|
$ (147,419) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted loss per share attributable to common shareholders |
$ (0.19) |
|
|
|
$ (1.55) |
|
|
|
$ (0.26) |
|
|
|
$ (1.25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average common shares outstanding – diluted |
117,685 |
|
|
|
117,535 |
|
|
|
117,651 |
|
|
|
117,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Albemarle Corporation |
( |
|
(12.3) % |
|
$ (1,068,992) |
|
(78.9) % |
|
( |
|
(2.6) % |
|
$ (1,254,742) |
|
(30.3) % |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing expenses |
50,959 |
|
3.9 % |
|
47,760 |
|
3.5 % |
|
149,875 |
|
4.0 % |
|
120,916 |
|
2.9 % |
|
Income tax (benefit) expense |
(30,565) |
|
(2.3) % |
|
110,853 |
|
8.2 % |
|
(449) |
|
— % |
|
76,472 |
|
1.8 % |
|
Depreciation and amortization |
164,483 |
|
12.6 % |
|
163,502 |
|
12.1 % |
|
494,968 |
|
13.3 % |
|
425,532 |
|
10.3 % |
|
EBITDA |
24,183 |
|
1.8 % |
|
(746,877) |
|
(55.1) % |
|
547,945 |
|
14.8 % |
|
(631,822) |
|
(15.2) % |
|
Proportionate share of Windfield income tax expense |
20,023 |
|
1.5 % |
|
99,523 |
|
7.3 % |
|
78,499 |
|
2.1 % |
|
292,992 |
|
7.1 % |
|
Non-operating pension and OPEB items |
367 |
|
— % |
|
(331) |
|
— % |
|
978 |
|
— % |
|
(993) |
|
— % |
|
Non-recurring and other unusual items |
181,057 |
|
13.8 % |
|
859,183 |
|
63.4 % |
|
201,827 |
|
5.4 % |
|
1,228,917 |
|
29.6 % |
|
Adjusted EBITDA |
|
|
17.3 % |
|
|
|
15.6 % |
|
$ 829,249 |
|
22.3 % |
|
|
|
21.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 1,307,829 |
|
|
|
$ 1,354,692 |
|
|
|
$ 3,714,702 |
|
|
|
$ 4,145,813 |
|
|
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 |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Interest cost |
$ 8,976 |
|
$ 8,523 |
|
$ 26,710 |
|
$ 25,529 |
|
Expected return on assets |
(8,609) |
|
(8,854) |
|
(25,732) |
|
(26,522) |
|
Total |
$ 367 |
|
$ (331) |
|
$ 978 |
|
$ (993) |
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 (loss) 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 |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Restructuring charges and asset write-offs(1) |
$ 0.02 |
|
$ 7.91 |
|
$ 0.03 |
|
$ 9.99 |
|
Goodwill impairment charges(2) |
1.49 |
|
— |
|
1.49 |
|
— |
|
Acquisition and integration related costs(3) |
0.01 |
|
— |
|
0.03 |
|
0.03 |
|
(Gain) loss in fair value of public equity securities(4) |
(0.05) |
|
0.03 |
|
(0.02) |
|
0.50 |
|
Other(5) |
0.03 |
|
(0.04) |
|
0.07 |
|
(0.23) |
|
Tax related items(6) |
0.03 |
|
— |
|
0.02 |
|
(0.05) |
|
Total non-recurring and other unusual items |
$ 1.53 |
|
$ 7.90 |
|
$ 1.62 |
|
$ 10.24 |
|
(1) |
The Company took several actions during 2024 as part of a broader effort that are focused on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company's cost competitiveness and efficiency, reducing capital intensity and enhancing the Company's financial flexibility. Those actions included stopping construction of Kemerton Trains 3 and 4, as well as certain other capital projects, placing Kemerton Train 2 in care and maintenance and transitioning the Company's operating structure to a fully integrated functional model (excluding Ketjen). Additionally, as part of this restructuring plan, we placed the |
|
|
|
|
|
|
(2) |
Non-cash goodwill impairment charge of |
|
|
|
|
|
|
(3) |
Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three and nine months ended September 30, 2025 were |
|
|
|
|
|
|
(4) |
Gains of |
|
|
|
|
|
|
(5) |
Other adjustments for the three months ended September 30, 2025 included amounts recorded in: |
|
|
|
• |
Selling, general and administrative expenses - |
|
|
• |
Other income (expenses), net - |
|
|
After income taxes, these net losses totaled |
|
|
|
|
|
|
|
Other adjustments for the three months ended September 30, 2024 included amounts recorded in: |
|
|
|
• |
Selling, general and administrative expenses - |
|
|
• |
Other income (expenses), net - |
|
|
After income taxes, these net gains totaled |
|
|
|
|
|
|
|
Other adjustments for the nine months ended September 30, 2025 included amounts recorded in: |
|
|
|
• |
Selling, general and administrative expenses - |
|
|
• |
Other income (expenses), net - |
|
|
After income taxes, these net losses totaled |
|
|
|
|
|
|
|
Other adjustments for the nine months ended September 30, 2024 included amounts recorded in: |
|
|
|
• |
Cost of goods sold - |
|
|
• |
Selling, general and administrative expenses - |
|
|
• |
Other income (expenses), net - |
|
|
After income taxes, these net gains totaled |
|
|
|
|
|
|
(6) |
Included in Income tax (benefit) expense for the three and nine months ended September 30, 2025 are discrete net tax expenses of |
|
|
|
|
|
|
|
Included in Income tax (benefit) expense for the three and nine months ended September 30, 2024 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 reporting in accordance with GAAP (in thousands, except percentages).
|
|
Loss before income taxes and equity in net income of unconsolidated investments |
|
Income tax (benefit) expense |
|
Effective income tax rate |
|
Three months ended September 30, 2025 |
|
|
|
|
|
|
As reported |
$ (239,146) |
|
$ (30,565) |
|
12.8 % |
|
Non-recurring, other unusual and non-operating pension and OPEB |
181,424 |
|
1,210 |
|
|
|
As adjusted |
$ (57,722) |
|
$ (29,355) |
|
50.9 % |
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
|
|
|
As reported |
$ (1,178,846) |
|
$ 110,853 |
|
(9.4) % |
|
Non-recurring, other unusual and non-operating pension and OPEB items |
858,852 |
|
(69,575) |
|
|
|
As adjusted |
$ (319,994) |
|
$ 41,278 |
|
(12.9) % |
|
|
|
|
|
|
|
|
Nine months ended September 30, 2025 |
|
|
|
|
|
|
As reported |
$ (267,083) |
|
$ (449) |
|
0.2 % |
|
Non-recurring, other unusual and non-operating pension and OPEB items |
202,805 |
|
11,789 |
|
|
|
As adjusted |
$ (64,278) |
|
$ 11,340 |
|
(17.6) % |
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
|
|
|
As reported |
$ (1,840,552) |
|
$ 76,472 |
|
(4.2) % |
|
Non-recurring, other unusual and non-operating pension and OPEB items |
1,227,924 |
|
25,642 |
|
|
|
As adjusted |
$ (612,628) |
|
$ 102,114 |
|
(16.7) % |
Albemarle Investor Relations Contact: +1 (980) 308-6194, invest@albemarle.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-2025-results-302606047.html
SOURCE Albemarle Corporation
FAQ
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