Albemarle Corp Stock Price, News & Analysis

Albemarle Corporation (NYSE: ALB) has declared a quarterly dividend of $0.39 per share, marking an annualized rate of $1.56. This dividend is payable on April 1, 2021, to shareholders of record as of the close of business on March 12, 2021. Notably, this is the 27th consecutive year that Albemarle has increased its dividend, reflecting the company's commitment to returning value to shareholders.

Albemarle Corporation (NYSE: ALB) announced a definitive agreement to sell its Fine Chemistry Services business to W.R. Grace & Co. for approximately $570 million. The deal comprises $300 million in cash and $270 million in preferred equity from a W.R. Grace subsidiary. This strategic move aims to focus Albemarle on its core business segments. The transaction is pending regulatory approvals and is expected to close in the second quarter of 2021. BofA Securities and Troutman Pepper Hamilton Sanders LLP are advising Albemarle on this transaction.

Albemarle Corporation (NYSE: ALB) reported Q4 2020 net income of $84.6 million ($0.79 per diluted share), with adjusted diluted EPS at $1.17. Net sales reached $879 million, an 11% decline year-over-year, while adjusted EBITDA fell 25% to $221 million. Sustainable cost savings of approximately $80 million were achieved in 2020. The company maintained a quarterly dividend of $0.385, up 5% from 2019, and completed a $1.5 billion equity offering to support growth initiatives. For FY 2021, Albemarle projects net sales of $3.2 - $3.3 billion and adjusted EBITDA of $810 - $860 million.

Albemarle Corporation (NYSE: ALB) has priced a public offering of 8,496,733 shares of common stock at $153.00 per share, targeting gross proceeds of approximately $1.3 billion. The offering is set to close on February 8, 2021, pending standard conditions. Proceeds will primarily fund growth in lithium operations across Australia, Chile, and Nevada, while also addressing short-term debt and corporate needs. The underwriters have a 30-day option to purchase an additional 1,274,509 shares.

Albemarle Corporation (NYSE: ALB) announced preliminary fourth-quarter results for 2020, reporting net sales between $870 million and $880 million, a decline of 11% to 12% year-over-year. Net income is projected to range from $77 million to $87 million, down 3% to 15%. Adjusted EBITDA is estimated at $213 million to $223 million, down 24% to 28%. Despite these declines, the company expects improved performance in 2021, particularly in Lithium and Bromine sectors, driven by volume increases and ongoing cost-saving measures.

Albemarle Corporation (NYSE: ALB) has initiated an underwritten public offering of $1.3 billion in common stock, with an option for underwriters to purchase an additional $195 million. The net proceeds will primarily fund growth capital expenditures for lithium operations in Australia, Chile, and Nevada, as well as short-term debt repayment. The offering is subject to market conditions and is based on a previously filed registration statement with the SEC.

Albemarle Corporation (NYSE: ALB) will release its fourth-quarter 2020 earnings on Feb. 17, 2021, after market close. A conference call to discuss the results will be held on Feb. 18 at 9:00 a.m. ET. Participants can access the call via the webcast on the company's website or by phone. The company highlights its commitment to the global specialty chemicals industry, focusing on sustainable practices and innovation.

Albemarle Corporation (NYSE: ALB) announced the appointment of Melissa Anderson as the new Senior Vice President and Chief Human Resources Officer, effective January 11, 2021. Anderson joins from Duke Energy, bringing extensive HR experience from her roles at Domtar Corporation and IBM. CEO Kent Masters highlighted her ability to implement global human capital strategies that will enhance Albemarle's workforce capabilities. With a strong educational background in industrial relations, Anderson also serves on various boards, including Vulcan Materials.

Albemarle Corporation (NYSE: ALB) announced plans to expand lithium production at its Silver Peak facility in Nevada, investing $30 million to $50 million to double capacity by 2025. This initiative responds to the growing demand for electric vehicle (EV) batteries and aims to optimize domestic lithium resources. Albemarle will also explore lithium extraction from clay sources and enhance brine extraction processes in collaboration with Argonne National Laboratory. This expansion underscores the company's commitment to supporting the EV market and ensuring a sustainable supply chain.