Albemarle Corp Stock Price, News & Analysis

Albemarle Corporation (NYSE: ALB) has appointed Sean O'Hollaren as Chief External Affairs Officer, effective November 15, 2022. O'Hollaren brings extensive experience in corporate government and public affairs from roles at Nike, Honeywell, and Union Pacific Corp. His expertise will enhance Albemarle's engagement with government and community stakeholders, supporting the company's rapid growth and strategic objectives. CEO Kent Masters emphasized that O'Hollaren's background will help drive long-term value for all stakeholders. Albemarle is known for its leadership in specialty chemicals, particularly in lithium and bromine.

Albemarle Corporation (NYSE: ALB) reported strong Q3 2022 results with net sales of $2.1 billion, up 152% year-over-year, and net income of $897.2 million, or $7.61 per diluted share. The adjusted EBITDA reached $1.2 billion, a 447% increase. The company completed the $200 million acquisition of the Qinzhou lithium conversion plant in China and announced the mechanical completion of the Kemerton II project in Australia. Full-year guidance for net sales is tightened to $7.1 - $7.4 billion, reflecting substantial growth driven by lithium demand, while some softness in bromine markets is noted.

Albemarle Corporation (NYSE: ALB) announced the retirement of Karen G. Narwold, effective April 4, 2023, after nearly 13 years as general counsel. Narwold played a key role in significant corporate transformations, including the $6.2 billion acquisition of Rockwood Holdings. Kristin M. Coleman will succeed her as executive vice president and general counsel starting November 28, 2023. Coleman brings extensive experience from US Foods and Sears Holdings, with expertise in corporate governance aimed at enhancing long-term value for stakeholders.

Albemarle Corporation (NYSE: ALB) has completed the acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. for approximately $200 million. This acquisition, first announced in September 2021, enhances Albemarle's lithium production capabilities, with Tianyuan's plant capable of producing up to 25,000 metric tons LCE annually. CEO Kent Masters stated that this addition allows Albemarle to meet the rising global demand for battery-grade lithium. The acquisition aligns with the company's strategy to support sustainable energy transitions.

Albemarle Corporation (NYSE: ALB) has declared a quarterly dividend of $0.395 per share, with an annualized rate of $1.58. The dividend is payable on January 3, 2023, to shareholders of record by the close of business on December 16, 2022. This announcement underscores Albemarle's commitment to returning value to its shareholders amidst its operations in the specialty chemicals sector, particularly in lithium, bromine, and catalysts.

Albemarle Corporation (NYSE: ALB) has secured a $150 million grant from the U.S. Department of Energy (DOE) to support the construction of a lithium concentrator facility in Kings Mountain, North Carolina. This facility aims to enhance domestic battery manufacturing for electric vehicles (EVs). CEO Kent Masters emphasized the importance of this project in creating jobs and reducing greenhouse gas emissions. The facility is expected to supply up to 350,000 metric tons of spodumene concentrate annually, contributing to the production of 100,000 metric tons of battery-grade lithium.

Albemarle Corporation (NYSE: ALB) will release its third-quarter 2022 earnings on November 2, 2022, after market close. A conference call to discuss the results is scheduled for November 3, 2022, at 9:00 a.m. ET, accessible via their website. Participants are encouraged to join early, particularly those wishing to ask questions. An online replay of the call will be available for 12 months, with a phone replay available for 7 days post-call.

For more details, visit www.albemarle.com.

Albemarle Corporation (NYSE: ALB) announced a reorganization of its global business units, effective January 1, 2023, to better address customer needs and enhance operational agility. The new structure consists of two core units: Albemarle Specialties, which will encompass the Bromine and Lithium Specialties businesses, and Albemarle Energy Storage, covering various lithium-related sectors. CEO Kent Masters emphasized the importance of these changes for driving growth and innovation. Financial reporting will transition to include energy storage, specialties, and catalysts.