CHARLOTTE, N.C- Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended September 30, 2021.
Third-Quarter 2021 Highlights
(Unless otherwise stated, all percent changes are based on year-over-year comparisons)
Net sales of $830.6 million, an increase of 11%; Net sales increased 19% excluding FCS
Net loss of ($392.8) million, or ($3.36) per diluted share
Adjusted diluted EPS of $1.05, a decrease of 4%, excludes a $4.29 per share charge for a recent arbitration decision
Adjusted EBITDA of $217.6 million, an increase of 1%; Adjusted EBITDA increased 14% excluding FCS
Increased FY 2021 guidance based on strong third-quarter performance
Announced agreement to acquire Guangxi Tianyuan New Energy Materials (Tianyuan), which includes a lithium conversion plant (Qinzhou) designed toproduce 25,000 mtpa with the potential to expand to 50,000 mtpa
Announced agreements for strategic investments in China with plans to build two lithium hydroxide conversion plants, each initially targeting 50,000 mtpa
MARBL Lithium Joint Venture (MARBL) to restart operations at the Wodgina Lithium Mine in Australia
Advanced deployment of Albemarle Way of Excellence (AWE) operating model and submitted sustainability disclosure report to CDP (formerly the Carbon
Disclosure Project)
'Despite supply chain challenges and increased raw material costs last quarter, we continued to deliver solid revenue and adjusted EBITDA growth,' said Albemarle CEO Kent Masters.
'In October, we achieved first lithium carbonate production at our new La Negra III/IV conversion facility. We are making investments to add significant conversion capacity in China, initially targeting up to 150,000 metric tons of lithium hydroxide per year which will provide high-return growth opportunities aligned with the increasing demand from our customers.'
Outlook
Albemarle's improved outlook for full-year 2021 reflects a strong third-quarter performance and assumes continued global economic recovery as well as a modest improvement in operating performance compared to full-year 2020. Full-year 2021 net sales guidance was revised higher which reflects higher volumes in its Lithium business and stronger pricing in its Bromine businesses. Adjusted EBITDA guidance improved due to higher net sales, as well as lower corporate costs and higher-than-expected Catalysts joint venture income. Capital expenditures were revised higher due to accelerated investments in growth, tight labor markets, and COVID-related travel restrictions in Western Australia.
See full results at: https://www.albemarle.com/news/albemarle-reports-third-quarter-sales-growth-of-11-and-increases-guidance
SOURCE Albemarle Corporation
David Burke, 980.299.5533
ALBEMARLE CORPORATION 
