Albemarle 2018 financial results
Press release by Albemarle. Full document available here
CHARLOTTE, N.C., Feb. 20, 2019 /PRNewswire/ --
Fourth quarter 2018 highlights:
- Fourth quarter net sales were $921.7 million, an increase of 7% over the prior year; earnings were $129.6 million, or $1.21 per diluted share, an increase of 162% over the prior year
- Fourth quarter adjusted EBITDA was $264.3 million, an increase of 8% over the prior year; adjusted diluted earnings per share was $1.53, an increase of 14% over the prior year
- Lithium increased net sales on pricing increases of 4% and 9% in the fourth quarter and full year 2018, respectively, and volume increases compared to prior year
- Signed definitive agreement with Mineral Resources Limited to form lithium joint venture in Western Australia
- Completed our second accelerated share repurchase program of 2018, retiring a total of approximately 5.3 million shares during the year
- Expect adjusted diluted earnings per share in 2019 between $6.10 and $6.50, an increase of 11% to 19% over 2018
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
In thousands, except per share amounts | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net sales | $ | 921,699 | $ | 857,789 | $ | 3,374,950 | $ | 3,071,976 | |||||||
Net income (loss) attributable to Albemarle Corporation | $ | 129,596 | $ | (218,366) | $ | 693,562 | $ | 54,850 | |||||||
Adjusted EBITDA | $ | 264,302 | $ | 245,780 | $ | 1,006,664 | $ | 885,480 | |||||||
Diluted earnings (loss) per share | $ | 1.21 | $ | (1.95) | $ | 6.34 | $ | 0.49 | |||||||
Non-operating pension and OPEB items(a) | 0.08 | (0.08) | 0.03 | (0.09) | |||||||||||
Non-recurring and other unusual items(a) | 0.24 | 3.36 | (0.88) | 4.20 | |||||||||||
Adjusted diluted earnings per share(b) | $ | 1.53 | $ | 1.34 | $ | 5.48 | $ | 4.59 |
(a) | See Non-GAAP Reconciliations for a description of the Non-operating pension and OPEB items and Non-recurring and other unusual items. |
(b) | Totals may not add due to rounding. |
Albemarle Corporation (NYSE: ALB) reported fourth quarter 2018 net sales of $921.7 million, earnings of $129.6 millionand adjusted EBITDA of $264.3 million.
"2018 was a successful year for Albemarle on many fronts. Excluding divested businesses, we delivered full year, total company adjusted EBITDA growth of 17%, adjusted diluted EPS growth of 23% and we finished the year strong as all of our reportable segments delivered growth in the fourth quarter. In addition, we returned significant value to shareholders through increased dividends of $145 million and $500 million in share repurchases, while continuing significant growth investment in our Lithium platform," said Luke Kissam, Albemarle's CEO. "Lithium contributed just over 50% of our adjusted EBITDA, driven by 10% volume growth and 9% pricing compared to 2017."
Outlook
Our 2018 performance and execution on our lithium growth projects have positioned Albemarle for another year of growth in 2019. We expect net sales to range between $3.65 billion and $3.85 billion, representing growth of approximately 8% to 14%, with adjusted EBITDA between $1,070 million and $1,140 million, up approximately 6% to 13%, and adjusted diluted earnings per share between $6.10 and $6.50, growth of approximately 11% to 19%. Our growth will be driven by increased volume in our core lithium business, while our Bromine Specialties and Catalysts businesses will be stable. We are not forecasting any significant macroeconomic headwinds and have not seen any decline in our customer demand forecasts.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Mining & Metals (Chile)
ATEX Resources Announces Completion of ATXD25 Confirming Continuity of Mineralized Porphyry 200 Metres West of Prev...
ATXD25 intersected mineralized Early Porphyry ("EP") from 1,550 metres downhole and remained in mineralized EP until the hole was terminated at 2,2...
Seawater's increasing role in mining
Chile's mining industry is a benchmark in the development of desalination plants but must take the next step by incorporating more shared infrastru...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Mining & Metals (Chile)
Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Altazor
- Current stage:
- Updated:
1 month ago
- Project: La Cobaltera (La Cobaltera Pty)
- Current stage:
- Updated:
2 months ago
- Project: Future Development Division Minister Hales
- Current stage:
- Updated:
2 months ago
- Project: Minera Candelaria Operational Optimization and Continuity - 2040
- Current stage:
- Updated:
2 months ago
- Project: Desalination Plant and Water Supply Cerro Colorado (Stages I and II)
- Current stage:
- Updated:
2 months ago
- Project: Dominga
- Current stage:
- Updated:
2 months ago
- Project: Tama Atacama
- Current stage:
- Updated:
2 months ago
- Project: Update of the Tailings Deposit and Attached Facilities (Catabela Mine - Sierra Gorda)
- Current stage:
- Updated:
2 months ago
- Project: Pampa Tololo
- Current stage:
- Updated:
2 months ago
- Project: El Espino
- Current stage:
- Updated:
2 months ago
Other companies in: Mining & Metals (Chile)
Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Alejandro Rojas
- Company: Agencias Universales S.A.  (Agunsa)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Rio Tinto Mining and Exploration Limited, Agencia en Chile  (Rio Tinto Mining and Exploration, Agencia en Chile)
-
Rio Tinto Mining and Exploration Limited, Agency in Chile is a Chilean subsidiary of the Rio Tinto mining company. In September 2019, the company signed an acquisition agreement...
- Company: Sigdo Koppers S.A.  (Sigdo Koppers)
-
Sigdo Koppers is a Chilean business holding company with operations on five continents and activities in the service, industrial, and commercial and automotive sectors. The serv...
- Company: Aclara Resources Inc.  (Aclara Resources)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...