Latest news with #KentMasters
Associated Press
4 days ago
- Business
- Associated Press
Albemarle Publishes 2024 Sustainability Report, Updates Efforts to Reduce Carbon Footprint, Manage Freshwater Responsibly and Support Customers' Sustainability Goals
CHARLOTTE, N.C., June 3, 2025 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today published its 2024 Sustainability Report. Entitled Values-Led, Purpose-Driven, the report provides an update on Albemarle's achievements in line with the company's sustainability goals. 'As a values-led organization, sustainability is foundational to how we choose to operate,' said Albemarle Chairman and CEO Kent Masters. 'The initiatives outlined in this report speak to our commitment to creating a more resilient world. We remain dedicated to minimizing our environmental footprint, creating responsible and reliable products for our customers, and engaging with our communities to foster positive outcomes.' Report Highlights Reducing our carbon footprint Practicing responsible freshwater management Supporting our customers' sustainability goals Promoting the resilience of our communities To read Albemarle's 2024 Sustainability Report, visit the company's website at The report was developed with reference to the Global Reporting Initiative (GRI) standards, the Sustainability Accounting Standards Board (SASB) standards and recommendations outlined by the Task Force on Climate-Related Financial Disclosures (TCFD). About Albemarle Albemarle Corp. (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 LinkedIn and on X (formerly known as Twitter) @AlbemarleCorp. Albemarle regularly posts information to including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves. FORWARD-LOOKING STATEMENTS The 2024 Sustainability Report and our sustainability webpage contain statements relating to Albemarle's operations, growth strategies and sustainability plans that are based on our current 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,' 'design,' 'target,' 'project,' 'commit,' 'aim,' 'intend,' 'may,' 'outlook,' 'scenario,' 'should,' 'would,' and 'will.' Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Albemarle undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Standards of measurement and performance made in reference to our environmental, social, governance and other sustainability plans and goals may be based on protocols, processes and assumptions that continue to evolve and are subject to change in the future, including due to the impact of future regulations. 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; financial and operating performance of customers; 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; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; 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 ( and on the SEC's website at Media Contact: Peter Smolowitz, +1 (980) 308-6310, [email protected] Investor Relations Contact: +1 (980) 299-5700, [email protected] View original content to download multimedia: SOURCE Albemarle Corporation
Yahoo
14-02-2025
- Business
- Yahoo
Cost cuts help Albemarle's results offset low lithium prices
(Reuters) -Albemarle, the world's largest producer of lithium, swung to a quarterly profit as cost cuts helped offset low prices of the electric vehicle battery metal, but adjusted results reported on Wednesday fell short of analysts' expectations. Shares of the Charlotte, North Carolina-based company rose 2.5% to $78.50 in after-hours trading. Albemarle, like many of its peers, has struggled over the past 18 months to weather a lithium supply glut brought on in part by overproduction in China. As a result, Albemarle executives last year said they would cull staff and cancel expansion projects - including a key U.S. lithium refinery - in a plan to save hundreds of millions of dollars and protect the company's balance sheet and operations across the Americas, Asia and Australia. For 2025, Albemarle now plans to spend $700 million to $800 million, roughly half of last year's capital budget. "We are taking decisive actions to reduce costs, optimize our conversion network and increase efficiencies to preserve our long-term competitive position," CEO Kent Masters said in a press release. The company posted a fourth-quarter profit of $33.6 million, or 29 cents per share, compared to a loss of $617.7 million, or $5.26 per share, in the year-ago period. Excluding one-time items, such as restructuring costs related to the layoffs, Albemarle lost $1.09 per share. By that measure, analysts expected a loss of 70 cents per share, according to LSEG data. The company's Energy Storage division, which sells lithium, reported a $1.1 billion drop in revenue caused by a 53% slide in prices the company receives for its lithium. Albemarle plans to discuss the quarterly results on a Thursday morning conference call.
Yahoo
14-02-2025
- Business
- Yahoo
Albemarle Corp (ALB) Q4 2024 Earnings Call Highlights: Navigating Market Challenges with ...
Net Sales (Q4 2024): $1.2 billion. Adjusted EBITDA (Q4 2024): $251 million. Net Sales (Full Year 2024): $5.4 billion. Adjusted EBITDA (Full Year 2024): $1.1 billion. Energy Storage Sales Volume Increase: 26% year-over-year. Cash from Operations (2024): $702 million. Operating Cash Conversion Rate (2024): Exceeded 60%. Capital Expenditure Outlook (2025): Reduced by $100 million to $700-$800 million. Adjusted Earnings Per Share (Q4 2024): Loss of $1.09. Available Liquidity (End of Q4 2024): $2.8 billion. Net Debt to Adjusted EBITDA Ratio (End of Q4 2024): 2.6x. Operating Cash Flow Conversion (2024): 62%. Expected Operating Cash Flow Conversion (2025): Exceed 80%. Warning! GuruFocus has detected 8 Warning Signs with ALB. Release Date: February 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Albemarle Corp (NYSE:ALB) reported a 26% year-over-year increase in sales volumes in its Energy Storage segment, surpassing initial guidance. The company achieved an adjusted EBITDA of $1.1 billion for the full year 2024, in line with its outlook considerations. Operating cash conversion rate exceeded 60%, surpassing the target of 50% and aligning with long-term objectives. Albemarle Corp (NYSE:ALB) has decreased its full-year 2025 CapEx outlook by an additional $100 million, expecting to spend between $700 million to $800 million. The company has a strong liquidity position with $2.8 billion available, including $1.2 billion in cash and cash equivalents. Net sales for the fourth quarter were $1.2 billion, marking a year-over-year decline primarily due to lower lithium market pricing. Adjusted earnings per share for the fourth quarter reflected a loss of $1.09, excluding gains on asset sales and reduced restructuring charges. The company is placing its Chengdu lithium conversion facility into care and maintenance due to market conditions. Albemarle Corp (NYSE:ALB) anticipates that cash dividends from Talison in 2025 will remain below historical averages. The company faces challenges with a wide range in tax guidance for 2025 due to varying lithium price scenarios. Q: Can you explain the contract mix for lithium sales and any recent renegotiations? A: Kent Masters, CEO: About 50% of our lithium sales are on long-term contracts with floors, and the rest follow spot mechanisms. We haven't had any significant renegotiations recently. Q: Where are you cutting back on CapEx, and how does this affect future growth? A: Kent Masters, CEO: Initially, we reduced CapEx in conversion projects and have since focused on sustaining capital and high-quality resources. We aim to grow at a 15% CAGR from 2022 to 2027, but growth rates may decrease post-2027 due to resource constraints. Q: How do your actions, like cutting CapEx and placing Chengdu under care, influence the market? A: Kent Masters, CEO: Our actions are driven by market conditions and product mix, not intended to influence the market. Chengdu is a small facility, and we are ramping up larger assets elsewhere to maintain capacity. Q: Can you explain the wide range in the tax guidance for 2025? A: Neal Sheorey, CFO: The range is due to varying lithium price scenarios affecting pre-tax income. In jurisdictions like China and Australia, we have tax valuation allowances, impacting our tax rate based on income levels. Q: What is the outlook for free cash flow in 2025, and is there a need for a capital raise? A: Kent Masters, CEO: We aim to achieve breakeven free cash flow in 2025 by executing our plan. We do not anticipate needing a capital raise, as our actions are designed to avoid that necessity. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
