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，/PRNewswire/ -- 雅宝（Albemarle Corporation，纽约证券交易所代码：ALB）是为出行、能源、连接和健康领域提供关键元素的全球领导者，今日公布了截至2026年9月30日的第三季度业绩。
2026年第三季度及近期亮点
（除另有说明外，所有百分比变化均为同比比较，且未剔除Ketjen炼油催化剂解决方案业务上一期间的业绩；公司已于2026年3月2日出售该业务51%的股权）
- 净销售额16亿美元， 增长19%，原因是储能业务定价提高（+68%）以及特种产品业务定价和销量均上升（价格+10%，销量+3%）。
- 归属于普通股股东的净利润为2.97亿美元，即每股摊薄收益2.15美元；归属于普通股股东的调整后净利润(a)为3.54亿美元，即每股摊薄收益2.58美元，主要剔除了重组及其他相关费用。
- 调整后EBITDA(a) 为6.46亿美元；增长186%，主要由于储能业务定价提高、特种业务定价和销量增长以及成本与生产率改善。
- 经营活动产生的现金为4.06亿美元，自由现金流为3.25亿美元(a)。经营现金流转化率为63%(a)，得益于来自Talison合资企业的现金分红，这部分抵消了营运资金变动的时间性影响。
- 年初至今已实现超过1.5亿美元的运行率成本与生产率改善，达到我们全年目标的上限。
- Talison的化学级工厂3（CGP3）在9月实现了30天的铭牌性能。
- 改善2026年全年展望的考量因素包括：
- 特种产品调整后EBITDA为3.5亿至3.75亿美元（高于此前的2.75亿至3.25亿美元），部分得益于持续的成本和生产率改善。
- 将全年资本支出预测下调至3亿至3.5亿美元（低于此前的约5亿美元），反映出我们聚焦的资本效率改善带来的持续效益，以及部分早期项目的重新排序。
|
(a) |
更多详情请参见非GAAP调节表。 |
“雅宝（Albemarle）又交付了一个稳健的季度，体现了整个企业有纪律的执行，”董事长兼首席执行官Kent Masters表示。“在特种产品业务中，定价改善以及成本与生产率举措的持续进展，支持了年内又一次上调的展望。今年截至8月，全球锂需求增长48%，受电动汽车和储能共同驱动，这增强了我们对行业长期前景的信心。我们将继续通过发挥我们优势资源基础、资本支出效率和财务灵活性，优先推进高回报的有机增长。”
2026年第三季度业绩
|
除每股金额外，单位为百万 |
2026年第三季度 |
|
2025年第三季度 |
|
变动 |
|
变动百分比 |
|
净销售额 |
$ 1,553.1 |
|
$ 1,307.8 |
|
$ 245.3 |
|
18.8 % |
|
归属于雅宝（Albemarle Corporation）的净利润（亏损） |
$ 296.8 |
|
$ (160.7) |
|
$ 457.4 |
|
NM |
|
调整后EBITDA(a) |
$ 645.5 |
|
$ 225.6 |
|
$ 419.9 |
|
186.1 % |
|
Diluted income (loss) per share attributable to common |
$ 2.15 |
|
$ (1.72) |
|
$ 3.87 |
|
NM |
|
非经营性养老金及 OPEB 项目(a) |
0.01 |
|
— |
|
|
|
|
|
非经常性及其他特殊项目(a) |
0.41 |
|
1.53 |
|
|
|
|
|
Adjusted diluted income (loss) per share attributable to |
$ 2.58 |
|
$ (0.19) |
|
$ 2.77 |
|
NM |
|
|
|
|
(a) |
详见非GAAP调节表。 |
|
(b) |
因四舍五入，总计可能无法相加。 |
2026年第三季度净销售额为16亿美元，增长19%，主要受储能和特种材料两大业务价格上涨以及特种材料销量增长的推动。调整后EBITDA为6.46亿美元，较上年同期增加4.2亿美元，主要得益于净销售额增长以及持续的成本和生产率改善。
归属于雅宝（Albemarle）的净利润为2.97亿美元，同比增加4.57亿美元。2026年第三季度的有效所得税率为16.4%，由于地域收入结构的影响，调整后为5.8%。
储能业务业绩
|
单位：百万 |
2026年第三季度 |
|
2025年第三季度 |
|
变动 |
|
变动百分比 |
|
净销售额 |
$ 1,118.8 |
|
$ 708.8 |
|
$ 410.0 |
|
57.9 % |
|
销售量（千吨碳酸锂当量）(a) |
56 |
|
69 |
|
(13) |
|
(18.8) % |
|
平均实现价格（美元/千克碳酸锂当量）(a) |
$ 20.02 |
|
$ 10.28 |
|
$ 9.74 |
|
94.7 % |
|
调整后EBITDA |
$ 559.8 |
|
$ 124.1 |
|
$ 435.7 |
|
351.2 % |
|
|
|
|
(a) |
包括按碳酸锂当量（LCE）计算的盐类和锂辉石销售合计。 |
2026年第三季度，储能业务净销售额为11亿美元，增加4.10亿美元，增幅58%，主要由于定价上涨。调整后EBITDA为5.60亿美元，增加4.36亿美元，增幅351%，主要由于锂价改善，但部分被本季度加工的更高价格锂辉石库存以及智利佣金增加所抵消。销量同比下降，主要由于上年同期的时点性事件，包括库存去化和高于往常的锂辉石出货量，这使得2025年第三季度成为该业务板块以碳酸锂当量（LCE）计的历史最高销量季度。
特种产品业绩
|
单位：百万 |
2026年第三季度 |
|
2025年第三季度 |
|
变动 |
|
变动百分比 |
|
净销售额 |
$ 388.6 |
|
$ 345.0 |
|
$ 43.7 |
|
12.7 % |
|
调整后EBITDA |
$ 98.7 |
|
$ 75.5 |
|
$ 23.2 |
|
30.7 % |
2026年第三季度特种产品净销售额为3.89亿美元，增加4400万美元，增幅13%，主要得益于定价上涨（+10%）和销量增长（+3%）。调整后EBITDA为9900万美元，增加2300万美元，增幅31%，主要得益于销量增长以及溴及衍生物有利的定价，同时持续的生产率提升和对中东冲突导致的成本上涨的主动管理也发挥了作用。此外，约旦溴业公司（Jordan Bromine Company，JBC）合资企业实现了创纪录的季度产量。
2026年展望考量
公司整体展望考量
下表反映了基于近期观察到的锂市场价格情景对公司整体的预期结果。每种情景的展望区间基于销量和产品结构的变化。预计储能产量将同比增长。由于Wodgina产量的增加部分抵消了Talison CGP3因6月9日发生火灾而延迟爬产的影响，销量预计将在22.5万至23.5万吨碳酸锂当量之间。所有三种情景均假设市场价格平稳贯穿储能当前合同簿，其中约40%的盐类销量（即总销量的三分之一）为长期协议。情景还假设锂辉石定价平均为碳酸锂当量（LCE）价格的10%，而其他成本假设保持不变。
|
|
公司2026财年预计总计 |
||
|
观测市场价格情形(a) |
2025财年平均 |
2026年第一季度平均 |
2021-2025年平均 |
|
锂市场平均价格（美元/千克 LCE）(a) |
约10美元 |
约20美元 |
约30美元 |
|
净销售额 |
41亿至43亿美元 |
57亿至60亿美元 |
75亿至78亿美元 |
|
调整后EBITDA(b) |
9亿至10亿美元 |
24亿至26亿美元 |
42亿至44亿美元 |
|
|
|
|
(a) |
价格代表相关市场定价的混合，包括所述期间的现货和区域指数。 |
|
(b) |
公司未提供前瞻性非GAAP财务指标与按照GAAP计算和报告的最直接可比财务指标之间的调节表，因为公司无法在不付出不合理努力的情况下估计重大非经常性或异常项目。更多信息请参见“关于非GAAP指标的补充信息”。 |
储能市场价格情景
预计2026年第四季度净销售额和调整后EBITDA将因市场价格下降而环比减少，销量保持稳定。预计第四季度利润率将环比下降，原因是消耗了前期采购的高成本锂辉石库存。
|
|
储能 2026财年预测 |
||
|
观测市场价格情形(a) |
2025财年平均 |
2026年第一季度平均 |
2021-2025年平均 |
|
锂市场平均价格（美元/千克 LCE）(a) |
约10美元 |
约20美元 |
约30美元 |
|
净销售额 |
25亿至26亿美元 |
40亿至42亿美元 |
59亿至61亿美元 |
|
调整后EBITDA |
7亿至8亿美元 |
21亿至23亿美元 |
39亿至41亿美元 |
|
非合并投资的净收益权益（税后）(b) |
2亿至3亿美元 |
6亿至7亿美元 |
10亿至11亿美元 |
|
|
|
|
(a) |
价格代表相关市场定价的混合，包括所述期间的现货和区域指数。 |
|
(b) |
按税前基础计入调整后EBITDA。 |
特种产品业务展望考量
特种产品业务调整后EBITDA展望有所改善，原因是年初至今的强劲业绩（主要受成本和生产效率提升推动）足以抵消中东冲突导致的供应链相关成本上升而有余。我们的展望继续反映以半导体、石油和天然气、阻燃剂和制药为首的关键终端市场温和的销量增长，以及汽车和石化市场年初至今的稳定需求。第四季度展望假设溴素市场需求稳定，以及中东持续局势的影响。
|
|
特种产品 2026财年预期 |
|
特种产品净销售额 |
14亿至16亿美元 |
|
特种产品调整后EBITDA |
3.5亿至3.75亿美元 |
其他公司展望考量
雅宝（Albemarle）目前预计其2026年全年资本支出为3亿至3.5亿美元，这反映了我们聚焦的资本效率提升带来的持续收益，以及部分早期项目支出的重新排序。
在2026年3月2日宣布出售Ketjen炼油催化剂解决方案业务控股权后，炼油催化剂业务的收益现归类为权益收益并计入公司及其他（Corporate），保留的Performance Catalyst Solutions（PCS）业务的业绩也同样计入。交易完成后，这些业务对调整后EBITDA和权益收益的贡献预计将不重大。
|
|
其他企业 2026财年预计 |
|
资本支出 |
3亿至3.5亿美元 |
|
折旧与摊销 |
6.60亿至6.80亿美元 |
|
调整后有效税率(a) |
(50)% - 30% |
|
公司调整后EBITDA（含外汇、Ketjen权益收益及PCS） |
（20）至2000万美元 |
|
利息和融资费用 |
1.2亿至1.4亿美元 |
|
加权平均流通普通股股数（稀释后）(b) |
约1.36亿股 |
|
|
|
|
(a) |
调整后有效税率取决于锂市场价格和地域收入结构 |
|
(b) |
稀释加权平均流通普通股股数假定优先股已转换，且归属于普通股股东的净利润不会因强制性可转换优先股股息而减少。如果强制性可转换优先股股息的减少导致每股收益更具稀释性，则稀释加权平均流通普通股股数将不假定优先股已转换。 |
现金流与资本配置
2026年前九个月经营活动产生的现金流为15亿美元，较上年同期增加5.68亿美元。截至2026年9月30日，年初至今的经营现金流转化率为67%。2026年前九个月的资本支出为2.51亿美元，较上年同期减少1.84亿美元。截至2026年9月30日，雅宝（Albemarle）年初至今已实现12亿美元的自由现金流。
资产负债表与流动性
截至2026年9月30日，雅宝（Albemarle）估计流动性约为34亿美元，其中包括18亿美元现金及现金等价物、循环信贷额度下可用的15亿美元以及其他信贷额度下可用的7900万美元。总债务为19亿美元，净债务与调整后EBITDA之比（按我们信贷协议中的定义）约为0.3(a)。
|
(a) |
更多详情请参见非GAAP指标调节表。 |
财报电话会议
|
日期： |
2026年11月5日，星期四 |
|
时间： |
美国东部时间上午8:00 |
|
拨入电话（美国）： |
1-800-590-8290 |
|
电话接入（国际）： |
1-240-690-8800 |
|
会议 ID： |
ALBQ3 |
公司的业绩演示文稿及配套材料可在雅宝（Albemarle）网站 https://investors.albemarle.com 上查阅。
关于雅宝（Albemarle）
雅宝公司（Albemarle Corporation，纽约证券交易所代码：ALB）是将关键资源转化为移动出行、能源、连接和健康领域关键成分的全球领导者。我们携手合作，以兼顾人类与地球的方式，开创移动、供能、连接和保护的新途径。可靠且高质量的全球锂和溴供应使我们能够为客户提供先进解决方案。欲了解更多关于雅宝员工如何助力构建更具韧性的世界的信息，请访问 Albemarle.com。
雅宝（Albemarle）定期在 Albemarle.com 发布信息，包括活动通知、新闻、财务业绩、投资者演示和网络直播、非 GAAP 调节表、美国证券交易委员会（U.S. Securities and Exchange Commission）备案文件，以及有关公司、其业务及其所服务市场的其他信息。
Forward-Looking Statements
This press release contains statements concerning our 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 "ambition," "anticipate," "believe," "estimate," "expect," "goal," "guidance," "intend," "may," "outlook," "scenario," "should," "would," and "will." Forward-looking statements may include statements regarding: our 2026 company and segment outlooks, including expected market pricing of lithium carbonate equivalent and spodumene and other underlying assumptions and outlook consideration; plans and expectations regarding customer demand and sales; production impacts; financial flexibility and optionality; expected or actual market pricing of lithium, spodumene, bromine, and lithium specialties ("Company Products"); supply and demand for Company Products; drivers of long-term demand and growth; other underlying assumptions and outlook considerations; expected capital allocation and expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; long-term targets for operating cash flow conversion and other financial metrics; plans and expectations regarding other mining interests, resources, reserves, projects and activities, compound annual growth rate, cost reductions, conversion network optimization, margin improvement, accounting charges, and all other information relating to matters that are not historical facts. 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; changes in trade policies and tariffs; and the financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in market pricing of lithium carbonate equivalent and spodumene; potential production volume shortfalls; increased competition and pressure to renegotiate contract terms; changes in product or conversion demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; risks related to the integration of artificial intelligence technologies into our operations; geopolitical conflicts and political unrest affecting global trade; the global economy and clean energy initiatives; our ability to retain key personnel and attract new skilled personnel changes in inflation or interest rates; volatility and uncertainties in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; expected benefits and expenses from new operating structure and asset optimization activities; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; impacts of the situations in the Middle East, the tensions between China and Taiwan and the military conflict between Russia and Ukraine, and the related global responses; 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 (investors.albemarle.com) and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
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雅宝（Albemarle）公司及其子公司 |
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|
合并损益表 |
|||||||
|
（除每股金额外，单位为千）（未经审计） |
|||||||
|
|
|||||||
|
|
截至三个月 |
|
截至九个月 |
||||
|
|
9月30日， |
|
9月30日， |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
净销售额 |
$ 1,553,097 |
|
$ 1,307,829 |
|
$ 4,725,141 |
|
$ 3,714,702 |
|
销售成本 |
1,252,373 |
|
1,190,219 |
|
3,333,150 |
|
3,243,917 |
|
毛利 |
300,724 |
|
117,610 |
|
1,391,991 |
|
470,785 |
|
销售、一般及管理费用 |
136,353 |
|
138,577 |
|
400,112 |
|
394,536 |
|
商誉减值费用 |
— |
|
181,070 |
|
— |
|
181,070 |
|
重组费用及资产核销 |
8,038 |
|
2,275 |
|
41,241 |
|
5,660 |
|
研发费用 |
8,173 |
|
12,674 |
|
21,010 |
|
39,217 |
|
出售业务损失 |
— |
|
— |
|
95,018 |
|
— |
|
营业收入（亏损） |
148,160 |
|
(216,986) |
|
834,610 |
|
(149,698) |
|
利息与融资费用 |
(27,803) |
|
(50,959) |
|
(91,848) |
|
(149,875) |
|
其他收入净额 |
12,861 |
|
28,799 |
|
86,300 |
|
32,490 |
|
所得税及未合并投资净收益中的权益前收入（亏损） |
133,218 |
|
(239,146) |
|
829,062 |
|
(267,083) |
|
Income tax expense (benefit) |
21,900 |
|
(30,565) |
|
137,413 |
|
(449) |
|
Income (loss) before equity in net income of |
111,318 |
|
(208,581) |
|
691,649 |
|
(266,634) |
|
Equity in net income of unconsolidated investments |
205,350 |
|
60,640 |
|
453,207 |
|
203,184 |
|
Net income (loss) |
316,668 |
|
(147,941) |
|
1,144,856 |
|
(63,450) |
|
Net income attributable to noncontrolling interests |
(19,913) |
|
(12,753) |
|
(49,051) |
|
(32,999) |
|
Net income (loss) attributable to Albemarle Corporation |
296,755 |
|
(160,694) |
|
1,095,805 |
|
(96,449) |
|
Mandatory convertible preferred stock dividends |
(41,683) |
|
(41,688) |
|
(125,058) |
|
(125,063) |
|
Net income (loss) attributable to Albemarle Corporation |
$ 255,072 |
|
$ (202,382) |
|
$ 970,747 |
|
$ (221,512) |
|
Basic earnings (loss) per share attributable to common |
$ 2.16 |
|
$ (1.72) |
|
$ 8.23 |
|
$ (1.88) |
|
Diluted earnings (loss) per share attributable to |
$ 2.15 |
|
$ (1.72) |
|
$ 8.03 |
|
$ (1.88) |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding – basic |
118,008 |
|
117,685 |
|
117,941 |
|
117,651 |
|
Weighted-average common shares outstanding – |
118,544 |
|
117,685 |
|
136,492 |
|
117,651 |
|
Albemarle Corporation and Subsidiaries |
|||
|
Condensed Consolidated Balance Sheets |
|||
|
(In Thousands) (Unaudited) |
|||
|
|
|||
|
|
September 30, |
|
December 31, |
|
|
2026 |
|
2025 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 1,845,999 |
|
$ 1,618,001 |
|
Trade accounts receivable |
606,375 |
|
593,502 |
|
Other accounts receivable |
145,065 |
|
105,110 |
|
Inventories |
1,392,595 |
|
1,179,271 |
|
Other current assets |
242,729 |
|
140,440 |
|
Current assets held for sale |
— |
|
371,815 |
|
Total current assets |
4,232,763 |
|
4,008,139 |
|
Property, plant and equipment |
11,979,325 |
|
11,768,840 |
|
Less accumulated depreciation and amortization |
3,595,344 |
|
3,156,429 |
|
Net property, plant and equipment |
8,383,981 |
|
8,612,411 |
|
Investments |
1,084,557 |
|
900,926 |
|
Other assets |
698,181 |
|
647,185 |
|
Goodwill |
1,485,728 |
|
1,499,657 |
|
Other intangibles, net of amortization |
198,105 |
|
214,233 |
|
Noncurrent assets held for sale |
— |
|
491,660 |
|
Total assets |
$ 16,083,315 |
|
$ 16,374,211 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable to third parties |
$ 684,046 |
|
$ 779,160 |
|
Accounts payable to related parties |
330,110 |
|
134,369 |
|
Accrued expenses |
530,903 |
|
521,831 |
|
Current portion of long-term debt |
74,602 |
|
74,077 |
|
Dividends payable |
62,134 |
|
61,387 |
|
Income taxes payable |
124,260 |
|
35,467 |
|
Current liabilities held for sale |
— |
|
191,753 |
|
Total current liabilities |
1,806,055 |
|
1,798,044 |
|
Long-term debt |
1,806,750 |
|
3,119,464 |
|
Postretirement benefits |
45,326 |
|
44,744 |
|
Pension benefits |
104,655 |
|
117,361 |
|
Other noncurrent liabilities |
1,138,299 |
|
1,084,892 |
|
Deferred income taxes |
362,201 |
|
368,275 |
|
Noncurrent liabilities held for sale |
— |
|
59,970 |
|
Commitments and contingencies |
|
|
|
|
Equity: |
|
|
|
|
Albemarle Corporation shareholders' equity: |
|
|
|
|
Common stock |
1,180 |
|
1,178 |
|
Mandatory convertible preferred stock |
2,235,105 |
|
2,235,105 |
|
Additional paid-in capital |
3,058,640 |
|
3,018,213 |
|
Accumulated other comprehensive loss |
(193,863) |
|
(334,807) |
|
Retained earnings |
5,440,508 |
|
4,613,676 |
|
Total Albemarle Corporation shareholders' equity |
10,541,570 |
|
9,533,365 |
|
Noncontrolling interests |
278,459 |
|
248,096 |
|
Total equity |
10,820,029 |
|
9,781,461 |
|
Total liabilities and equity |
$ 16,083,315 |
|
$ 16,374,211 |
|
Albemarle Corporation and Subsidiaries |
|||
|
Selected Consolidated Cash Flow Data |
|||
|
(In Thousands) (Unaudited) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2026 |
|
2025 |
|
Cash and cash equivalents at beginning of year |
$ 1,618,001 |
|
$ 1,192,230 |
|
Cash flows from operating activities: |
|
|
|
|
Net income (loss) |
1,144,856 |
|
(63,450) |
|
Adjustments to reconcile net income (loss) to cash flows from operating activities: |
|
|
|
|
Depreciation and amortization |
482,010 |
|
494,968 |
|
Non-cash goodwill impairment charges |
— |
|
181,070 |
|
Loss on sale of business |
95,018 |
|
— |
|
Gain on sale of equity investment |
(42,300) |
|
— |
|
Stock-based compensation and other |
24,220 |
|
28,048 |
|
Equity in net income of unconsolidated investments (net of tax) |
(453,207) |
|
(203,184) |
|
Dividends received from unconsolidated investments and nonmarketable |
368,414 |
|
89,048 |
|
Pension and postretirement expense |
7,901 |
|
5,361 |
|
Pension and postretirement contributions |
(18,534) |
|
(15,849) |
|
Unrealized loss (gain) on investments in marketable securities |
4,739 |
|
(4,955) |
|
Gain on early extinguishment of debt |
(12,543) |
|
— |
|
Deferred income taxes |
(30,031) |
|
10,316 |
|
Working capital changes |
(135,859) |
|
46,478 |
|
Noncurrent liability changes and other, net |
27,353 |
|
325,931 |
|
Net cash provided by operating activities |
1,462,037 |
|
893,782 |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
(250,781) |
|
(434,416) |
|
Proceeds from sale of businesses, net of cash sold |
525,156 |
|
— |
|
Proceeds from sale of property and equipment |
— |
|
25,651 |
|
Proceeds from sale of investments |
123,270 |
|
— |
|
Proceeds from sale of available for sale debt securities |
— |
|
288,000 |
|
(Payments) proceeds from settlement of foreign currency forward contracts, |
(24,526) |
|
144,540 |
|
Sales of marketable securities, net |
2,008 |
|
7,038 |
|
Investments in equity investments and nonmarketable securities |
(178) |
|
(180) |
|
Net cash provided by investing activities |
374,949 |
|
30,633 |
|
Cash flows from financing activities: |
|
|
|
|
Repayments of long-term debt and credit agreements |
(1,331,231) |
|
(47,947) |
|
Proceeds from borrowings of long-term debt and credit agreements |
53,032 |
|
38,332 |
|
Other debt repayments, net |
(13,394) |
|
(3,694) |
|
Fees related to early extinguishment of debt |
(1,686) |
|
— |
|
Dividends paid to common shareholders |
(143,160) |
|
(142,899) |
|
Dividends paid to mandatory convertible preferred shareholders |
(125,058) |
|
(125,063) |
|
Dividends paid to noncontrolling interests |
(56,069) |
|
(18,169) |
|
Proceeds from exercise of stock options |
19,635 |
|
1,494 |
|
Withholding taxes paid on stock-based compensation award distributions |
(4,501) |
|
(3,170) |
|
Other |
(438) |
|
(55) |
|
Net cash used in financing activities |
(1,602,870) |
|
(301,171) |
|
Net effect of foreign exchange on cash and cash equivalents |
(6,118) |
|
116,284 |
|
Increase in cash and cash equivalents |
227,998 |
|
739,528 |
|
Cash and cash equivalents at end of period |
$ 1,845,999 |
|
$ 1,931,758 |
|
Albemarle Corporation and Subsidiaries |
|||||||
|
Consolidated Summary of Segment Results |
|||||||
|
(In Thousands) (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net sales: |
|
|
|
|
|
|
|
|
Energy Storage |
$ 1,118,795 |
|
$ 708,755 |
|
$ 3,286,644 |
|
$ 1,950,976 |
|
Specialties |
388,611 |
|
344,960 |
|
1,170,508 |
|
1,017,534 |
|
Total segment net sales |
1,507,406 |
|
1,053,715 |
|
4,457,152 |
|
2,968,510 |
|
Corporate and all other |
45,691 |
|
254,114 |
|
267,989 |
|
746,192 |
|
Total net sales |
$ 1,553,097 |
|
$ 1,307,829 |
|
$ 4,725,141 |
|
$ 3,714,702 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Energy Storage |
$ 559,806 |
|
$ 124,077 |
|
$ 1,834,619 |
|
$ 530,157 |
|
Specialties |
98,729 |
|
75,544 |
|
292,578 |
|
207,187 |
|
Total segment adjusted EBITDA |
658,535 |
|
199,621 |
|
2,127,197 |
|
737,344 |
|
Corporate and all other |
(13,025) |
|
26,009 |
|
40,224 |
|
91,905 |
|
Total adjusted EBITDA |
$ 645,510 |
|
$ 225,630 |
|
$ 2,167,421 |
|
$ 829,249 |
|
|
|
See accompanying non-GAAP reconciliations below. |
Additional Information Regarding Non-GAAP Measures
It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted income (loss) per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin, adjusted EBITDA margin, operating cash flow conversion and net debt to adjusted EBITDA ratio are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These non-GAAP measures should not be considered as alternatives to Net income (loss) attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.
A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.
ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited)
See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income (loss) attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net income attributable to Albemarle Corporation is defined as net income (loss) attributable to Albemarle Corporation before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. Adjusted net income (loss) attributable to Albemarle Corporation common stockholders is defined as adjusted net income attributable to Albemarle Corporation after consideration (or impact) of mandatory convertible preferred stock dividends. EBITDA is defined as net income (loss) attributable to Albemarle Corporation before interest and financing expenses, income tax expense (benefit), and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring and other unusual items, and non-operating pension and OPEB items as listed below.
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
|
In thousands, except percentages and per |
$ |
|
% of |
|
$ |
|
% of |
|
$ |
|
% of |
|
$ |
|
% of |
|
Net income (loss) attributable to Albemarle |
$296,755 |
|
|
|
$(160,694) |
|
|
|
$1,095,805 |
|
|
|
$(96,449) |
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating pension and OPEB items |
782 |
|
|
|
189 |
|
|
|
2,379 |
|
|
|
483 |
|
|
|
Non-recurring and other unusual items (net |
56,075 |
|
|
|
180,025 |
|
|
|
168,020 |
|
|
|
190,533 |
|
|
|
Adjusted net income attributable to Albemarle |
353,612 |
|
|
|
19,520 |
|
|
|
1,266,204 |
|
|
|
94,567 |
|
|
|
Mandatory convertible preferred stock |
— |
|
|
|
(41,688) |
|
|
|
— |
|
|
|
(125,063) |
|
|
|
Adjusted net income (loss) attributable to |
$353,612 |
|
|
|
$(22,168) |
|
|
|
$1,266,204 |
|
|
|
$(30,496) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted income (loss) per share |
$ 2.58 |
|
|
|
$ (0.19) |
|
|
|
$ 9.28 |
|
|
|
$ (0.26) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average common shares |
137,135 |
|
|
|
117,685 |
|
|
|
136,492 |
|
|
|
117,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Albemarle |
$296,755 |
|
19.1 % |
|
$(160,694) |
|
(12.3) % |
|
$1,095,805 |
|
23.2 % |
|
$(96,449) |
|
(2.6) % |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and financing expenses |
27,803 |
|
1.8 % |
|
50,959 |
|
3.9 % |
|
91,848 |
|
1.9 % |
|
149,875 |
|
4.0 % |
|
Income tax expense (benefit) |
21,900 |
|
1.4 % |
|
(30,565) |
|
(2.3) % |
|
137,413 |
|
2.9 % |
|
(449) |
|
— % |
|
Depreciation and amortization |
168,404 |
|
10.8 % |
|
164,483 |
|
12.6 % |
|
482,010 |
|
10.2 % |
|
494,968 |
|
13.3 % |
|
EBITDA |
514,862 |
|
33.2 % |
|
24,183 |
|
1.8 % |
|
1,807,076 |
|
38.2 % |
|
547,945 |
|
14.8 % |
|
Proportionate share of Windfield income |
85,403 |
|
5.5 % |
|
20,023 |
|
1.5 % |
|
197,703 |
|
4.2 % |
|
78,499 |
|
2.1 % |
|
Non-operating pension and OPEB items |
1,078 |
|
0.1 % |
|
367 |
|
— % |
|
3,279 |
|
0.1 % |
|
978 |
|
— % |
|
Non-recurring and other unusual items |
44,167 |
|
2.8 % |
|
181,057 |
|
13.8 % |
|
159,363 |
|
3.4 % |
|
201,827 |
|
5.4 % |
|
Adjusted EBITDA |
$645,510 |
|
41.6 % |
|
$225,630 |
|
17.3 % |
|
$2,167,421 |
|
45.9 % |
|
$829,249 |
|
22.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$1,553,097 |
|
|
|
$1,307,829 |
|
|
|
$4,725,141 |
|
|
|
$3,714,702 |
|
|
|
|
|
(a) Calculation of adjusted diluted income (loss) per share attributable to common shareholders for the three and nine months ended September 30, 2026 excludes $41.7 million and $125.1 million, respectively, of mandatory convertible preferred stock dividends and includes the assumed conversion of preferred stock into the diluted shares outstanding, as this results in the more dilutive per share result. |
Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate and all other category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income, net. Non-operating pension and OPEB items were as follows (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Interest cost |
$ 8,975 |
|
$ 8,976 |
|
$ 27,010 |
|
$ 26,710 |
|
Expected return on assets |
(7,897) |
|
(8,609) |
|
(23,731) |
|
(25,732) |
|
Total |
$ 1,078 |
|
$ 367 |
|
$ 3,279 |
|
$ 978 |
In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income (loss) calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Restructuring charges and asset write-offs(1) |
$ 0.06 |
|
$ 0.02 |
|
$ 0.30 |
|
$ 0.03 |
|
Strategic cost savings initiative(2) |
0.08 |
|
— |
|
0.22 |
|
— |
|
Goodwill impairment charges(3) |
— |
|
1.49 |
|
— |
|
1.49 |
|
Acquisition and integration related costs(4) |
0.03 |
|
0.01 |
|
0.04 |
|
0.03 |
|
Loss on sale of business/equity investment, net(5) |
— |
|
— |
|
0.39 |
|
— |
|
Gain on early extinguishment of debt(6) |
— |
|
— |
|
(0.09) |
|
— |
|
Loss (gain) in fair value of public equity securities(7) |
0.06 |
|
(0.05) |
|
0.05 |
|
(0.02) |
|
Other(8) |
0.07 |
|
0.03 |
|
0.13 |
|
0.07 |
|
Tax related items(9) |
0.11 |
|
0.03 |
|
0.19 |
|
0.02 |
|
Total non-recurring and other unusual items |
$ 0.41 |
|
$ 1.53 |
|
$ 1.23 |
|
$ 1.62 |
|
|
|
||
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(1) |
In 2026, the Company announced it would place Kemerton Train 1 into care and maintenance. As a result, and in addition to other previously announced restructuring actions, the Company recorded charges of $8.0 million and $41.2 million in Restructuring charges and asset write-offs for the three and nine months ended September 30, 2026, respectively. Due to the impact of valuation allowances, this resulted in total after-tax charges of $8.0 million and $41.4 million, or $0.06 and $0.30 per share, for the three and nine months ended September 30, 2026, respectively. The three and nine months ended September 30, 2025 included certain restructuring costs and adjustments to previously recorded costs related to restructuring actions originally entered into in 2024. As a result, the Company recorded charges of $2.3 million and $5.7 million in Restructuring charges and asset write-offs, respectively, and a loss of $0.1 million in Other income, net for the nine months ended September 30, 2025. Due to the impact of valuation allowances, this resulted in total after-tax gains of $2.2 million and $3.0 million, or $0.02 and $0.03 per share, for the three and nine months ended September 30, 2025, respectively. |
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(2) |
Primarily costs related to consulting fees for a project associated with the Company's strategic cost savings initiative, recorded in Selling, general and administrative expenses for the three months and nine months ended September 30, 2026 were $11.6 million and $30.6 million ($0.08 and $0.22 per share, with no income tax effect due to the impact of valuation allowances), respectively. |
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(3) |
Non-cash goodwill impairment charge of $181.1 million ($175.7 million or $1.49 per share after income tax expense) recorded during the three and nine months ended September 30, 2025 related to our Refining Solutions reporting unit within our previously reported Ketjen reportable segment. |
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(4) |
Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three and nine months ended September 30, 2026 were $4.2 million and $6.1 million ($0.03 and $0.04 per share, with no income tax effect due to the impact of valuation allowances), respectively, and for the three and nine months ended September 30, 2025 were $1.9 million and $5.1 million ($1.5 million and $4.0 million after income taxes, or $0.01 and $0.03 per share), respectively. |
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(5) |
During the first quarter of 2026, the Company divested its controlling ownership interest in its Refining Solutions business and its full 50% ownership interest in the Eurecat joint venture. As a result of these transactions, the Company recorded a net loss of $52.7 million ($0.39 per share, with no income tax effect due to the impact of valuation allowances), representing the proceeds received less the carrying value as of the transaction dates. |
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(6) |
During the first quarter of 2026, the Company completed a $1.3 billion debt tender and redemption, resulting in a gain on early extinguishment of debt of $12.5 million ($0.09 per share, with no income tax effect due to the impact of valuation allowances), representing the repurchase of this debt at a discount, partially offset by tender premiums and redemption fees. |
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(7) |
Losses resulting from the net change in fair value of investments in public equity securities, recorded in Other income, net for the three and nine months ended September 30, 2026 of $7.9 million and $6.8 million ($0.06 and $0.05 per share, with no income tax effect due to the impact of valuation allowances), respectively, and for the three and nine months ended September 30, 2025 gains of $8.0 million and $3.1 million ($6.2 million and $2.5 million after income taxes, or $0.05 and $0.02 per share), respectively. |
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(8) |
Other adjustments for the three months ended September 30, 2026 included amounts recorded in: |
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Cost of goods sold - $11.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements. |
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Selling, general and administrative expenses - $1.0 million of expenses related to other costs outside of our regular operations. |
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After income taxes, these losses totaled $9.0 million, or $0.07 per share. |
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Other adjustments for the three months ended September 30, 2025 included amounts recorded in: |
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Selling, general and administrative expenses - $2.0 million of severance expenses not related to a restructuring plan, $1.4 million of expenses related to the redemption of preferred equity in a Grace subsidiary, $1.4 million related to the write-off of certain fixed assets and $1.3 million of expenses related to certain historical legal matters, partially offset by $1.9 million of gains from the sale of assets not part of our production operations. |
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Other income, net - $0.5 million gain resulting from the adjustment of indemnification related to a previously disposed business. |
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After income taxes, these net losses totaled $3.0 million, or $0.03 per share. |
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Other adjustments for the nine months ended September 30, 2026 included amounts recorded in: |
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Cost of goods sold - $15.3 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements. |
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Selling, general and administrative expenses - $3.9 million charge for a non-income tax audit of a facility no longer controlled by the Company and a net loss of $1.6 million primarily related to other costs outside of our regular operations. |
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Other income, net - Primarily related to $3.4 million of charges for asset retirement obligations at a site not part of our operations and a net loss of $1.5 million primarily driven by indemnification charges related to the Eurecat S.A. joint venture sale, partially offset by a $3.9 million gain resulting from the adjustment of indemnification related to previously disposed businesses. |
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After income taxes, these net losses totaled $17.0 million, or $0.13 per share. |
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Other adjustments for the nine months ended September 30, 2025 included amounts recorded in: |
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Selling, general and administrative expenses - $13.3 million of gains from the sale of assets not part of our production operations, partially offset by $3.8 million of severance expenses not related to a restructuring plan, $1.9 million of expenses related to certain historical legal matters, $1.4 million of expenses related to the redemption of preferred equity in a Grace subsidiary and $1.4 million related to the write-off of certain fixed assets. |
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Other income, net - $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary and $1.9 million of charges for asset retirement obligations at a site not part of our operations, partially offset by $19.8 million of income from PIK dividends of the preferred equity in a Grace subsidiary prior to redemption and a $2.4 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses. |
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After income taxes, these net losses totaled $8.4 million, or $0.07 per share. |
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(9) |
Included in Income tax expense (benefit) for the three and nine months ended September 30, 2026 are discrete net tax expenses of $15.3 million and $25.9 million, or $0.11 and $0.19 per share, respectively, primarily related to the impact of foreign tax reserves and foreign return to provisions. |
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Included in Income tax expense (benefit) for the three and nine months ended September 30, 2025 are discrete net tax expenses of $3.9 million, or $0.03 per share, and $1.9 million, or $0.02 per share, respectively, primarily related to the impact of foreign tax reserves, the change in the Company's assertion over book and tax basis differences of a foreign entity and changes in certain foreign tax rates. |
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See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP (in thousands, except percentages).
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Income (loss) before |
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Income tax expense |
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Effective income tax |
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Three months ended September 30, 2026 |
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As reported |
$ 133,218 |
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$ 21,900 |
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16.4 % |
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Non-recurring, other unusual and non-operating pension and OPEB |
45,245 |
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(11,612) |
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As adjusted |
$ 178,463 |
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$ 10,288 |
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5.8 % |
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Three months ended September 30, 2025 |
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As reported |
$ (239,146) |
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$ (30,565) |
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12.8 % |
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Non-recurring, other unusual and non-operating pension and OPEB |
181,424 |
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1,210 |
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As adjusted |
$ (57,722) |
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$ (29,355) |
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50.9 % |
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Nine months ended September 30, 2026 |
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As reported |
$ 829,062 |
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$ 137,413 |
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16.6 % |
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Non-recurring, other unusual and non-operating pension and OPEB |
150,098 |
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(20,301) |
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As adjusted |
$ 979,160 |
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$ 117,112 |
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12.0 % |
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Nine months ended September 30, 2025 |
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As reported |
$ (267,083) |
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$ (449) |
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0.2 % |
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Non-recurring, other unusual and non-operating pension and OPEB |
202,805 |
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11,789 |
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As adjusted |
$ (64,278) |
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$ 11,340 |
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(17.6) % |
See below for the calculation of operating cash flow conversion and a reconciliation of free cash flow, a non-GAAP measure, to net cash provided by operating activities, the most directly comparable financial measure calculated and reporting in accordance with GAAP. The Company defines operating cash flow conversion as Net cash provided by operating activities from the statement of cash flows divided by adjusted EBITDA, which is a non-GAAP measure. A reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income (loss) attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with GAAP, is provided in the above tables (in thousands, except percentages).
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Three Months Ended |
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September 30, 2026 |
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Free cash flow: |
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Net cash provided by operating activities |
$ 405,796 |
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Less: Capital expenditures |
(80,374) |
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Free cash flow |
$ 325,422 |
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Operating cash flow conversion: |
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Net cash provided by operating activities |
$ 405,796 |
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Adjusted EBITDA |
$ 645,510 |
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Operating cash flow conversion |
63 % |
See below for the calculation of the net debt to adjusted EBITDA ratio ("Consolidated Leverage Ratio," as defined in our credit agreement), a non-GAAP financial measure, for the twelve months ended September 30, 2026 (in thousands, except ratio).
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Twelve Months Ended |
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September 30, 2026 |
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Adjusted EBITDA |
$ 2,436,165 |
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Equity in net income of non-Windfield Holdings unconsolidated investments (net of tax) |
11,099 |
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Dividends received from non-Windfield Holdings unconsolidated investments |
4,691 |
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Consolidated Windfield-Adjusted EBITDA |
$ 2,451,955 |
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Total Albemarle Corporation long-term debt (as reported) |
$ 1,881,352 |
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Unamortized discount and debt issuance costs |
41,954 |
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49% Windfield Holdings debt |
776,111 |
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Off-balance sheet obligations and other |
96,900 |
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Consolidated Windfield-Adjusted Funded Debt |
$ 2,796,317 |
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Less Cash |
1,845,999 |
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Less 49% Windfield Holdings cash |
126,925 |
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Consolidated Windfield-Adjusted Funded Net Debt |
$ 823,393 |
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Consolidated Leverage Ratio |
0.3 |
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SOURCE Albemarle Corporation