0000915913-20-000099.txt : 20200506 0000915913-20-000099.hdr.sgml : 20200506 20200506163504 ACCESSION NUMBER: 0000915913-20-000099 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200506 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200506 DATE AS OF CHANGE: 20200506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALBEMARLE CORP CENTRAL INDEX KEY: 0000915913 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 541692118 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12658 FILM NUMBER: 20853144 BUSINESS ADDRESS: STREET 1: 4250 CONGRESS STREET STREET 2: SUITE 900 CITY: CHARLOTTE STATE: NC ZIP: 28209 BUSINESS PHONE: 980-299-5700 MAIL ADDRESS: STREET 1: 4250 CONGRESS STREET STREET 2: SUITE 900 CITY: CHARLOTTE STATE: NC ZIP: 28209 FORMER COMPANY: FORMER CONFORMED NAME: ECHEM INC DATE OF NAME CHANGE: 19931208 8-K 1 alb-20200506.htm 8-K alb-20200506
false000091591300009159132020-05-062020-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________
FORM 8-K
_________________________________
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) May 6, 2020
 
_________________________________
ALBEMARLE CORPORATION
(Exact name of Registrant as specified in charter)
_________________________________

Virginia001-1265854-1692118
(State or other jurisdiction
of incorporation)
(Commission
file number)
(IRS employer
identification no.)
4250 Congress Street, Suite 900
Charlotte, North Carolina 28209
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code
(980) 299-5700
Not applicable
(Former name or former address, if changed since last report)
_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
COMMON STOCK, $.01 Par ValueALBNew York Stock Exchange




Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition.
On May 6, 2020, Albemarle Corporation (the “Company”) issued a press release reporting its results for the first quarter ended March 31, 2020. A copy of this release is being furnished as Exhibit 99.1 hereto and incorporated herein by reference. In addition, on May 7, 2020, the Company will hold a teleconference for analysts and media to discuss results for the first quarter ended March 31, 2020. The teleconference will be webcast on the Company’s website at www.albemarle.com.
The press release includes presentations of adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin. These are financial measures that are not required by, nor presented in accordance with, accounting principles generally accepted in the United States (“GAAP”), but are included to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance.
Our presentations of adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA and adjusted effective income tax rates should not be considered as alternatives to Net income attributable to Albemarle Corporation (“earnings”), diluted earnings per share and effective income tax rates as determined in accordance with GAAP. Further, EBITDA margin and adjusted EBITDA margin should not be considered as alternatives to earnings as a percentage of our consolidated net sales as would be determined in accordance with GAAP. The Company has included in the press release certain reconciliation information for these measures to their most directly comparable financial measures calculated and reported in accordance with GAAP.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 6, 2020

ALBEMARLE CORPORATION
By:/s/ Karen G. Narwold
Karen G. Narwold
Executive Vice President and Chief Administrative Officer





EX-99.1 2 a1q20earningsreleaseex.htm EX-99.1 Document

Exhibit 99.1
Contact:
Meredith Bandy980.999.5168

a3q19earningsreleasima.jpg



Albemarle Reports First Quarter Results


CHARLOTTE, N.C. - May 6, 2020 - Albemarle Corporation (NYSE: ALB) today announced its results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights
(Unless otherwise stated, all percent changes are based on year-over-year comparisons)
Net sales of $739 million; Net income of $107 million, or $1.01 per diluted share; Adjusted diluted EPS of $1.00
Adjusted EBITDA of $196 million decreased by ~13% year-over-year, but above previously communicated guidance
Taking action to bolster our balance sheet to enhance financial flexibility; drew $250 million on our revolver, repaid other short-term debt
Accelerating our $100 million cost savings initiative; we now expect to realize between $50 and $70 million of these savings in 2020
Implementing short-term cash management actions to save between $25 and $40 million per quarter; reducing 2020 capital spending by about $150 million from plan
As previously announced, J. Kent Masters was named Chairman, President and CEO of Albemarle effective April 20; separately, in March, Meredith Bandy joined Albemarle to oversee Investor Relations and Sustainability

“Despite challenges related to COVID-19, our business performed safely and on plan during the first quarter of 2020. The economic impact of the global pandemic remains unclear, but we remain focused on what is within our control. That means ensuring that our employees are safe and healthy, and have the tools they need to perform; staying connected to our customers and suppliers; monitoring our cash management daily and taking action where appropriate; and accelerating our $100 million cost reduction program,” said Kent Masters, Albemarle CEO. “I’d like to thank the entire Albemarle team for working diligently during these uncertain times to ensure we are able to meet our customers’ needs and fulfill our obligations to our stakeholders. We remain confident in our strategy and will alter our execution of that strategy based on near-term conditions to position Albemarle for future success.”

Outlook

We are withdrawing full-year 2020 outlook given the uncertainty around the duration and economic impact of the pandemic. We intend to reintroduce our full-year outlook as the situation allows. In an effort to help investors better understand our business, we are temporarily introducing a quarterly outlook. Albemarle anticipates that its Q2 2020 performance will be lower year-over-year based on reduced global economic activity due to the global pandemic.
Q2 2020 Outlook
Net sales$700 - $775 million
Adjusted EBITDA$140 - $190 million
1



COVID-19 Response

Albemarle’s cross-functional Global Response Team meets regularly to assess the situation and take necessary actions to address employee health and safety and operational challenges. We have implemented protocols including restricting travel, work-from-home for non-essential personnel, and shift adjustments, increased hygiene and social distancing for the essential workers at our plants. We have also increased communications with our employees, customers and suppliers to ensure we can meet our commitments safely and efficiently. Finally, we are supporting our communities through monetary and in-kind donations.

First Quarter Results
In millions, except per share amountsQ1 2020Q1 2019$ Change% Change
Net sales$738.8  $832.1  $(93.2) (11.2)%
Net income attributable to Albemarle Corporation$107.2  $133.6  $(26.4) (19.7)%
Adjusted EBITDA(a)
$196.4  $225.9  $(29.5) (13.1)%
Diluted earnings per share$1.01  $1.26  $(0.25) (19.8)%
   Non-operating pension and OPEB items(a)
(0.02) (0.01) 
   Non-recurring and other unusual items(a)
0.01  (0.02) 
Adjusted diluted earnings per share(b)
$1.00  $1.23  $(0.23) (18.7)%

(a) See Non-GAAP Reconciliations for further details.
(b) Totals may not add due to rounding.

Net sales of $738.8 million decreased by $93.2 million compared to the prior year quarter, primarily driven by the Lithium and Catalysts business segments as discussed below.

Adjusted EBITDA of $196.4 million decreased by $29.5 million from the prior year quarter as lower cost of goods sold partially offset lower net sales. Similarly, net income attributable to Albemarle of $107.2 million decreased by $26.4 million from the prior year. Corporate costs including SG&A, R&D, and interest and financing expenses were broadly in line with the prior year period.

The effective income tax rate for the first quarter of 2020 was 16.0% compared to 24.4% in the same period in 2019, the difference being largely due to a change in the geographic mix of earnings. On an adjusted basis, the effective income tax rates were 16.7% and 22.5% for the first quarter of 2020 and 2019, respectively.

Business Segment Results

Lithium
In millionsQ1 2020Q1 2019$ Change% Change
Net Sales$236.8  $291.9  $(55.1) (18.9)%
Adjusted EBITDA
$78.6  $115.6  $(37.0) (32.0)%

Lithium net sales of $236.8 million declined $55.1 million driven by lower pricing and volume. Lower contract pricing reflects 2020 price adjustments that were agreed to in late 2019. As expected, customers reduced Q1 2020 volumes as they worked off excess inventory purchased in Q4 2019. Adjusted EBITDA of $78.6 million declined by $37.0 million as product and customer mix and cost savings helped offset reduced net sales.

Current Trends: Our lithium plants in Chengdu and Xinyu operated at reduced rates in early 2020 due to operating restrictions related to COVID-19. Those facilities are now operating at plan. To date, we have experienced minimal order reductions. However, customer closures and order cancellations are likely to affect specialty and technical grade products in Q2 2020. We continue to see solid battery grade orders in Q2 2020 as battery manufacturers catch up on backlog orders placed prior to COVID-19. Therefore, the impact of recent automotive OEM shutdowns is expected to be delayed into H2 2020.


2


Bromine Specialties
In millionsQ1 2020Q1 2019$ Change% Change
Net Sales$231.6  $249.1  $(17.5) (7.0)%
Adjusted EBITDA
$83.3  $78.6  $4.7  5.9 %

Bromine net sales of $231.6 million declined $17.5 million. Lower volumes due to logistics challenges were partially offset by higher average selling prices. Adjusted EBITDA of $83.3 million was up slightly as cost savings initiatives and reduced minority interest expense offset lower net sales.

Current Trends: To date, Bromine demand has remained relatively strong; however, future demand is likely to be impacted by recent COVID-19 shut-downs. Due to our position in the supply chain most of the impact is expected to be delayed into H2 2020, and to rebound relatively quickly when economic activity returns to more normal levels.

Catalysts
In millionsQ1 2020Q1 2019$ Change% Change
Net Sales$207.2  $251.6  $(44.4) (17.7)%
Adjusted EBITDA
$47.5  $60.1  $(12.6) (21.0)%

Catalysts net sales of $207.2 million declined $44.4 million due primarily to lower volumes. Fluid Catalytic Cracking (FCC) volume was down primarily from lower transportation fuel consumption as a result of stay-at-home orders and travel restrictions. Logistics challenges also impacted catalysts volumes. Adjusted EBITDA of $47.5 million declined $12.6 million as reduced raw materials costs and better product mix partially offset reduced net sales.

Current Trends: Reduced transportation fuel consumption is expected to worsen into Q2 2020, putting further downward pressure on FCC volumes. To date, the Clean Fuel Technology (Hydroprocessing Catalysts or HPC) business has been relatively unaffected; however, based on previous economic downturns, we would expect HPC to be negatively impacted in H2 2020 as refiners defer spending into 2021.

All Other
In millionsQ1 2020Q1 2019$ Change% Change
Net Sales$63.2  $39.5  $23.8  60.2 %
Adjusted EBITDA
$22.8  $7.2  $15.6  215.1 %

Other operations represents our Fine Chemistry Services (FCS) business. FCS net sales of $63.2 million increased $23.8 million and adjusted EBITDA of $22.8 million increased $15.6 million. The FCS business tends to be contract driven. Recent contracts include life sciences products which are typically anti-cyclical.

Balance Sheet and Liquidity

As of March 31, 2020, Albemarle had estimated liquidity of $1.7 billion including $553 million of cash and equivalents, $715 million remaining under our $1 billion revolver, $200 million available under our delayed draw term loan, and $190 million on other available credit lines. Total debt was $3.1 billion, representing net debt to adjusted EBITDA of approximately 2.7x. Current leverage is below the level required under debt covenants; however, we are in the process of negotiating a covenant waiver to ensure on-going financial flexibility.

Cash Flow and Capital Deployment

First quarter cash from operations of $155.1 million increased $100.1 million versus the prior year as working capital reductions more than offset lower earnings. Capital expenditures of $214.5 million were in-line with the prior year as progress continued on our Lithium expansion projects.

We have evaluated our capital allocation priorities under a variety of economic scenarios. Our immediate capital allocation priorities are to maintain our investment grade rating and our quarterly dividend.

3


In order to preserve cash and align with the current economic environment, we are accelerating our previously announced cost savings initiatives, implementing short-term cash management tactics and delaying capital expenditures. We now anticipate realizing $50 to $70 million of sustainable cost savings in 2020, up from $50 million previously. We also expect full-year capital spending to be approximately $850 to $950 million, down about $150 million from previous plan. Short term cash management actions include hiring limits, inventory reductions, and executive salary cuts.

In February, the board declared a quarterly dividend of $0.385 per share, an increase of approximately 5% over the previous quarterly dividend. 2020 is expected to be our 26th consecutive year of dividend increase and the company remains committed to shareholder returns.

Our share repurchase authorization remains in place; however, there are no near-term plans to execute share buybacks. Divestiture activity has been temporarily slowed as travel restrictions are delaying due diligence processes.

Earnings Call

Date:Thursday, May 7, 2020
Time:9:00 AM Eastern time
Dial-in (U.S.):844-347-1034
Dial-in (International):209-905-5910
Passcode:2377882

The Company’s earnings presentation and supporting material are available on Albemarle’s website at https://investors.albemarle.com.

About Albemarle

Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world’s largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-added, customized solutions that make them more competitive. Our solutions combine the finest technology and ingredients with the knowledge and know-how of our highly experienced and talented team of operators, scientists and engineers.

Discovering and implementing new and better performance-based sustainable solutions is what motivates all of us. We think beyond business-as-usual to drive innovations that create lasting value. Albemarle employs approximately 6,000 people and serves customers in approximately 75 countries. We regularly post information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves.

Forward-Looking Statements

Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, information related to product development, production capacity, committed volumes, market trends, pricing, expected growth, earnings and demand for our products, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, capital projects, economic trends, outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products or the end-user markets in which our products are sold; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; increases in the cost of raw materials and energy, and our ability to pass through such increases to our customers; changes in our markets in general; fluctuations in foreign currencies; changes in laws and government
4


regulation impacting our operations or our products; the occurrence of regulatory actions, proceedings, claims or litigation; the occurrence of cyber-security breaches, terrorist attacks, industrial accidents, natural disasters or climate change; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest affecting the global economy, including adverse effects from terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings and changes in tax laws and rates; changes in monetary policies, inflation or interest rates that may impact our ability to raise capital or increase our cost of funds, impact the performance of our pension fund investments and increase our pension expense and funding obligations; volatility and uncertainties in the debt and equity markets; technology or intellectual property infringement, including cyber-security breaches, and other innovation risks; decisions we may make in the future; the ability to successfully execute, operate and integrate acquisitions and divestitures; uncertainties as to the duration and impact of the coronavirus (COVID-19) pandemic; and the other factors detailed from time to time in the reports we file with the SEC, including those described under “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

5


Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)

Three Months Ended
March 31,
20202019
Net sales$738,845  $832,064  
Cost of goods sold496,827  548,578  
Gross profit
242,018  283,486  
Selling, general and administrative expenses101,877  113,355  
Research and development expenses16,097  14,977  
Operating profit
124,044  155,154  
Interest and financing expenses(16,885) (12,586) 
Other income, net8,314  11,291  
Income before income taxes and equity in net income of unconsolidated investments115,473  153,859  
Income tax expense18,442  37,514  
Income before equity in net income of unconsolidated investments97,031  116,345  
Equity in net income of unconsolidated investments (net of tax)26,604  35,181  
Net income123,635  151,526  
Net income attributable to noncontrolling interests(16,431) (17,957) 
Net income attributable to Albemarle Corporation$107,204  $133,569  
Basic earnings per share$1.01  $1.26  
Diluted earnings per share$1.01  $1.26  
Weighted-average common shares outstanding – basic106,227  105,799  
Weighted-average common shares outstanding – diluted106,512  106,356  



6


Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)

March 31,December 31,
20202019
ASSETS
Current assets:
Cash and cash equivalents$553,228  $613,110  
Trade accounts receivable518,703  612,651  
Other accounts receivable73,765  67,551  
Inventories853,500  768,984  
Other current assets155,985  162,813  
Total current assets
2,155,181  2,225,109  
Property, plant and equipment6,973,817  6,817,843  
Less accumulated depreciation and amortization1,947,848  1,908,370  
Net property, plant and equipment
5,025,969  4,909,473  
Investments543,670  579,813  
Other assets219,202  213,061  
Goodwill1,559,055  1,578,785  
Other intangibles, net of amortization344,561  354,622  
Total assets
$9,847,638  $9,860,863  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$573,075  $574,138  
Accrued expenses491,579  553,160  
Current portion of long-term debt35,615  187,336  
Dividends payable40,715  38,764  
Current operating lease liability23,826  23,137  
Income taxes payable28,116  32,461  
Total current liabilities
1,192,926  1,408,996  
Long-term debt3,105,225  2,862,921  
Postretirement benefits50,673  50,899  
Pension benefits285,851  292,073  
Other noncurrent liabilities768,757  754,536  
Deferred income taxes402,681  397,858  
Commitments and contingencies
Equity:
Albemarle Corporation shareholders’ equity:
Common stock1,063  1,061  
Additional paid-in capital1,393,681  1,383,446  
Accumulated other comprehensive loss(526,489) (395,735) 
Retained earnings3,009,749  2,943,478  
Total Albemarle Corporation shareholders’ equity3,878,004  3,932,250  
Noncontrolling interests163,521  161,330  
Total equity4,041,525  4,093,580  
Total liabilities and equity$9,847,638  $9,860,863  


7


Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)

Three Months Ended
March 31,
20202019
Cash and cash equivalents at beginning of year$613,110  $555,320  
Cash flows from operating activities:
Net income123,635  151,526  
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization53,694  49,283  
Gain on sale of property—  (11,079) 
Stock-based compensation and other2,501  5,556  
Equity in net income of unconsolidated investments (net of tax)(26,604) (35,181) 
Dividends received from unconsolidated investments and nonmarketable securities—  3,034  
Pension and postretirement (benefit) expense(1,719) 578  
Pension and postretirement contributions(6,113) (3,555) 
Unrealized gain on investments in marketable securities(627) (476) 
Deferred income taxes4,790  7,580  
Working capital changes17,730  (122,939) 
Other, net(12,233) 10,589  
Net cash provided by operating activities155,054  54,916  
Cash flows from investing activities:
Acquisitions, net of cash acquired(22,572) —  
Capital expenditures(214,529) (216,132) 
Proceeds from sale of property and equipment—  10,356  
Sales of marketable securities, net2,589  1,090  
Investments in equity and other corporate investments(356) (2,509) 
Net cash used in investing activities(234,868) (207,195) 
Cash flows from financing activities:
Proceeds from borrowings of credit agreements250,000  —  
Other (repayments) borrowings, net(151,872) 118,223  
Dividends paid to shareholders(38,982) (35,387) 
Dividends paid to noncontrolling interests(14,286) —  
Proceeds from exercise of stock options10,195  2,676  
Withholding taxes paid on stock-based compensation award distributions(3,825) (10,255) 
Debt financing costs(214) —  
Net cash provided by financing activities51,016  75,257  
Net effect of foreign exchange on cash and cash equivalents(31,084) (13,024) 
Decrease in cash and cash equivalents(59,882) (90,046) 
Cash and cash equivalents at end of period$553,228  $465,274  



8


Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)

Three Months Ended
March 31,
20202019
Net sales:
Lithium$236,818  $291,886  
Bromine Specialties231,592  249,052  
Catalysts207,207  251,648  
All Other63,228  39,478  
Total net sales$738,845  $832,064  
Adjusted EBITDA:
Lithium$78,637  $115,616  
Bromine Specialties83,262  78,597  
Catalysts47,470  60,071  
All Other22,824  7,243  
Corporate(35,828) (35,660) 
Total adjusted EBITDA$196,365  $225,867  

See accompanying non-GAAP reconciliations below.

Additional Information

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, non-operating pension and OPEB items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin 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 attributable to Albemarle Corporation (“earnings”). These measures are presented here to provide additional useful measurements to review our 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 we use to evaluate our 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.

9


ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited)
See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, EBITDA and adjusted EBITDA, the non-GAAP financial measures, to Net income attributable to Albemarle Corporation (“earnings”), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted earnings is defined as earnings before the non-recurring, other unusual and non-operating pension and OPEB items as listed below. EBITDA is defined as earnings before interest and financing expenses, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA and the non-recurring, other unusual and non-operating pension and OPEB items as listed below.


Three Months Ended

March 31,
In thousands, except percentages and per share amounts
20202019
Net income attributable to Albemarle Corporation
$107,204  

$133,569  
Add back:
Non-operating pension and OPEB items (net of tax)
(2,311) 

(569) 
Non-recurring and other unusual items (net of tax)
1,493  

(2,012) 
Adjusted net income attributable to Albemarle Corporation
$106,386  

$130,988  




Adjusted diluted earnings per share
$1.00  

$1.23  




Weighted-average common shares outstanding – diluted
106,512  106,356  




Net income attributable to Albemarle Corporation
$107,204  

$133,569  
Add back:



Interest and financing expenses
16,885  

12,586  
Income tax expense
18,442  

37,514  
Depreciation and amortization
53,694  

49,283  
EBITDA
196,225  

232,952  
Non-operating pension and OPEB items
(2,908) 

(583) 
Non-recurring and other unusual items
3,048  

(6,502) 
Adjusted EBITDA
$196,365  

$225,867  




Net sales
$738,845  

$832,064  
EBITDA margin
26.6 %

28.0 %
Adjusted EBITDA margin
26.6 %

27.1 %

10


See below for a reconciliation of adjusted EBITDA on a segment basis, the non-GAAP financial measure, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).
LithiumBromine SpecialtiesCatalystsReportable Segments TotalAll OtherCorporateConsolidated Total% of Net Sales
Three months ended March 31, 2020:
Net income (loss) attributable to Albemarle Corporation$53,240  $71,665  $34,892  $159,797  $20,846  $(73,439) $107,204  14.5 %
Depreciation and amortization25,397  11,597  12,578  49,572  1,978  2,144  53,694  7.3 %
Non-recurring and other unusual items—  —  —  —  —  3,048  3,048  0.4 %
Interest and financing expenses—  —  —  —  —  16,885  16,885  2.3 %
Income tax expense—  —  —  —  —  18,442  18,442  2.5 %
Non-operating pension and OPEB items—  —  —  —  —  (2,908) (2,908) (0.4)%
Adjusted EBITDA$78,637  $83,262  $47,470  $209,369  $22,824  $(35,828) $196,365  26.6 %
Three months ended March 31, 2019:
Net income (loss) attributable to Albemarle Corporation$93,169  $67,480  $47,859  $208,508  $5,206  $(80,145) $133,569  16.1 %
Depreciation and amortization22,092  11,117  12,212  45,421  2,037  1,825  49,283  5.9 %
Non-recurring and other unusual items355  —  —  355  —  (6,857) (6,502) (0.8)%
Interest and financing expenses—  —  —  —  —  12,586  12,586  1.5 %
Income tax expense—  —  —  —  —  37,514  37,514  4.5 %
Non-operating pension and OPEB items—  —  —  —  —  (583) (583) (0.1)%
Adjusted EBITDA$115,616  $78,597  $60,071  $254,284  $7,243  $(35,660) $225,867  27.1 %

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 our operating segments and are included in the Corporate category. In addition, we believe that these components of pension cost are mainly driven by market performance, and we manage these separately from the operational performance of our 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
March 31,
20202019
Interest cost $7,155  $8,869  
Expected return on assets(10,063) (9,452) 
Total$(2,908) $(583) 

In addition to the non-operating pension and OPEB items disclosed above, we have identified certain other items and excluded them from our adjusted net income 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
March 31,
20202019
Restructuring and other(1)
$0.01  $—  
Acquisition and integration related costs(2)
0.02  0.04  
Gain on sale of property(3)
—  (0.08) 
Other(4)
(0.01) (0.01) 
Discrete tax items(5)
(0.01) 0.03  
Total non-recurring and other unusual items$0.01  $(0.02) 

11


(1)Included in Cost of goods sold, Selling, general and administrative expenses and Net income attributable to noncontrolling interest for the three months ended March 31, 2020 is $0.7 million, $1.5 million and a $0.3 million gain ($1.5 million after income taxes, or $0.01 per share), respectively, related to severance payments as part of a business reorganization plan.

(2)Acquisition and integration related costs included in Selling, general and administrative expenses for the three months ended March 31, 2020 and 2019 of $3.0 million and $5.3 million ($2.3 million and $4.1 million after income taxes, or $0.02 and $0.04 per share), respectively, related to various significant projects including the Wodgina mine acquisition.

(3)Included in Other income, net, for the three months ended March 31, 2019 is a gain of $11.1 million ($8.5 million after income taxes, or $0.08 per share) related to the sale of land in Pasadena, Texas not used as part of our operations.

(4)Other adjustments for the three months ended March 31, 2020 included amounts recorded in:
Other income, net - $2.6 million gain resulting from the settlement of a legal matter related to a business sold, partially offset by a $0.8 million loss resulting from the adjustment of indemnifications related to previously disposed businesses.
        After income taxes, this net gain totaled $1.2 million, or $0.01 per share.

Other adjustments for the three months ended March 31, 2019 included amounts recorded in:
Cost of goods sold - $0.4 million related to non-routine labor and compensation related costs in Chile that are outside normal compensation arrangements.
Selling, general and administrative expenses - $0.5 million related to severance payments as part of a business reorganization plan.
Other income, net - $1.6 million of a net gain resulting from the revision of indemnifications and other liabilities related to previously disposed businesses.
        After income taxes, this net gain totaled $0.8 million, or $0.01 per share.

(5) Included in Income tax expense for the three months ended March 31, 2020 are discrete net tax benefits of $1.1 million, or $0.01 per share. This net benefit is primarily related to excess tax benefits realized from stock-based compensation arrangements.

Included in Income tax expense for the three months ended March 31, 2019 are discrete net tax expenses of $3.2 million, or $0.03 per share, primarily related to expenses for uncertain tax positions and foreign return to accrual adjustments, partially offset by a benefit for excess tax benefits realized from stock-based compensation arrangements.

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 reported in accordance with GAAP (in thousands, except percentages).

Income before income taxes and equity in net income of unconsolidated investmentsIncome tax expenseEffective income tax rate
Three months ended March 31, 2020:
As reported$115,473  $18,442  16.0 %
Non-recurring, other unusual and non-operating pension and OPEB items461  958  
As adjusted$115,934  $19,400  16.7 %
Three months ended March 31, 2019:
As reported$153,859  $37,514  24.4 %
Non-recurring, other unusual and non-operating pension and OPEB items(7,085) (4,504) 
As adjusted$146,774  $33,010  22.5 %

12
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Cover Document
May 06, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 06, 2020
Entity Registrant Name ALBEMARLE CORPORATION
Entity Incorporation, State or Country Code VA
Entity File Number 001-12658
Entity Tax Identification Number 54-1692118
Entity Address, Address Line One 4250 Congress Street, Suite 900
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28209
City Area Code 980
Local Phone Number 299-5700
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Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security COMMON STOCK, $.01 Par Value
Trading Symbol ALB
Security Exchange Name NYSE
Amendment Flag false
Entity Central Index Key 0000915913
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