Albemarle Corp. Files Q3 2024 10-Q

TL;DR

Albemarle's Q3 10-Q is in. Check financials for lithium and bromine biz.

AI Summary

Albemarle Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the specialty chemicals sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Albemarle Corp., a key player in the lithium and bromine markets, impacting the electric vehicle and broader chemical industries.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in volatile commodity markets (lithium, bromine) which inherently carry risk.

Key Numbers

• 2024 Q3 — Reporting Period (The specific quarter covered by the 10-Q filing.)
• 2023-09-30 — Prior Year Q3 (For comparison with the current year's Q3 performance.)

Key Players & Entities

• Albemarle Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-06 (date) — Filing date
• Charlotte, NC (location) — Company's business and mailing address

FAQ

Filing Documents

• alb-20240930.htm (10-Q) — 2093KB
• exhibit1010930202410-q.htm (EX-10.1) — 87KB
• exhibit3110930202410q.htm (EX-31.1) — 10KB
• exhibit3120930202410q.htm (EX-31.2) — 10KB
• exhibit3210930202410q.htm (EX-32.1) — 5KB
• exhibit3220930202410q.htm (EX-32.2) — 5KB
• 0000915913-24-000158.txt ( ) — 10660KB
• alb-20240930.xsd (EX-101.SCH) — 59KB
• alb-20240930_cal.xml (EX-101.CAL) — 92KB
• alb-20240930_def.xml (EX-101.DEF) — 314KB
• alb-20240930_lab.xml (EX-101.LAB) — 648KB
• alb-20240930_pre.xml (EX-101.PRE) — 492KB
• alb-20240930_htm.xml (XML) — 1965KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of (Loss) Income - Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive (Loss) Income - Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 6 Consolidated Statements of Changes in Equity - Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - N ine Months Ended September 30, 2024 and 2023 9 Notes to the Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 55 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 5. Other Information 56 Item 6. Exhibits 56

SIGNATURES

SIGNATURES 58 EXHIBITS 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). ALBEMARLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF (LOSS) INCOME (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 1,354,692 $ 2,310,596 $ 4,145,813 $ 7,261,038 Cost of goods sold (a) 1,458,726 2,255,662 4,221,487 5,371,077 Gross (loss) profit ( 104,034 ) 54,934 ( 75,674 ) 1,889,961 Selling, general and administrative expenses 154,253 172,109 482,052 716,046 Restructuring charges and asset write-offs 828,146 1,757 1,156,522 9,196 Research and development expenses 22,397 21,082 66,699 62,972 Operating (loss) profit ( 1,108,830 ) ( 140,014 ) ( 1,780,947 ) 1,101,747 Interest and financing expenses ( 47,760 ) ( 29,332 ) ( 120,916 ) ( 81,686 ) Other (expenses) income, net ( 22,256 ) 11,182 61,311 147,628 (Loss) income before income taxes and equity in net income of unconsolidated investments ( 1,178,846 ) ( 158,164 ) ( 1,840,552 ) 1,167,689 Income tax expense (benefit) 110,853 ( 8,551 ) 76,472 311,399 (Loss) income before equity in net income of unconsolidated investments ( 1,289,699 ) ( 149,613 ) ( 1,917,024 ) 856,290 Equity in net income of unconsolidated investments (net of tax) 229,058 470,306 696,436 1,417,545 Net (loss) income ( 1,060,641 ) 320,693 ( 1,220,588 ) 2,273,835 Net income attributable to noncontrolling interests ( 8,351 ) ( 18,160 ) ( 34,154 ) ( 82,679 ) Net (loss) income attributable to Albemarle Corporation ( 1,068,992 ) 302,533 ( 1,254,742 ) 2,191,156 Mandatory convertible preferred stock dividends ( 41,687 ) — ( 94,959 ) — Net (loss) income attributable to Albemarle Corporation common shareholders $ ( 1,110,679 ) $ 302,533 $ ( 1,349,701 ) $ 2,191,156 Basic (loss) earnings per share attributable to common shareholders $ ( 9.45 ) $ 2.58 $ ( 11.49 ) $ 18.68 Diluted (loss) earnings per share attributable to common shareholders $ ( 9.45 ) $ 2.57 $ ( 11.49 ) $ 18.60 Weig

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View this 10-Q filing on SEC EDGAR