BATON ROUGE, La., Nov. 4,
2015 /PRNewswire/ --
Third quarter 2015 highlights:
- Adjusted earnings of $0.90 per
share.
- Three core business units grew adjusted EBITDA by 8% versus
prior year, and achieved adjusted EBITDA margins of 31%, excluding
unfavorable currency exchange impacts.
- Actions to date will result in approximately $60 million in 2015 acquisition synergies,
exceeding previous expectations.
- Full year EPS guidance at $3.65 to
$3.80; within prior guidance range.
- In October, refinanced $1.25
billion of 4.625% senior notes assumed from Rockwood at
lower rate.
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
In thousands,
except per share amounts
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net sales
|
$
|
905,093
|
|
|
$
|
642,418
|
|
|
$
|
2,720,982
|
|
|
$
|
1,846,982
|
|
Adjusted
EBITDA
|
$
|
234,996
|
|
|
$
|
144,604
|
|
|
$
|
730,705
|
|
|
$
|
425,322
|
|
Net income from
continuing operations
|
$
|
70,872
|
|
|
$
|
88,019
|
|
|
$
|
177,387
|
|
|
$
|
243,427
|
|
Net income
attributable to Albemarle Corporation
|
$
|
65,392
|
|
|
$
|
72,794
|
|
|
$
|
160,654
|
|
|
$
|
151,824
|
|
Diluted earnings per
share
|
$
|
0.58
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.91
|
|
Non-operating pension and OPEB items(a)
|
—
|
|
|
0.01
|
|
|
(0.03)
|
|
|
0.11
|
|
Special
items(b)
|
0.32
|
|
|
0.12
|
|
|
1.49
|
|
|
0.32
|
|
Discontinued operations(c)
|
—
|
|
|
0.08
|
|
|
—
|
|
|
0.87
|
|
Adjusted diluted
earnings per share(d)
|
$
|
0.90
|
|
|
$
|
1.14
|
|
|
$
|
2.91
|
|
|
$
|
3.21
|
|
|
See accompanying
notes (a) through (d) to the condensed consolidated financial
information and non-GAAP reconciliations.
|
Albemarle Corporation (NYSE: ALB) reported third quarter 2015
earnings of $65.4 million, or
$0.58 per diluted share, compared to
third quarter 2014 earnings of $72.8
million, or $0.93 per diluted
share. Third quarter 2015 adjusted earnings were $100.9 million, or $0.90 per diluted share, compared to $89.5 million, or $1.14 per diluted share, for the third quarter of
2014 (see notes to the condensed consolidated financial
information). The Company reported net sales of $905.1 million in the third quarter of 2015, up
from net sales of $642.4 million in
the third quarter of 2014, driven primarily by the acquisition of
Rockwood Holdings, Inc. ("Rockwood"), which closed January 12, 2015, partly offset by the impact of
lower sales volumes and unfavorable currency exchange impacts.
Earnings for the nine months ended September 30, 2015 were
$160.7 million, or $1.44 per diluted share, compared to $151.8 million, or $1.91 per diluted share, for the same period in
2014. Adjusted earnings for the nine months ended
September 30, 2015 (including $52.4
million in non-cash currency exchange transaction gains from
the first quarter) were $323.2
million, or $2.91 per diluted
share, compared to $254.7 million, or
$3.21 per diluted share, for 2014.
Net sales for the nine months ended September 30, 2015 were
$2.72 billion, up from net sales of
$1.85 billion, driven primarily by
the acquisition of Rockwood, partly offset by the impact of lower
sales volumes and unfavorable currency exchange impacts.
"Albemarle's core businesses continued to perform well in the
third quarter. Through the first nine months of 2015, these
businesses delivered 8% adjusted EBITDA growth and 30% margin rates
on a constant currency basis," said Albemarle's President and CEO,
Luke Kissam. "Our integration
synergies have exceeded expectations to date, and our free cash
flow remains in-line with prior guidance."
The acquisition of Rockwood was completed on January 12, 2015 for a purchase price of
approximately $5.7 billion. The cash
consideration was funded with proceeds from senior notes the
Company issued in 2014 and borrowings under the Company's term loan
credit agreement, cash bridge facility and revolving credit
agreement. The results of Rockwood from January 1, 2015 to January
12, 2015 ("stub period") are excluded from the year-to-date
financial results presented herein. Excluded net sales and adjusted
EBITDA for the stub period were $33.2
million and $3.4 million,
respectively.
Quarterly Segment Results
In order to provide a meaningful comparison of the results of
operations, where applicable, segment results for the third quarter
and nine months ended September 30,
2015 are compared to pro forma segment results for the
comparative periods of 2014. The 2014 pro forma segment results are
based on the historical combined consolidated financial statements
of Albemarle and Rockwood and were prepared to illustrate the
effects of the integration of the Rockwood business, as well as the
first quarter 2015 change in reporting structure. This supplemental
pro forma financial information is also located on the Company's
website and in Albemarle's Current Report on Form 8-K which was
filed on April 13, 2015.
Performance Chemicals reported net sales of $399.5 million in the third quarter of 2015, a
decrease of 4.2% from third quarter 2014 pro forma net sales of
$417.1 million. Net sales were
impacted by $16.6 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $1.0 million
decrease in net sales was predominantly due to lower sales volumes
for Bromine almost fully offset by higher Lithium and Performance
Catalyst Solutions ("PCS") sales volumes and favorable pricing in
Bromine, Lithium and PCS. Adjusted EBITDA for Performance Chemicals
was $136.2 million, an increase of
6.2% from third quarter 2014 pro forma results of $128.2 million. Adjusted EBITDA was impacted by
$5.9 million of unfavorable currency
exchange impacts as compared to the prior year. The remaining
$13.9 million increase in adjusted
EBITDA was primarily driven by favorable Bromine, Lithium and PCS
pricing as well as earnings from our Talison joint venture, offset
slightly by lower overall sales volumes.
Refining Solutions generated net sales of $185.1 million in the third quarter of 2015, a
decrease of 15.5% from net sales of $219.0
million in the third quarter of 2014. Net sales were
impacted by $9.1 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $24.8 million
decrease in net sales was primarily driven by unfavorable Clean
Fuels Technology volumes and price partly offset by favorable Heavy
Oil Upgrading volumes. Adjusted EBITDA for Refining Solutions was
$54.5 million in the third quarter of
2015, a decrease of 11.6% from third quarter 2014 results of
$61.7 million. Adjusted EBITDA was
impacted by $3.3 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $3.9 million
decrease in adjusted EBITDA was primarily due to lower Clean Fuels
Technology sales volumes and price partly offset by favorable Heavy
Oil Upgrading volumes.
Chemetall® Surface Treatment reported net sales of
$211.9 million in the third quarter
of 2015, an increase of 1.5% from third quarter 2014 pro forma net
sales of $208.8 million. Net sales
were impacted by $26.3 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $29.4 million
increase in net sales was primarily due to increased sales volumes
related to the acquisition of the remaining shares of the Chemetall
Shanghai joint venture in February of this year and favorable
pricing. Adjusted EBITDA for Chemetall Surface Treatment was
$53.9 million in the third quarter of
2015, an increase of 4.7% from third quarter 2014 pro forma results
of $51.5 million. Adjusted EBITDA was
impacted by $5.5 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $7.9 million
increase in adjusted EBITDA was primarily due to higher overall
sales volumes and favorable pricing offset slightly by increased
selling, general, and administrative expenses primarily associated
with the Chemetall Shanghai joint venture acquisition.
All Other net sales were $102.2
million in the third quarter of 2015, a decrease of 32.3%
from pro forma net sales of $151.1
million in the third quarter of 2014. Net sales were
impacted by $12.9 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $36.0 million
decrease in net sales was primarily due to unfavorable Fine
Chemistry Services volumes. All Other adjusted EBITDA was
$6.3 million in the third quarter of
2015, a decrease of 77.2% from third quarter 2014 pro forma results
of $27.4 million. Adjusted EBITDA was
impacted by $1.4 million of
unfavorable currency exchange impacts as compared to the prior
year. The remaining $19.7
million decrease in adjusted EBITDA was primarily due to
lower Fine Chemistry Services sales volumes offset slightly by
lower selling, general and administrative expenses.
In summary, total net sales of $905.1
million, a decrease of $93.6
million or 9.4% from third quarter 2014 pro forma net sales
of $998.7 million, was unfavorably
impacted by currency exchange of $64.9
million. Excluding currency exchange impacts, net sales for
the period would have been down 2.9% as compared to the prior year.
Total adjusted EBITDA of $235.0
million, a decrease of $1.2
million or 0.1% from third quarter 2014 pro forma adjusted
EBITDA of $236.2 million, was
unfavorably impacted by currency exchange of $16.5 million (including $0.4 million of unfavorable foreign currency
exchange impacts on Corporate results). Excluding currency exchange
impacts, adjusted EBITDA for the period would have been up 6.5% as
compared to the prior year.
Corporate Results
Corporate adjusted EBITDA was $(15.9)
million in the third quarter of 2015 compared to
$(32.6) million pro forma adjusted
EBITDA in the third quarter of 2014. The $16.7 million improvement is primarily related to
achieved synergies.
Income Taxes
Our adjusted effective income tax rates, which exclude
discontinued operations, special and non-operating pension and OPEB
items, were 26.6% and 18.9% for the third quarter of 2015 and 2014,
respectively. Our effective tax rate continues to be influenced by
the level and geographic mix of income, and benefits from a
favorable mix of income in lower tax jurisdictions. The effective
tax rate increase compared to the prior year is primarily driven by
the Rockwood acquisition, which caused a reduction in various
benefits in our effective tax rate.
Cash Flow
Our cash flow from operations was approximately $316.9 million for the nine months ended
September 30, 2015, down 26% versus the same period in 2014
primarily due to significant cash expenses in the current period
related to the Rockwood acquisition, including acquisition fees,
costs to deliver synergy projects, and tax payments to repatriate
cash from overseas. We had $234.5
million in cash and cash equivalents at September 30,
2015 as compared to $2.5 billion at
December 31, 2014. Cash on hand, cash
provided by operations, a return of capital from an unconsolidated
investment and proceeds from borrowings funded $2.1 billion for acquisitions, $164.6 million of capital expenditures for plant,
machinery and equipment and dividends to shareholders of
$86.8 million during the nine months
ended September 30, 2015.
Outlook
The outlook for the full year results reflects continued
strength in Lithium and Performance Catalyst Solutions, and on
track results in Refining Solutions and Chemetall Surface
Treatment. However, the outlook is impacted by a lower forecast for
Fine Chemistry Services. Full year adjusted EBITDA is now expected
to range from $940 million to $960
million; adjusted EPS is expected to be $3.65 to $3.80; adjusted free cash flow is
expected to range from $475 million to $525
million.
Earnings Call
The Company's performance for the third quarter ended
September 30, 2015 will be discussed on a conference call at
9:00 AM Eastern time on
November 5, 2015. The call can be accessed by dialing
888-713-4214 (International Dial-In # 617-213-4866), and entering
conference ID 93072672. The Company's earnings presentation and
supporting material can be accessed through Albemarle's website
under Investors at www.albemarle.com.
About Albemarle
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a premier specialty
chemicals company with leading positions in attractive end markets
around the world. With a broad customer reach and diverse end
markets, Albemarle develops, manufactures and markets
technologically advanced and high value added products, including
lithium and lithium compounds, bromine and bromine derivatives,
catalysts and surface treatment chemistries used in a wide range of
applications including consumer electronics, flame retardants,
metal processing, plastics, contemporary and alternative
transportation vehicles, refining, pharmaceuticals, agriculture,
construction and custom chemistry services. Albemarle is focused on
delivering differentiated, performance-based technologies that
deliver innovative and sustainable solutions to its customers. The
Company employs approximately 6,900 people and serves customers in
approximately 100 countries. Albemarle regularly posts information
to www.albemarle.com, including notification of events, news,
financial performance, investor presentations and webcasts,
Regulation G reconciliations, SEC filings and other information
regarding the Company, its businesses and the markets it
serves.
Forward-Looking Statements
Some of the information presented in this press release and the
conference call and discussions that follow, including, without
limitation, statements with respect to the transaction with
Rockwood and the anticipated consequences and benefits of the
transaction, product development, changes in productivity, market
trends, price, expected growth and earnings, input costs,
surcharges, tax rates, stock repurchases, dividends, cash flow
generation, costs and cost synergies, portfolio diversification,
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. There can be no assurance
that actual results will not differ materially. Factors that could
cause actual results to differ materially 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; limitations or prohibitions on the manufacture and sale
of our products; availability of raw materials; changes in the cost
of raw materials and energy; changes in our markets in general;
fluctuations in foreign currencies; changes in laws and government
regulation impacting our operations or our products; the occurrence
of claims or litigation; the occurrence of natural disasters; the
inability to maintain current levels of product or premises
liability insurance or the denial of such coverage; political
unrest affecting the global economy; 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; volatility and substantial uncertainties in the
debt and equity markets; technology or intellectual property
infringement; decisions we may make in the future; the ability to
successfully operate and integrate Rockwood's operations and
realize estimated synergies; and the other factors detailed from
time to time in the reports we file with the SEC, including those
described under "Risk Factors" in the joint proxy statement /
prospectus we filed in connection with the transaction with
Rockwood, and 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.
Albemarle Corporation
and Subsidiaries
|
Consolidated
Statements of Income
|
(In Thousands Except
Per Share Amounts) (Unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
sales
|
$
|
905,093
|
|
|
$
|
642,418
|
|
|
$
|
2,720,982
|
|
|
$
|
1,846,982
|
|
Cost of goods
sold(a)(b)
|
592,883
|
|
|
436,972
|
|
|
1,849,740
|
|
|
1,238,574
|
|
Gross
profit
|
312,210
|
|
|
205,446
|
|
|
871,242
|
|
|
608,408
|
|
Selling, general and
administrative expenses(a)
|
137,615
|
|
|
66,012
|
|
|
421,092
|
|
|
211,127
|
|
Research and
development expenses
|
25,295
|
|
|
22,407
|
|
|
77,123
|
|
|
66,916
|
|
Restructuring and
other, net(b)
|
(6,804)
|
|
|
293
|
|
|
(6,804)
|
|
|
20,625
|
|
Acquisition and
integration related costs(b)
|
42,798
|
|
|
10,261
|
|
|
126,487
|
|
|
15,104
|
|
Operating
profit
|
113,306
|
|
|
106,473
|
|
|
253,344
|
|
|
294,636
|
|
Interest and
financing expenses(b)
|
(32,058)
|
|
|
(8,749)
|
|
|
(100,986)
|
|
|
(26,255)
|
|
Other income
(expenses), net(b)
|
466
|
|
|
(6,618)
|
|
|
50,964
|
|
|
(6,454)
|
|
Income from
continuing operations before income taxes and equity in net income
of unconsolidated investments
|
81,714
|
|
|
91,106
|
|
|
203,322
|
|
|
261,927
|
|
Income tax
expense(b)
|
16,892
|
|
|
11,737
|
|
|
48,171
|
|
|
46,700
|
|
Income from
continuing operations before equity in net income of unconsolidated
investments
|
64,822
|
|
|
79,369
|
|
|
155,151
|
|
|
215,227
|
|
Equity in net income
of unconsolidated investments (net of tax)(b)
|
6,050
|
|
|
8,650
|
|
|
22,236
|
|
|
28,200
|
|
Net income from
continuing operations
|
70,872
|
|
|
88,019
|
|
|
177,387
|
|
|
243,427
|
|
Loss from
discontinued operations (net of tax)(c)
|
—
|
|
|
(6,679)
|
|
|
—
|
|
|
(68,473)
|
|
Net income
|
70,872
|
|
|
81,340
|
|
|
177,387
|
|
|
174,954
|
|
Net income
attributable to noncontrolling interests
|
(5,480)
|
|
|
(8,546)
|
|
|
(16,733)
|
|
|
(23,130)
|
|
Net income
attributable to Albemarle Corporation
|
$
|
65,392
|
|
|
$
|
72,794
|
|
|
$
|
160,654
|
|
|
$
|
151,824
|
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.58
|
|
|
$
|
1.02
|
|
|
$
|
1.45
|
|
|
$
|
2.79
|
|
Discontinued
operations
|
—
|
|
|
(0.09)
|
|
|
—
|
|
|
(0.87)
|
|
|
$
|
0.58
|
|
|
$
|
0.93
|
|
|
$
|
1.45
|
|
|
$
|
1.92
|
|
Diluted earnings
(loss) per share
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.58
|
|
|
$
|
1.01
|
|
|
$
|
1.44
|
|
|
$
|
2.78
|
|
Discontinued
operations
|
—
|
|
|
(0.08)
|
|
|
—
|
|
|
(0.87)
|
|
|
$
|
0.58
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.91
|
|
Weighted-average
common shares outstanding – basic
|
112,202
|
|
|
78,244
|
|
|
110,840
|
|
|
78,880
|
|
Weighted-average
common shares outstanding – diluted
|
112,544
|
|
|
78,659
|
|
|
111,205
|
|
|
79,287
|
|
|
|
See accompanying
notes to the condensed consolidated financial
information.
|
|
Albemarle Corporation
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(In Thousands)
(Unaudited)
|
|
|
September
30,
|
|
December
31,
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
234,490
|
|
|
$
|
2,489,768
|
|
Other current
assets
|
1,486,425
|
|
|
859,082
|
|
Total current
assets
|
1,720,915
|
|
|
3,348,850
|
|
Property, plant and
equipment
|
4,096,921
|
|
|
2,620,670
|
|
Less accumulated
depreciation and amortization
|
1,496,069
|
|
|
1,388,802
|
|
Net property, plant
and equipment
|
2,600,852
|
|
|
1,231,868
|
|
Other assets and
intangibles
|
5,353,297
|
|
|
642,385
|
|
Total
assets
|
$
|
9,675,064
|
|
|
$
|
5,223,103
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current portion of
long-term debt
|
$
|
284,368
|
|
|
$
|
711,096
|
|
Other current
liabilities
|
1,038,180
|
|
|
428,790
|
|
Total current
liabilities
|
1,322,548
|
|
|
1,139,886
|
|
Long-term
debt
|
3,558,964
|
|
|
2,223,035
|
|
Other noncurrent
liabilities
|
757,194
|
|
|
314,663
|
|
Deferred income
taxes
|
761,844
|
|
|
56,884
|
|
Albemarle Corporation
shareholders' equity
|
3,144,489
|
|
|
1,359,465
|
|
Noncontrolling
interests
|
130,025
|
|
|
129,170
|
|
Total liabilities and
equity
|
$
|
9,675,064
|
|
|
$
|
5,223,103
|
|
|
See accompanying
notes to the condensed consolidated financial
information.
|
Albemarle Corporation
and Subsidiaries
|
Selected Consolidated
Cash Flow Data
|
(In Thousands)
(Unaudited)
|
|
|
Nine Months
Ended
|
|
September
30,
|
|
2015
|
|
2014
|
Cash and cash
equivalents at beginning of year
|
$
|
2,489,768
|
|
|
$
|
477,239
|
|
Cash and cash
equivalents at end of period
|
$
|
234,490
|
|
|
$
|
653,120
|
|
Sources of cash
and cash equivalents:
|
|
|
|
Net income
|
$
|
177,387
|
|
|
$
|
174,954
|
|
Cash proceeds from
divestitures, net
|
6,133
|
|
|
104,718
|
|
Proceeds from
borrowings of long-term debt
|
1,000,000
|
|
|
—
|
|
Dividends received
from unconsolidated investments and nonmarketable
securities
|
57,149
|
|
|
37,854
|
|
Return of capital from
unconsolidated investment
|
98,000
|
|
|
—
|
|
Decrease in restricted
cash
|
57,550
|
|
|
—
|
|
Working capital
changes
|
14,823
|
|
|
89,020
|
|
Uses of cash and
cash equivalents:
|
|
|
|
Capital
expenditures
|
(164,568)
|
|
|
(76,682)
|
|
Acquisition of
Rockwood, net of cash acquired
|
(2,051,645)
|
|
|
—
|
|
Other acquisitions,
net of cash acquired
|
(48,845)
|
|
|
—
|
|
Repurchases of common
stock
|
—
|
|
|
(150,000)
|
|
Repayments of
long-term debt
|
(1,332,293)
|
|
|
(3,023)
|
|
Repayments of other
borrowings, net
|
(16,854)
|
|
|
(23,554)
|
|
Pension and
postretirement contributions
|
(16,673)
|
|
|
(10,718)
|
|
Dividends paid to
shareholders
|
(86,770)
|
|
|
(62,827)
|
|
Dividends paid to
noncontrolling interests
|
(23,195)
|
|
|
(7,612)
|
|
Non-cash and other
items:
|
|
|
|
Depreciation and
amortization
|
200,372
|
|
|
78,344
|
|
(Gain) loss associated
with restructuring and other
|
(6,804)
|
|
|
6,333
|
|
Loss on disposal of
businesses
|
—
|
|
|
85,515
|
|
Pension and
postretirement (benefit) expense
|
(232)
|
|
|
21,946
|
|
Deferred income
taxes
|
(53,593)
|
|
|
(24,412)
|
|
Equity in net income
of unconsolidated investments (net of tax)
|
(22,236)
|
|
|
(28,200)
|
|
|
|
See accompanying
notes to the condensed consolidated financial
information.
|
|
Albemarle Corporation
and Subsidiaries
|
Consolidated Summary
of Segment Results
|
(In Thousands)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
Actual
|
|
Actual
|
|
Pro
forma
|
|
Actual
|
|
Actual
|
|
Pro
forma
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
2014
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Chemicals
|
$
|
399,536
|
|
|
$
|
299,947
|
|
|
$
|
417,112
|
|
|
$
|
1,224,864
|
|
|
$
|
856,221
|
|
|
$
|
1,205,930
|
|
Refining
Solutions
|
185,102
|
|
|
218,950
|
|
|
218,950
|
|
|
528,841
|
|
|
618,635
|
|
|
618,635
|
|
Chemetall Surface
Treatment
|
211,877
|
|
|
—
|
|
|
208,765
|
|
|
617,163
|
|
|
—
|
|
|
624,877
|
|
All Other
|
102,224
|
|
|
123,521
|
|
|
151,077
|
|
|
337,997
|
|
|
372,126
|
|
|
461,465
|
|
Corporate
|
6,354
|
|
|
—
|
|
|
2,814
|
|
|
12,117
|
|
|
—
|
|
|
9,175
|
|
Total net
sales
|
$
|
905,093
|
|
|
$
|
642,418
|
|
|
$
|
998,718
|
|
|
$
|
2,720,982
|
|
|
$
|
1,846,982
|
|
|
$
|
2,920,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Chemicals
|
$
|
136,209
|
|
|
$
|
82,329
|
|
|
$
|
128,231
|
|
|
$
|
415,419
|
|
|
$
|
232,668
|
|
|
$
|
362,870
|
|
Refining
Solutions
|
54,517
|
|
|
61,674
|
|
|
61,674
|
|
|
144,910
|
|
|
189,259
|
|
|
189,259
|
|
Chemetall Surface
Treatment
|
53,898
|
|
|
—
|
|
|
51,454
|
|
|
148,344
|
|
|
—
|
|
|
146,970
|
|
All Other
|
6,262
|
|
|
20,971
|
|
|
27,421
|
|
|
29,540
|
|
|
63,482
|
|
|
83,659
|
|
Corporate(a)
|
(15,890)
|
|
|
(20,370)
|
|
|
(32,577)
|
|
|
(7,508)
|
|
|
(60,087)
|
|
|
(99,853)
|
|
Total adjusted
EBITDA
|
$
|
234,996
|
|
|
$
|
144,604
|
|
|
$
|
236,203
|
|
|
$
|
730,705
|
|
|
$
|
425,322
|
|
|
$
|
682,905
|
|
Performance Chemicals
- details by product category:
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
Actual
|
|
Actual
|
|
Pro
forma
|
|
Actual
|
|
Actual
|
|
Pro
forma
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
2014
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
Bromine
|
$
|
190,716
|
|
|
$
|
222,189
|
|
|
$
|
222,189
|
|
|
$
|
604,267
|
|
|
$
|
620,586
|
|
|
$
|
620,586
|
|
Lithium
|
128,404
|
|
|
—
|
|
|
117,165
|
|
|
369,811
|
|
|
—
|
|
|
349,709
|
|
PCS
|
80,416
|
|
|
77,758
|
|
|
77,758
|
|
|
250,786
|
|
|
235,635
|
|
|
235,635
|
|
Total Performance
Chemicals
|
$
|
399,536
|
|
|
$
|
299,947
|
|
|
$
|
417,112
|
|
|
$
|
1,224,864
|
|
|
$
|
856,221
|
|
|
$
|
1,205,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Bromine
|
$
|
58,801
|
|
|
$
|
62,266
|
|
|
$
|
62,266
|
|
|
$
|
180,431
|
|
|
$
|
171,513
|
|
|
$
|
171,513
|
|
Lithium
|
52,110
|
|
|
—
|
|
|
45,902
|
|
|
156,333
|
|
|
—
|
|
|
130,202
|
|
PCS
|
25,298
|
|
|
20,063
|
|
|
20,063
|
|
|
78,655
|
|
|
61,155
|
|
|
61,155
|
|
Total Performance
Chemicals
|
$
|
136,209
|
|
|
$
|
82,329
|
|
|
$
|
128,231
|
|
|
$
|
415,419
|
|
|
$
|
232,668
|
|
|
$
|
362,870
|
|
|
See accompanying
notes to the condensed consolidated financial information and
non-GAAP reconciliations below.
|
Notes to the Condensed Consolidated Financial Information
(a) Non-operating pension and OPEB items, consisting
of mark-to-market ("MTM") actuarial gains/losses,
settlements/curtailments, interest cost and expected return on
assets, are not allocated to our reportable segments and are
included in the Corporate category. Although non-operating pension
and OPEB items are included in Cost of goods sold and Selling,
general and administrative expenses in accordance with GAAP, 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. Non-operating pension
and OPEB items included in Cost of goods sold and Selling, general
and administrative expenses were as follows (in millions):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of goods
sold:
|
|
|
|
|
|
|
|
MTM actuarial loss
(gain)
|
$
|
—
|
|
|
$
|
2.8
|
|
|
$
|
(0.1)
|
|
|
$
|
5.7
|
|
Interest cost and
expected return on assets, net
|
(0.4)
|
|
|
(0.5)
|
|
|
(1.1)
|
|
|
(1.5)
|
|
Total
|
$
|
(0.4)
|
|
|
$
|
2.3
|
|
|
$
|
(1.2)
|
|
|
$
|
4.2
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses:
|
|
|
|
|
|
|
|
MTM actuarial
loss
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12.5
|
|
Settlements/curtailments
|
—
|
|
|
—
|
|
|
(2.6)
|
|
|
—
|
|
Interest cost and
expected return on assets, net
|
(0.7)
|
|
|
(0.9)
|
|
|
(2.1)
|
|
|
(2.6)
|
|
Total
|
$
|
(0.7)
|
|
|
$
|
(0.9)
|
|
|
$
|
(4.7)
|
|
|
$
|
9.9
|
|
Settlements/curtailments for the nine months ended September 30, 2015 resulted from the termination
of a domestic OPEB plan during the first quarter of 2015. The three
and nine-month periods ended September 30,
2014 include a MTM actuarial loss of $2.8 million which resulted from the
remeasurement of the assets and obligations of one of our U.S.
defined benefit plans in connection with the September 1, 2014 sale of our antioxidant,
ibuprofen and propofol businesses and assets to SI Group, Inc. The
nine-month period ended September 30,
2014 also includes a MTM actuarial loss of $15.4 million which resulted from the
remeasurement of the assets and obligations of one of our U.S.
defined benefit pension plans and our supplemental executive
retirement plan during the first quarter of 2014 in connection with
a workforce reduction plan initiated in the fourth quarter of
2013.
(b) In addition to the non-operating pension and
OPEB items disclosed above, we have identified certain other items
and excluded them from our adjusted earnings 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,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Utilization of
inventory markup(1)
|
$
|
0.12
|
|
|
$
|
—
|
|
|
$
|
0.70
|
|
|
$
|
—
|
|
Restructuring and
other, net(2)
|
(0.04)
|
|
|
—
|
|
|
(0.04)
|
|
|
0.17
|
|
Acquisition and
integration related costs(3)
|
0.24
|
|
|
0.09
|
|
|
0.77
|
|
|
0.12
|
|
Interest and
financing expenses related to Rockwood
acquisition(4)
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Financing fees
related to Rockwood acquisition(5)
|
—
|
|
|
0.06
|
|
|
0.03
|
|
|
0.06
|
|
Discrete tax
items(6)
|
—
|
|
|
(0.03)
|
|
|
0.02
|
|
|
(0.03)
|
|
Total special
items
|
$
|
0.32
|
|
|
$
|
0.12
|
|
|
$
|
1.49
|
|
|
$
|
0.32
|
|
(1) In connection with the acquisition of Rockwood,
the Company valued Rockwood's existing inventory at fair value as
of the acquisition date, which resulted in a markup of the
underlying net book value of the inventory. The inventory markup is
being expensed over the estimated remaining selling period. For the
three months ended September 30, 2015, $7.7 million ($4.5
million after income taxes, or $0.04 per share) was included in Cost of goods
sold, and Equity in net income of unconsolidated investments was
reduced by $9.1 million ($0.08 per share), related to the utilization of
the inventory markup. For the nine months ended September 30,
2015, $75.4 million ($51.7 million after income taxes, or $0.46 per share) was included in Cost of goods
sold, and Equity in net income of unconsolidated investments was
reduced by $26.9 million
($0.24 per share), related to the
utilization of the inventory markup.
(2) Restructuring and other, net, consisted of the
following:
Three and nine months ended September 30,
2015 -
- A gain of $6.8 million
($4.7 million after income taxes, or
$0.04 per share) recognized upon the
sale of land in Avonmouth, UK, which was utilized by the phosphorus
flame retardants business we exited in 2012.
Three months ended September 30,
2014 -
- Other charges of $0.3 million
($0.2 million after income
taxes).
Nine months ended September 30,
2014 -
- Net charges amounting to $17.0
million ($11.1 million after
income taxes, or $0.14 per share) in
connection with a reduction of aluminum alkyls high cost supply
capacity.
- A write-off of $3.3 million
($2.1 million after income taxes, or
$0.03 per share) for certain
multi-product facility project costs that we do not expect to
recover in future periods.
- Other charges of $0.3 million
($0.2 million after income
taxes).
(3) Acquisition and integration related costs
consisted of the following:
Three months ended September 30,
2015 -
- $41.8 million directly related to
the acquisition of Rockwood and $1.0
million in connection with other significant projects. After
income taxes, these charges totaled $27.4
million, or $0.24 per
share.
Three months ended September 30,
2014 -
- $9.3 million directly related to
the acquisition of Rockwood and $1.0
million in connection with other significant projects. After
income taxes, these charges totaled $6.5
million, or $0.09 per
share.
Nine months ended September 30,
2015 -
- $120.5 million directly related
to the acquisition of Rockwood and $6.0
million in connection with other significant projects. After
income taxes, these charges totaled $86.1
million, or $0.77 per
share.
Nine months ended September 30,
2014 -
- $9.3 million directly related to
the acquisition of Rockwood and $5.8
million in connection with other significant projects. After
income taxes, these charges totaled $9.6
million, or $0.12 per
share.
(4) Included in Interest and financing expenses for
the nine months ended September 30, 2015 is $1.6 million ($1.1
million after income taxes, or $0.01 per share) of interest and financing
expenses associated with senior notes we issued in the fourth
quarter 2014 in connection with the acquisition of Rockwood, which
did not close until January 12,
2015.
(5) Included in Other income (expenses), net, for
the nine months ended September 30, 2015 is $4.4 million ($3.2
million after income taxes, or $0.03 per share) for amortization of bridge
facility fees and other financing fees related to the acquisition
of Rockwood. Included in Other income (expenses), net, for the
three and nine months ended September 30,
2014 is $7.0 million
($4.5 million after income taxes, or
$0.06 per share) for amortization of
bridge facility fees and other financing fees related to the
acquisition of Rockwood.
(6) Included in Income tax expense for the nine
months ended September 30, 2015 is an
expense of $2.0 million, or
$0.02 per share, related mainly to
prior year uncertain tax position adjustments associated with
lapses in statutes of limitations and items associated with U.S.
provision to return adjustments. Included in Income tax expense for
the three and nine months ended September
30, 2014 were discrete net tax benefit items of $2.1 million, or $0.03 per share, related principally to the
expiration of the U.S. federal statute of limitations.
(c) On September 1, 2014, the Company closed the
sale of its antioxidant, ibuprofen and propofol businesses and
assets to SI Group, Inc. and received net proceeds of $104.7
million and a post-closing working capital settlement of $7.6
million which was received in the first quarter of 2015. Financial
results of the disposed group have been presented as discontinued
operations in the consolidated statements of income for the 2014
periods. Included in Loss from discontinued operations are pre-tax
charges of $4.8 million ($3.6 million after income taxes, or $0.05
per share) recorded in the third quarter of 2014 and $85.5 million
($64.6 million after income taxes, or $0.82 per share) recorded in
the nine months ended September 30, 2014 related to the loss on the
sale of the disposed group, representing the difference between the
carrying value of the related assets and their fair value as
determined by the sales price less estimated costs to sell. The
loss is primarily attributable to the write-off of goodwill,
intangibles and long-lived assets, net of cumulative foreign
currency translation gains of $17.8 million.
(d) Totals may not add due to rounding.
Additional Information
It should be noted that adjusted net income attributable to
Albemarle Corporation ("adjusted earnings"), adjusted diluted
earnings per 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.
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 in the Investors section of our
website at www.albemarle.com, under "Non-GAAP Reconciliations"
under "Financials." Also, see below for supplemental
reconciliations of the non-GAAP financial measures to the most
directly comparable financial measures calculated and reported in
accordance with GAAP.
ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(In Thousands)
(Unaudited)
See below for a reconciliation of adjusted net income
attributable to Albemarle Corporation ("adjusted earnings"), 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 discontinued operations and the special 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
before discontinued operations and the special and non-operating
pension and OPEB items as listed below.
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
attributable to Albemarle Corporation
|
$
|
65,392
|
|
|
$
|
72,794
|
|
|
$
|
160,654
|
|
|
$
|
151,824
|
|
Add back:
|
|
|
|
|
|
|
|
Non-operating pension
and OPEB items (net of tax)
|
(524)
|
|
|
927
|
|
|
(3,613)
|
|
|
9,016
|
|
Special items (net of
tax)
|
36,064
|
|
|
9,066
|
|
|
166,187
|
|
|
25,401
|
|
Loss from discontinued
operations (net of tax)
|
—
|
|
|
6,679
|
|
|
—
|
|
|
68,473
|
|
Adjusted net income
attributable to Albemarle Corporation
|
$
|
100,932
|
|
|
$
|
89,466
|
|
|
$
|
323,228
|
|
|
$
|
254,714
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
65,392
|
|
|
$
|
72,794
|
|
|
$
|
160,654
|
|
|
$
|
151,824
|
|
Add back:
|
|
|
|
|
|
|
|
Interest and financing
expenses
|
32,058
|
|
|
8,749
|
|
|
100,986
|
|
|
26,255
|
|
Income tax expense
(from continuing and discontinued operations)
|
16,892
|
|
|
10,664
|
|
|
48,171
|
|
|
24,734
|
|
Depreciation and
amortization
|
68,903
|
|
|
25,630
|
|
|
200,372
|
|
|
78,344
|
|
EBITDA
|
183,245
|
|
|
117,837
|
|
|
510,183
|
|
|
281,157
|
|
Non-operating pension
and OPEB items
|
(1,077)
|
|
|
1,440
|
|
|
(5,900)
|
|
|
14,141
|
|
Special items
(excluding special items associated with interest
expense)
|
52,828
|
|
|
17,575
|
|
|
226,422
|
|
|
42,750
|
|
Loss from discontinued
operations
|
—
|
|
|
7,752
|
|
|
—
|
|
|
90,439
|
|
Less depreciation and
amortization from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,165)
|
|
Adjusted
EBITDA
|
$
|
234,996
|
|
|
$
|
144,604
|
|
|
$
|
730,705
|
|
|
$
|
425,322
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
905,093
|
|
|
$
|
642,418
|
|
|
$
|
2,720,982
|
|
|
$
|
1,846,982
|
|
EBITDA
margin
|
20.2
|
%
|
|
18.3
|
%
|
|
18.7
|
%
|
|
15.2
|
%
|
Adjusted EBITDA
margin
|
26.0
|
%
|
|
22.5
|
%
|
|
26.9
|
%
|
|
23.0
|
%
|
See below for a reconciliation of adjusted EBITDA on a segment
basis, the non-GAAP financial measure, to Net income (loss)
attributable to Albemarle Corporation, the most directly comparable
financial measure calculated and reporting in accordance with
GAAP.
|
Performance
Chemicals
|
|
Refining
Solutions
|
|
Chemetall Surface
Treatment
|
|
Reportable
Segments Total
|
|
All
Other
|
|
Corporate
|
|
Consolidated
Total
|
Three months ended
September 30, 2015 (Actual):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
87,893
|
|
|
$
|
45,713
|
|
|
$
|
33,638
|
|
|
$
|
167,244
|
|
|
$
|
617
|
|
|
$
|
(102,469)
|
|
|
$
|
65,392
|
|
Depreciation and
amortization
|
31,482
|
|
|
8,804
|
|
|
20,260
|
|
|
60,546
|
|
|
5,645
|
|
|
2,712
|
|
|
68,903
|
|
Special
items
|
16,834
|
|
|
—
|
|
|
—
|
|
|
16,834
|
|
|
—
|
|
|
35,994
|
|
|
52,828
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,058
|
|
|
32,058
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,892
|
|
|
16,892
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,077)
|
|
|
(1,077)
|
|
Adjusted
EBITDA
|
$
|
136,209
|
|
|
$
|
54,517
|
|
|
$
|
53,898
|
|
|
$
|
244,624
|
|
|
$
|
6,262
|
|
|
$
|
(15,890)
|
|
|
$
|
234,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014 (Actual):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
69,736
|
|
|
$
|
52,851
|
|
|
$
|
—
|
|
|
$
|
122,587
|
|
|
$
|
17,479
|
|
|
$
|
(67,272)
|
|
|
$
|
72,794
|
|
Depreciation and
amortization
|
12,593
|
|
|
8,823
|
|
|
—
|
|
|
21,416
|
|
|
3,492
|
|
|
722
|
|
|
25,630
|
|
Special
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,575
|
|
|
17,575
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,749
|
|
|
8,749
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,737
|
|
|
11,737
|
|
Loss from
discontinued operations (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,679
|
|
|
6,679
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,440
|
|
|
1,440
|
|
Adjusted
EBITDA
|
$
|
82,329
|
|
|
$
|
61,674
|
|
|
$
|
—
|
|
|
$
|
144,003
|
|
|
$
|
20,971
|
|
|
$
|
(20,370)
|
|
|
$
|
144,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014 (Pro forma):
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
104,553
|
|
|
$
|
52,851
|
|
|
$
|
43,557
|
|
|
$
|
200,961
|
|
|
$
|
23,107
|
|
|
$
|
(65,466)
|
|
|
$
|
158,602
|
|
Depreciation and
amortization
|
23,678
|
|
|
8,823
|
|
|
7,897
|
|
|
40,398
|
|
|
4,314
|
|
|
5,579
|
|
|
50,291
|
|
Special
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,750)
|
|
|
(22,750)
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,249
|
|
|
22,249
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,137
|
|
|
51,137
|
|
Loss from
discontinued operations (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,821)
|
|
|
(24,821)
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,495
|
|
|
1,495
|
|
Adjusted
EBITDA
|
$
|
128,231
|
|
|
$
|
61,674
|
|
|
$
|
51,454
|
|
|
$
|
241,359
|
|
|
$
|
27,421
|
|
|
$
|
(32,577)
|
|
|
$
|
236,203
|
|
|
Performance
Chemicals
|
|
Refining
Solutions
|
|
Chemetall Surface
Treatment
|
|
Reportable
Segments Total
|
|
All
Other
|
|
Corporate
|
|
Consolidated
Total
|
Nine months ended
September 30, 2015 (Actual):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
242,572
|
|
|
$
|
119,513
|
|
|
$
|
70,747
|
|
|
$
|
432,832
|
|
|
$
|
9,644
|
|
|
$
|
(281,822)
|
|
|
$
|
160,654
|
|
Depreciation and
amortization
|
93,608
|
|
|
25,397
|
|
|
57,567
|
|
|
176,572
|
|
|
16,867
|
|
|
6,933
|
|
|
200,372
|
|
Special items
(excluding special items associated with interest
expense)
|
79,239
|
|
|
—
|
|
|
20,030
|
|
|
99,269
|
|
|
3,029
|
|
|
124,124
|
|
|
226,422
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,986
|
|
|
100,986
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,171
|
|
|
48,171
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,900)
|
|
|
(5,900)
|
|
Adjusted
EBITDA
|
$
|
415,419
|
|
|
$
|
144,910
|
|
|
$
|
148,344
|
|
|
$
|
708,673
|
|
|
$
|
29,540
|
|
|
$
|
(7,508)
|
|
|
$
|
730,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2014 (Actual):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
194,926
|
|
|
$
|
163,908
|
|
|
$
|
—
|
|
|
$
|
358,834
|
|
|
$
|
53,203
|
|
|
$
|
(260,213)
|
|
|
$
|
151,824
|
|
Depreciation and
amortization
|
37,742
|
|
|
25,351
|
|
|
—
|
|
|
63,093
|
|
|
10,279
|
|
|
1,807
|
|
|
75,179
|
|
Special
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,750
|
|
|
42,750
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,255
|
|
|
26,255
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,700
|
|
|
46,700
|
|
Loss from
discontinued operations (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,473
|
|
|
68,473
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,141
|
|
|
14,141
|
|
Adjusted
EBITDA
|
$
|
232,668
|
|
|
$
|
189,259
|
|
|
$
|
—
|
|
|
$
|
421,927
|
|
|
$
|
63,482
|
|
|
$
|
(60,087)
|
|
|
$
|
425,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2014 (Pro forma):
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Albemarle Corporation
|
$
|
290,460
|
|
|
$
|
163,908
|
|
|
$
|
123,474
|
|
|
$
|
577,842
|
|
|
$
|
70,664
|
|
|
$
|
(384,983)
|
|
|
$
|
263,523
|
|
Depreciation and
amortization
|
72,410
|
|
|
25,351
|
|
|
23,496
|
|
|
121,257
|
|
|
12,995
|
|
|
16,647
|
|
|
150,899
|
|
Special
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,627
|
|
|
8,627
|
|
Interest and
financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,555
|
|
|
67,555
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,200
|
|
|
111,200
|
|
Loss from
discontinued operations (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,873
|
|
|
66,873
|
|
Non-operating pension
and OPEB items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,228
|
|
|
14,228
|
|
Adjusted EBITDA
|
$
|
362,870
|
|
|
$
|
189,259
|
|
|
$
|
146,970
|
|
|
$
|
699,099
|
|
|
$
|
83,659
|
|
|
$
|
(99,853)
|
|
|
$
|
682,905
|
|
|
Bromine
|
|
Lithium
|
|
PCS
|
|
Total
Performance
Chemicals
|
Three months ended
September 30, 2015 (Actual):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
49,395
|
|
|
$
|
16,507
|
|
|
$
|
21,991
|
|
|
$
|
87,893
|
|
Depreciation and
amortization
|
9,406
|
|
|
18,769
|
|
|
3,307
|
|
|
31,482
|
|
Special
items
|
—
|
|
|
16,834
|
|
|
—
|
|
|
16,834
|
|
Adjusted
EBITDA
|
$
|
58,801
|
|
|
$
|
52,110
|
|
|
$
|
25,298
|
|
|
$
|
136,209
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014 (Actual):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
53,044
|
|
|
$
|
—
|
|
|
$
|
16,692
|
|
|
$
|
69,736
|
|
Depreciation and
amortization
|
9,222
|
|
|
—
|
|
|
3,371
|
|
|
12,593
|
|
Adjusted
EBITDA
|
$
|
62,266
|
|
|
$
|
—
|
|
|
$
|
20,063
|
|
|
$
|
82,329
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014 (Pro Forma):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
53,044
|
|
|
$
|
34,817
|
|
|
$
|
16,692
|
|
|
$
|
104,553
|
|
Depreciation and
amortization
|
9,222
|
|
|
11,085
|
|
|
3,371
|
|
|
23,678
|
|
Adjusted
EBITDA
|
$
|
62,266
|
|
|
$
|
45,902
|
|
|
$
|
20,063
|
|
|
$
|
128,231
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2015 (Actual):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
154,353
|
|
|
$
|
20,222
|
|
|
$
|
67,997
|
|
|
$
|
242,572
|
|
Depreciation and
amortization
|
26,078
|
|
|
56,872
|
|
|
10,658
|
|
|
93,608
|
|
Special
items
|
—
|
|
|
79,239
|
|
|
—
|
|
|
79,239
|
|
Adjusted
EBITDA
|
$
|
180,431
|
|
|
$
|
156,333
|
|
|
$
|
78,655
|
|
|
$
|
415,419
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2014 (Actual):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
144,701
|
|
|
$
|
—
|
|
|
$
|
50,225
|
|
|
$
|
194,926
|
|
Depreciation and
amortization
|
26,812
|
|
|
—
|
|
|
10,930
|
|
|
37,742
|
|
Adjusted
EBITDA
|
$
|
171,513
|
|
|
$
|
—
|
|
|
$
|
61,155
|
|
|
$
|
232,668
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2014 (Pro Forma):
|
|
|
|
|
|
|
|
Net income
attributable to Albemarle Corporation
|
$
|
144,701
|
|
|
$
|
95,534
|
|
|
$
|
50,225
|
|
|
$
|
290,460
|
|
Depreciation and
amortization
|
26,812
|
|
|
34,668
|
|
|
10,930
|
|
|
72,410
|
|
Adjusted
EBITDA
|
$
|
171,513
|
|
|
$
|
130,202
|
|
|
$
|
61,155
|
|
|
$
|
362,870
|
|
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SOURCE Albemarle Corporation