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ALBEMARLE REPORTS NET SALES INCREASE OF 129% FOR FIRST QUARTER 2023
MAY 3, 2023
CHARLOTTE, N.C., May 3, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2023.
First-Quarter 2023 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)
Net sales of $2.6 billion, an increase of 129%
Net income of $1.2 billion, or $10.51 per diluted share, an increase of 389%
Adjusted diluted EPS of $10.32, an increase of 334%
Adjusted EBITDA of $1.6 billion, an increase of 269%
Selected U.S. lithium processing facility location in Richburg, South Carolina
Signed definitive agreements with Mineral Resources Limited ("MinRes") to restructure the MARBL Lithium Joint Venture in Australia and separately for MinRes to invest in Albemarle's conversion assets in China
Reached final investment decision to build Kemerton trains III & IV
Adjusting 2023 guidance to reflect current lithium market pricing; Net sales are now expected to increase approximately 35% to 55% year-over-year and adjusted EBITDA now expected to range from (5%) to 15% year-over-year
"Compared to last year, first quarter net sales more than doubled, adjusted diluted earnings per share more than quadrupled providing a robust start to the year," commented Albemarle CEO Kent Masters. "We see strong sales volume growth for the rest of the year but have modified our guidance to reflect softening lithium market pricing. We remain confident in the underlying market strength of our world-class asset base and our long-term growth strategy."
2023 Corporate Outlook
The company is revising full-year 2023 outlook to reflect current lithium market pricing. Net sales are expected to increase 35% to 55% over prior year, primarily driven by a continued global shift to electric vehicles. The year-over-year change in Adjusted EBITDA is expected to be in the range of (5%) to 15% as higher net sales are partially offset by timing impacts of higher priced inventories. The company expects to maintain positive free cash flow. The company's capital expenditures are expected to be between $1.7 billion and $1.9 billion for 2023.