Q2 2024 Albemarle Corp Earnings Call Transcript
Key Points
- Albemarle Corp (ALB) achieved net sales of $1.4 billion in Q2 2024, demonstrating strong operational execution.
- The energy storage segment saw a 37% year-over-year increase, driven by successful project ramp-ups and spodumene sales.
- The company delivered more than $150 million in restructuring and productivity improvements, on track to exceed the full-year target by 50%.
- Albemarle Corp (ALB) maintained its full-year 2024 outlook despite lower market pricing, thanks to higher volumes, cost-out and productivity progress, and contract performance.
- The company ended the second quarter with available liquidity of $3.5 billion, including $1.8 billion in cash and cash equivalents.
- Net sales declined by 40% compared to the prior year quarter, primarily due to lower pricing.
- Albemarle Corp (ALB) recorded a loss attributable to the company of $188 million and a diluted loss per share of $1.96.
- Adjusted EBITDA of $386 million was down substantially versus the year-ago period, impacted by lower prices and reduced equity earnings.
- The company announced immediate adjustments to its Australian lithium hydroxide footprint, including idling production at Kemerton Train 2 and stopping construction on Train 3.
- Geopolitical developments, including escalating trade tensions and ongoing armed conflicts, are adding uncertainties to the business.
Hello, and welcome to Albemarle's Q2 2024 earnings call. I will now hand it over to Meredith Bandy, Vice President of Investor Relations and Sustainability.
Thank you, and welcome, everyone, to Albemarle's second quarter 2024 earnings conference call. Our earnings were released after the market yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at Albemarle.com. Also posted to our website is yesterday's additional press release announcing our initiation of a comprehensive review of our cost and operating structure, which we will also reference during our comments today.
Joining me on the call today are Kent Masters, Chief Executive Officer; Neal Sheorey, Chief Financial Officer; Netha Johnson, President of Specialties; and Eric Norris, President of Energy Storage are also available for Q&A.
As a reminder, some of the statements made during this call, including our outlook, guidance,
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