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Albemarle Reports Third Quarter Growth

Metal News - Published on Tue, 12 Nov 2019

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Albemarle Corporation announced its results for the third quarter ended Sept. 30, 2019. Mr Luke Kissam, Albemarle CEO, said "During the third quarter, Albemarle grew net sales by 14%, adjusted EBITDA by 12%, and adjusted earnings per share by 22% over the prior year, excluding currency impacts, due to solid growth across all businesses. We have recently made several strategic decisions to further position Albemarle for long-term success and remain confident in the long-term growth prospects of our business."

Third Quarter 2019 Highlights

Net sales of UD 879.7 million increased 14%, excluding foreign exchange impact of 1%, largely driven by strong volume and favorable pricing

Adjusted EBITDA was USD 254.4 million, an increase of 8%

Notable Developments

Completed previously announced lithium joint venture with Mineral Resources Limited on October 31, 2019; funded Wodgina mine project and other general corporate projects with USD 1 billion, borrowed from new USD 1.2 billion unsecured credit facility

Initiating cost management program targeting over USD 100 million in savings over a two-year period

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Posted By : Rabi Wangkhem on Tue, 12 Nov 2019
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