CHARLOTTE, N.C., Feb. 15, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended Dec. 31, 2022.

Fourth Quarter 2022 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

Net sales of $2.6 billion, an increase of 193%
Net income of $1.1 billion, or $9.60 per diluted share; Adjusted diluted EPS of $8.62, an increase of 753%
Adjusted EBITDA of $1.2 billion, an increase of 444%
Full-year 2023 guidance includes net sales of $11.3 - $12.9 billion and adjusted EBITDA of $4.2 - $5.1 billion
Location acquired for Albemarle Technology Park in Charlotte, North Carolina
Launched MercLok™, a groundbreaking proprietary soil treatment for mercury remediation
"Albemarle's full-year 2022 net sales of over $7 billion is more than double our results from 2021, and the adjusted EBITDA of approximately $3.5 billion is nearly four times that of the prior year. Our outstanding 2022 results demonstrate our durable advantages, particularly in the growing lithium market, and the relentless focus of our global teams in supporting our customers to enable better mobility, energy, connectivity and health," said Albemarle CEO Kent Masters. "Our growth potential extends well beyond the current EV opportunity. Even as we expand capacity to respond to growing demand, we are maintaining a disciplined approach to capital allocation in order to drive long-term value."

Albemarle's unaudited full-year 2022 results and 2023 and long-term outlook are in-line with the strategic update webcast held on Jan. 24. The webcast outlined the company's expectations for a transformational growth trajectory that could increase net sales to between $17.6 and $19.3 billion and adjusted EBITDA to between $7.2 and $8.4 billion by 2027. This growth builds on the company's durable competitive advantages including world-class asset base, diversified product portfolio, technical know-how, and financial strength to maintain market leading positions in its core businesses, Energy Storage and Specialties. The webcast replay is available on Albemarle's website at https://investors.albemarle.com.

2023 Corporate Outlook
Full-year 2023 guidance remains unchanged from the January update, and reflects strong growth with an increase in net sales of about 55% to 75% from 2022 primarily driven by market demand and continued favorable pricing for lithium. Adjusted EBITDA is expected to increase 20% - 45%, with adjusted diluted EPS up to 50% year-over-year. The company expects to maintain positive cash flow even while increasing capital expenditures to between $1.7 billion and $1.9 billion for 2023.

FY 2023 Guidance

Net sales $11.3 - $12.9 billion

Adjusted EBITDA(a) $4.2 - $5.1 billion

Adjusted EBITDA Margin(a) 37% - 40%

Adjusted Diluted EPS(a) $26.00 - $33.00

Net Cash from Operations $2.1 - $2.4 billion

Capital Expenditures $1.7 - $1.9 billion

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