CHARLOTTE, N.C., Aug. 2, 2023 -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2023.

Second-Quarter 2023 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

Net sales of $2.4 billion, an increase of 60%
Net income of $650.0 million, or $5.52 per diluted share, an increase of 60%
Adjusted diluted EPS of $7.33, an increase of 112%
Adjusted EBITDA of $1.0 billion, an increase of 69%
Established strategic agreement with Ford Motor Company to supply over 100,000 metric tons of lithium hydroxide from 2026 to 2030
Agreed to amend the terms of the transaction signed earlier this year with Mineral Resources Ltd. ("MinRes") to significantly simplify operations and retain full control of downstream conversion assets
Achieved IRMA 50 performance rating in the Salar de Atacama, becoming first lithium producer to complete independent audit and publish Initiative for Responsible Mining Assurance ("IRMA") report
Published 2022 Sustainability Report, highlighting progress on diversity and environmental goals, including a new air quality goal to reduce 90% of sulfur oxide emissions by 2027
Named to Fortune 500 rankings and TIME100 Most Influential Companies list
Improved 2023 Energy Storage guidance reflecting recent lithium market prices; Albemarle's 2023 net sales are now expected to increase approximately 40% to 55% year-over-year and 2023 adjusted EBITDA is expected to increase 10% to 25% year-over-year
"We achieved $2.4 billion in net sales, up 60% from prior year, primarily driven by higher prices and volumes in our Energy Storage business," commented Albemarle CEO Kent Masters. "We remain confident in the long-term outlook for our businesses and are increasing our full-year 2023 net sales and adjusted EBITDA outlook based on the recent increase in lithium market prices. Our investments in future capacity are on track, with the Salar Yield Improvement Project mechanically complete and the Meishan project on schedule for early 2024 mechanical completion."

2023 Corporate Outlook
The company is updating its full-year 2023 outlook to reflect recent lithium market prices. Net sales are expected to increase 40% to 55% over the prior year, primarily driven by the continued global shift to electric vehicles. The year-over-year increase in Adjusted EBITDA is expected to be in the range of 10% to 25%, primarily due to higher Energy Storage pricing. Net cash from operations is expected to be in the range of $1.2 billion to $1.8 billion for the full year 2023, below previous outlook primarily driven by changes in working capital related to timing of Energy Storage shipments and agreements in principle to resolve the previously disclosed matter ("DOJ Matter") with the U.S. Department of Justice ("DOJ") and the Securities Exchange Commission ("SEC"). The company's capital expenditures are expected to be between $1.9 billion and $2.1 billion for 2023, above previous outlook due to the retention of full ownership in lithium processing assets under the amended agreements with MinRes.

FY 2023 Guidance. see & read more on
https://www.albemarle.com/news/albemarle-reports-net-sales-increase-of-60-for-second-quarter-2023