Virginia | 001-12658 | 54-1692118 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) | ||
4350 Congress Street, Suite 700, Charlotte, North Carolina | 28209 | |||
(Address of principal executive offices) | (Zip code) |
Emerging growth company | ¨ |
By: | /s/ Scott A. Tozier |
Scott A. Tozier | |
Executive Vice President and Chief Financial Officer |
Exhibit | ||
Number | Exhibit | |
Three months ended | Year ended | ||||||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | |||||||||||||||
Net sales: | |||||||||||||||||||
Lithium | $ | 216,229 | $ | 243,821 | $ | 269,238 | $ | 289,597 | $ | 1,018,885 | |||||||||
Bromine Specialties | 219,191 | 203,945 | 212,923 | 219,084 | 855,143 | ||||||||||||||
Catalysts | 253,558 | 258,255 | 244,594 | 311,165 | 1,067,572 | ||||||||||||||
All Other | 32,419 | 30,704 | 28,021 | 37,770 | 128,914 | ||||||||||||||
Corporate | 666 | 533 | 90 | 173 | 1,462 | ||||||||||||||
Total net sales | $ | 722,063 | $ | 737,258 | $ | 754,866 | $ | 857,789 | $ | 3,071,976 | |||||||||
Adjusted EBITDA: | |||||||||||||||||||
Lithium | $ | 99,852 | $ | 115,200 | $ | 112,944 | $ | 118,656 | $ | 446,652 | |||||||||
Bromine Specialties | 68,488 | 62,075 | 63,936 | 64,402 | 258,901 | ||||||||||||||
Catalysts | 69,749 | 67,427 | 60,394 | 86,313 | 283,883 | ||||||||||||||
All Other | 5,156 | 2,444 | 306 | 5,972 | 13,878 | ||||||||||||||
Corporate | (31,869 | ) | (28,205 | ) | (28,197 | ) | (29,563 | ) | (117,834 | ) | |||||||||
Total adjusted EBITDA | $ | 211,376 | $ | 218,941 | $ | 209,383 | $ | 245,780 | $ | 885,480 |
Three months ended | Year ended | ||||||||||||||||||
March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | December 31, 2016 | |||||||||||||||
Net sales: | |||||||||||||||||||
Lithium | $ | 136,560 | $ | 157,713 | $ | 166,406 | $ | 208,173 | $ | 668,852 | |||||||||
Bromine Specialties | 196,553 | 206,863 | 194,496 | 194,513 | 792,425 | ||||||||||||||
Catalysts | 250,192 | 253,652 | 264,471 | 263,186 | 1,031,501 | ||||||||||||||
All Other | 72,089 | 50,626 | 28,272 | 30,001 | 180,988 | ||||||||||||||
Corporate | 1,817 | 473 | 365 | 782 | 3,437 | ||||||||||||||
Total net sales | $ | 657,211 | $ | 669,327 | $ | 654,010 | $ | 696,655 | $ | 2,677,203 | |||||||||
Adjusted EBITDA: | |||||||||||||||||||
Lithium | $ | 63,834 | $ | 64,146 | $ | 68,637 | $ | 89,097 | $ | 285,714 | |||||||||
Bromine Specialties | 61,608 | 66,562 | 51,807 | 46,949 | 226,926 | ||||||||||||||
Catalysts | 77,714 | 80,108 | 88,042 | 70,745 | 316,609 | ||||||||||||||
All Other | 8,464 | 876 | 5,470 | (38 | ) | 14,772 | |||||||||||||
Corporate | (19,587 | ) | (21,221 | ) | (25,627 | ) | (19,369 | ) | (85,804 | ) | |||||||||
Total adjusted EBITDA | $ | 192,033 | $ | 190,471 | $ | 188,329 | $ | 187,384 | $ | 758,217 |
Lithium | Bromine Specialties | Catalysts | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Three months ended March 31, 2017: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 77,614 | $ | 58,694 | $ | 56,966 | $ | 193,274 | $ | 3,246 | $ | (145,307 | ) | $ | 51,213 | ||||||||||||
Depreciation and amortization | 19,065 | 9,794 | 12,783 | 41,642 | $ | 1,910 | 1,518 | 45,070 | |||||||||||||||||||
Utilization of inventory markup | 10,606 | — | — | 10,606 | — | — | 10,606 | ||||||||||||||||||||
Restructuring and other | — | — | — | — | — | 12,905 | 12,905 | ||||||||||||||||||||
Gain on acquisition | (7,433 | ) | — | — | (7,433 | ) | — | — | (7,433 | ) | |||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 14,281 | 14,281 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 68,513 | 68,513 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 11,971 | 11,971 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (1,063 | ) | (1,063 | ) | ||||||||||||||||||
Other | — | — | — | — | — | 5,313 | 5,313 | ||||||||||||||||||||
Adjusted EBITDA | $ | 99,852 | $ | 68,488 | $ | 69,749 | $ | 238,089 | $ | 5,156 | $ | (31,869 | ) | $ | 211,376 | ||||||||||||
Three months ended March 31, 2016: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 44,346 | $ | 51,853 | $ | 65,295 | $ | 161,494 | $ | 130,709 | $ | (64,017 | ) | $ | 228,186 | ||||||||||||
Depreciation and amortization | 19,488 | 9,755 | 12,419 | 41,662 | 612 | 1,335 | 43,609 | ||||||||||||||||||||
(Gain) loss on sales of businesses, net | — | — | — | — | (122,857 | ) | 1,533 | (121,324 | ) | ||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 18,558 | 18,558 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 15,114 | 15,114 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 25,485 | 25,485 | ||||||||||||||||||||
Income from discontinued operations (net of tax) | — | — | — | — | — | (17,312 | ) | (17,312 | ) | ||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (283 | ) | (283 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 63,834 | $ | 61,608 | $ | 77,714 | $ | 203,156 | $ | 8,464 | $ | (19,587 | ) | $ | 192,033 |
Lithium | Bromine Specialties | Catalysts | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Three months ended June 30, 2017: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 81,819 | $ | 51,739 | $ | 53,994 | $ | 187,552 | $ | 152 | $ | (84,371 | ) | $ | 103,333 | ||||||||||||
Depreciation and amortization | 21,460 | 10,336 | 13,433 | 45,229 | $ | 2,292 | 1,601 | 49,122 | |||||||||||||||||||
Utilization of inventory markup | 11,921 | — | — | 11,921 | — | — | 11,921 | ||||||||||||||||||||
Restructuring and other | — | — | — | — | — | 4,235 | 4,235 | ||||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 6,479 | 6,479 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 14,590 | 14,590 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 23,130 | 23,130 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (1,053 | ) | (1,053 | ) | ||||||||||||||||||
Multiemployer plan shortfall contributions | — | — | — | — | — | 4,940 | 4,940 | ||||||||||||||||||||
Other | — | — | — | — | — | 2,244 | 2,244 | ||||||||||||||||||||
Adjusted EBITDA | $ | 115,200 | $ | 62,075 | $ | 67,427 | $ | 244,702 | $ | 2,444 | $ | (28,205 | ) | $ | 218,941 | ||||||||||||
Three months ended June 30, 2016: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 42,129 | $ | 56,747 | $ | 67,223 | $ | 166,099 | $ | (1,503 | ) | $ | (479,417 | ) | $ | (314,821 | ) | ||||||||||
Depreciation and amortization | 22,017 | 9,815 | 12,885 | 44,717 | 3,353 | 1,635 | 49,705 | ||||||||||||||||||||
(Gain) loss on sales of businesses, net | — | — | — | — | (974 | ) | — | (974 | ) | ||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 19,030 | 19,030 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 15,800 | 15,800 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 23,656 | 23,656 | ||||||||||||||||||||
Loss from discontinued operations (net of tax) | — | — | — | — | — | 398,340 | 398,340 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (265 | ) | (265 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 64,146 | $ | 66,562 | $ | 80,108 | $ | 210,816 | $ | 876 | $ | (21,221 | ) | $ | 190,471 |
Lithium | Bromine Specialties | Catalysts | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Three months ended September 30, 2017: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 89,745 | $ | 53,760 | $ | 47,846 | $ | 191,351 | $ | (1,776 | ) | $ | (70,905 | ) | $ | 118,670 | |||||||||||
Depreciation and amortization | 22,316 | 10,176 | 13,798 | 46,290 | 2,082 | 1,523 | 49,895 | ||||||||||||||||||||
Utilization of inventory markup | 568 | — | — | 568 | — | — | 568 | ||||||||||||||||||||
Gain on acquisition | 1,408 | — | — | 1,408 | — | — | 1,408 | ||||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 5,635 | 5,635 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 15,792 | 15,792 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 18,495 | 18,495 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (1,028 | ) | (1,028 | ) | ||||||||||||||||||
Multiemployer plan shortfall contributions | — | — | — | — | — | 1,646 | 1,646 | ||||||||||||||||||||
Other | (1,093 | ) | — | (1,250 | ) | (2,343 | ) | — | 645 | (1,698 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 112,944 | $ | 63,936 | $ | 60,394 | $ | 237,274 | $ | 306 | $ | (28,197 | ) | $ | 209,383 | ||||||||||||
Three months ended September 30, 2016: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 46,848 | $ | 41,621 | $ | 75,299 | $ | 163,768 | $ | 3,806 | $ | (39,354 | ) | $ | 128,220 | ||||||||||||
Depreciation and amortization | 21,789 | 10,186 | 12,743 | 44,718 | 1,664 | 1,592 | 47,974 | ||||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 6,749 | 6,749 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 15,946 | 15,946 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 12,394 | 12,394 | ||||||||||||||||||||
Income from discontinued operations (net of tax) | — | — | — | — | — | (23,185 | ) | (23,185 | ) | ||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (231 | ) | (231 | ) | ||||||||||||||||||
Other | — | — | — | — | 462 | 462 | |||||||||||||||||||||
Adjusted EBITDA | $ | 68,637 | $ | 51,807 | $ | 88,042 | $ | 208,486 | $ | 5,470 | $ | (25,627 | ) | $ | 188,329 |
Lithium | Bromine Specialties | Catalysts | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Three months ended December 31, 2017: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 93,814 | $ | 54,646 | $ | 71,859 | $ | 220,319 | $ | 3,899 | $ | (442,584 | ) | $ | (218,366 | ) | |||||||||||
Depreciation and amortization | 25,038 | 9,756 | 14,454 | 49,248 | 2,073 | 1,520 | 52,841 | ||||||||||||||||||||
Restructuring and other | — | — | — | — | — | (85 | ) | (85 | ) | ||||||||||||||||||
Gain on acquisition | (196 | ) | — | — | (196 | ) | — | — | (196 | ) | |||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 7,559 | 7,559 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 16,455 | 16,455 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 378,221 | 378,221 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (12,981 | ) | (12,981 | ) | ||||||||||||||||||
Multiemployer plan shortfall contributions | — | — | — | — | — | 1,301 | 1,301 | ||||||||||||||||||||
Note receivable reserve | — | — | — | — | — | 28,730 | 28,730 | ||||||||||||||||||||
Other | — | — | — | — | — | (7,699 | ) | (7,699 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 118,656 | $ | 64,402 | $ | 86,313 | $ | 269,371 | $ | 5,972 | $ | (29,563 | ) | $ | 245,780 | ||||||||||||
Three months ended December 31, 2016: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 65,529 | $ | 37,143 | $ | 57,599 | $ | 160,271 | $ | (1,711 | ) | $ | 443,530 | $ | 602,090 | ||||||||||||
Depreciation and amortization | 23,568 | 9,806 | 13,146 | 46,520 | 1,673 | 1,494 | 49,687 | ||||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 13,047 | 13,047 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 18,321 | 18,321 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 34,728 | 34,728 | ||||||||||||||||||||
Income from discontinued operations (net of tax) | — | — | — | — | — | (559,974 | ) | (559,974 | ) | ||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 26,368 | 26,368 | ||||||||||||||||||||
Other | — | — | — | — | — | 3,117 | 3,117 | ||||||||||||||||||||
Adjusted EBITDA | $ | 89,097 | $ | 46,949 | $ | 70,745 | $ | 206,791 | $ | (38 | ) | $ | (19,369 | ) | $ | 187,384 |
Lithium | Bromine Specialties | Catalysts | Reportable Segments Total | All Other | Corporate | Consolidated Total | |||||||||||||||||||||
Year ended December 31, 2017: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 342,992 | $ | 218,839 | $ | 230,665 | $ | 792,496 | $ | 5,521 | $ | (743,167 | ) | $ | 54,850 | ||||||||||||
Depreciation and amortization | 87,879 | 40,062 | 54,468 | 182,409 | 8,357 | 6,162 | 196,928 | ||||||||||||||||||||
Utilization of inventory markup | 23,095 | — | — | 23,095 | — | — | 23,095 | ||||||||||||||||||||
Restructuring and other | — | — | — | — | — | 17,056 | 17,056 | ||||||||||||||||||||
Gain on acquisition | (6,221 | ) | — | — | (6,221 | ) | — | — | (6,221 | ) | |||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 33,954 | 33,954 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 115,350 | 115,350 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 431,817 | 431,817 | ||||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | (16,125 | ) | (16,125 | ) | ||||||||||||||||||
Multiemployer plan shortfall contributions | — | — | — | — | — | 7,887 | 7,887 | ||||||||||||||||||||
Note receivable reserve | — | — | — | — | — | 28,730 | 28,730 | ||||||||||||||||||||
Other | (1,093 | ) | — | (1,250 | ) | (2,343 | ) | — | 502 | (1,841 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 446,652 | $ | 258,901 | $ | 283,883 | $ | 989,436 | $ | 13,878 | $ | (117,834 | ) | $ | 885,480 | ||||||||||||
Year ended December 31, 2016: | |||||||||||||||||||||||||||
Net income (loss) attributable to Albemarle Corporation | $ | 198,852 | $ | 187,364 | $ | 265,416 | $ | 651,632 | $ | 131,301 | $ | (139,258 | ) | $ | 643,675 | ||||||||||||
Depreciation and amortization | 86,862 | 39,562 | 51,193 | 177,617 | 7,302 | 6,056 | 190,975 | ||||||||||||||||||||
(Gain) loss on sales of businesses, net | — | — | — | — | (123,831 | ) | 1,533 | (122,298 | ) | ||||||||||||||||||
Acquisition and integration related costs | — | — | — | — | — | 57,384 | 57,384 | ||||||||||||||||||||
Interest and financing expenses | — | — | — | — | — | 65,181 | 65,181 | ||||||||||||||||||||
Income tax expense | — | — | — | — | — | 96,263 | 96,263 | ||||||||||||||||||||
Income from discontinued operations (net of tax) | — | — | — | — | — | (202,131 | ) | (202,131 | ) | ||||||||||||||||||
Non-operating pension and OPEB items | — | — | — | — | — | 25,589 | 25,589 | ||||||||||||||||||||
Other | — | — | — | — | — | 3,579 | 3,579 | ||||||||||||||||||||
Adjusted EBITDA | $ | 285,714 | $ | 226,926 | $ | 316,609 | $ | 829,249 | $ | 14,772 | $ | (85,804 | ) | $ | 758,217 |