Albemarle
Print | Share


<< Back
Albemarle reports record fourth quarter and record full year 2011 results

BATON ROUGE, La., Jan. 23, 2012  /PRNewswire/ --

Fourth quarter 2011 highlights:

  • Best fourth quarter earnings performance in company history.
  • Quarterly earnings of $1.11 per share, up 21 percent over fourth quarter 2010 results.
  • Ninth consecutive quarter of year-over-year quarterly growth for the company.
  • Net sales of $707 million for the quarter, up 17 percent over fourth quarter 2010.
  • Full year 2011 finishes with highest annual revenue and earnings in history of the company.

(Logo: http://photos.prnewswire.com/prnh/20111129/MM14279LOGO )

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

In thousands, except per share amounts

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

707,390

 

$

604,975

 

$

2,869,005

 

$

2,362,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income

$

162,799

 

$

135,842

 

$

700,990

 

$

519,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Albemarle Corporation

$

99,443

 

$

84,972

 

$

436,280

 

$

323,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.11

 

$

0.92

 

$

4.77

 

$

3.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special item per share

$

 

$

 

$

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share excluding special item

$

1.11

 

$

0.92

 

$

4.77

 

$

3.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Albemarle Corporation (NYSE: ALB) reported fourth quarter 2011 earnings of $99.4 million, or $1.11 per share, compared to fourth quarter 2010 earnings of $85.0 million, or $0.92 per share.  The company reported net sales of $707.4 million in the fourth quarter of 2011 compared to net sales of $605.0 million in the fourth quarter of 2010.

Earnings for the full year 2011 were $436.3 million, or $4.77 per share, compared to $323.7 million, or $3.51 per share, for 2010.  Excluding the $7.0 million ($4.6 million after tax, or 5 cents per share) charge for restructuring costs in the first quarter of 2010, earnings for 2010 were $328.3 million, or $3.56 per share.  Net sales for 2011 were $2.9 billion compared to $2.4 billion for 2010. 

"We are very pleased to report strong fourth quarter results which capped a record year at Albemarle during which each of our business segments recorded the highest revenue and profitability in our history," said Luke Kissam, President and CEO.  "Despite a challenging operating environment in the second half of the year, we grew revenue by 21% to $2.9 billion and earnings by 34% to $4.77 per share.  We closed the year with a very strong balance sheet, which gives us the financial flexibility to fund growth opportunities.  These results, which are a credit to the strength of our businesses and the innovation of our employees, put us on track to achieve our Vision 2015 goals."

Quarterly Segment Results

Catalysts generated net sales of $289.5 million in the fourth quarter of 2011, a 25 percent increase over net sales in the fourth quarter of 2010, due mainly to favorable pricing.  Catalysts segment income was $83.6 million in the fourth quarter of 2011, up 43 percent over fourth quarter 2010 results of $58.5 million due primarily to favorable pricing gains while partly offset mainly by higher input costs and lower equity income versus the fourth quarter of 2010. 

Polymer Solutions delivered net sales of $209.3 million in the fourth quarter of 2011, a 5 percent decrease over net sales in the fourth quarter of 2010, with favorable impacts from pricing and foreign currency being offset overall by lower volumes.  Segment income for Polymer Solutions was $36.6 million in the fourth quarter of 2011, a 28 percent decline from $51.0 million in the fourth quarter of 2010, due primarily to lower volumes and higher input costs, partly offset by favorable pricing.

Fine Chemistry net sales in the fourth quarter of 2011 were $208.5 million, a 36 percent increase over net sales in the fourth quarter of 2010, due mainly to favorable volumes and pricing.  Segment income for Fine Chemistry was $42.6 million for the fourth quarter of 2011, over 60 percent higher than fourth quarter 2010 results of $26.3 million, due primarily to favorable pricing and volume performance, partly offset by higher input costs and higher charges attributable to noncontrolling interests.

Corporate and Other

Corporate and other expense for the fourth quarter and year ended December 31, 2011 was $24.6 million and $97.5 million, respectively.  The increase over the comparable periods in 2010 was due primarily to higher personnel-related costs including performance-based incentive compensation and pension costs. 

Interest and financing expenses were $9.0 million for the fourth quarter of 2011 compared to $7.5 million for the fourth quarter of 2010, with this increase due primarily to higher average interest rates on outstanding borrowings during the 2011 period.

Our fourth quarter and full year 2011 effective income tax rates were 23.3 percent and 23.6 percent, respectively.  Our effective tax rate continues to be influenced by the level and geographic mix of income and benefits from a favorable mix of income in lower tax jurisdictions. 

Cash Flow

Our cash flow from operations was approximately $490 million for the full year 2011, and we had $469.4 million in cash and cash equivalents at December 31, 2011.  During 2011, cash on hand and cash provided by operations funded capital expenditures for plant, machinery and equipment of approximately $198.0 million (which includes approximately $40.0 million in capital expenditures associated with our Jordan Bromine joint venture), long-term debt repayments of $109.6 million, pension and postretirement contributions of $59.8 million, dividends to shareholders of $57.8 million and repurchases of $178.1 million of our common stock. 

Outlook

In the second half of 2011, the global economic uncertainty contributed to conservative cash management and lower demand in certain supply chains, and this was particularly true in our Polymer Solutions segment.  How long that uncertainty will last is not clear at this time.  However, our businesses remain healthy, and we believe the end markets we serve may stabilize or accelerate in the second half of 2012.

Earnings Call

The Company's performance for the fourth quarter and the year ended December 31, 2011 will be discussed on a conference call at 8:00 AM Eastern Standard time on January 24, 2012.  The call can be accessed by dialing 800-901-5217 (International Dial In # 617-786-2964), and entering conference ID 62911660.  The Company's earnings presentation and supporting material can be accessed through Albemarle's website under Investors at http://www.albemarle.com/.

About Albemarle

Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services.  Albemarle is committed to global sustainability and is continuing to advance its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry, with Corporate Responsibility Magazine naming Albemarle among its prestigious "100 Best Corporate Citizens" list for 2011.  Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries.  Albemarle regularly posts information to http://www.albemarle.com/, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings and other information regarding the Company, its businesses and markets served. 

Forward-Looking Statements

Some of the information presented in this press release, including, without limitation, statements with respect to product development, improvements in productivity, market trends, price and mix changes, expected growth, outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  There can be no assurance that actual results will not differ materially.  Factors that could cause actual results to differ from expectations include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; changes in the cost of raw materials and energy and in our ability to pass through increases; acquisitions and divestitures, and changes in performance of acquired companies; fluctuations in foreign currencies; changes in laws and government regulation of our operations or our products; the occurrence of claims or litigation; the occurrence of natural disasters; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest, including terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings; changes in monetary policies or inflation or interest rates, which may impact our ability to raise capital or increase our cost of funds, the performance of our pension fund investments and our pension expense and funding obligations; volatility and substantial uncertainties in the debt and equity markets; technology or intellectual property infringement and other risks; decisions we may make in the future; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our 2011 Quarterly Reports on Form 10-Q. 


 

Albemarle Corporation and Subsidiaries

Consolidated Statements of Income

(In Thousands Except Per Share Amounts) (Unaudited)

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2011

 

2010

 

2011

 

2010

Net sales

$

707,390

 

$

604,975

 

$

2,869,005

 

$

2,362,764

Cost of goods sold

 

473,308

 

 

408,514

 

 

1,891,946

 

 

1,616,842

Gross profit

 

234,082

 

 

196,461

 

 

977,059

 

 

745,922

Selling, general and administrative expenses

 

79,021

 

 

70,403

 

 

312,136

 

 

265,722

Research and development expenses

 

18,987

 

 

14,672

 

 

77,083

 

 

58,394

Restructuring and other charges (a)

 

 

 

 

 

 

 

6,958

Operating profit

 

136,074

 

 

111,386

 

 

587,840

 

 

414,848

Interest and financing expenses

 

(8,998)

 

 

(7,474)

 

 

(37,574)

 

 

(25,533)

Other (expenses) income, net

 

(177)

 

 

1,204

 

 

357

 

 

2,788

Income before income taxes and equity in net

 

 

 

 

 

 

 

 

 

 

 

   income of unconsolidated investments

 

126,899

 

 

105,116

 

 

550,623

 

 

392,103

Income tax expense

 

29,591

 

 

23,802

 

 

130,014

 

 

92,719

Income before equity in net income of

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated investments

 

97,308

 

 

81,314

 

 

420,609

 

 

299,384

Equity in net income of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

   investments (net of tax)

 

6,636

 

 

8,025

 

 

43,754

 

 

37,975

Net income

 

103,944

 

 

89,339

 

 

464,363

 

 

337,359

Net income attributable to noncontrolling interests

 

(4,501)

 

 

(4,367)

 

 

(28,083)

 

 

(13,639)

Net income attributable to Albemarle Corporation

$

99,443

 

$

84,972

 

$

436,280

 

$

323,720

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.12

 

$

0.93

 

$

4.82

 

$

3.54

Diluted earnings per share

$

1.11

 

$

0.92

 

$

4.77

 

$

3.51

Weighted-average common shares outstanding –

 

 

 

 

 

 

 

 

 

 

 

   basic

 

88,805

 

 

91,567

 

 

90,522

 

 

91,393

Weighted-average common shares outstanding –

 

 

 

 

 

 

 

 

 

 

 

   diluted

 

89,819

 

 

92,350

 

 

91,522

 

 

92,184

 

See accompanying notes to the condensed consolidated financial information.

 

Albemarle Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands) (Unaudited)

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

2011

 

 

2010

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

$

469,416

 

 

$

529,650

 

Other current assets

 

886,204

 

 

 

818,548

 

 

 

 

 

 

 

 

 

Total current assets

 

1,355,620

 

 

 

1,348,198

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

2,619,428

 

 

 

2,440,178

 

Less accumulated depreciation

   and amortization

 

1,489,948

 

 

 

1,433,865

 

Net property, plant and equipment

 

1,129,480

 

 

 

1,006,313

 

 

 

 

 

 

 

 

 

Other assets and intangibles

 

718,724

 

 

 

713,570

 

Total assets

$

3,203,824

 

 

$

3,068,081

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current portion of long-term debt

$

14,416

 

 

$

8,983

 

Other current liabilities

 

386,762

 

 

 

355,194

 

 

 

 

 

 

 

 

 

Total current liabilities

 

401,178

 

 

 

364,177

 

 

 

 

 

 

 

 

 

Long-term debt

 

749,257

 

 

 

851,927

 

Other noncurrent liabilities

 

296,659

 

 

 

266,661

 

Deferred income taxes

 

77,903

 

 

 

109,570

 

Albemarle Corporation shareholders' equity

 

1,591,277

 

 

 

1,416,074

 

Noncontrolling interests

 

87,550

 

 

 

59,672

 

Total liabilities & equity

$

3,203,824

 

 

$

3,068,081

 

 

See accompanying notes to the condensed consolidated financial information.

 

Albemarle Corporation and Subsidiaries

Selected Consolidated Cash Flow Data

(In Thousands) (Unaudited)

 

 

 

Year Ended

 

December 31,

 

2011

 

2010

Cash and cash equivalents at beginning of year

$

529,650

 

$

308,791

Cash and cash equivalents at end of year

$

469,416

 

$

529,650

 

 

 

 

 

 

Sources of cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

  Net income

 

464,363

 

 

337,359

 

 

 

 

 

 

  Proceeds from issuance of senior notes

 

 

 

346,853

 

 

 

 

 

 

  Proceeds from other borrowings

 

9,415

 

 

125,797

 

 

 

 

 

 

  Proceeds from exercise of stock options

 

2,230

 

 

7,135

 

 

 

 

 

 

Uses of cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

  Capital expenditures

 

(197,746)

 

 

(75,478)

 

 

 

 

 

 

  Repurchases of common stock

 

(178,132)

 

 

(14,945)

 

 

 

 

 

 

  Repayments of long-term debt

 

(109,591)

 

 

(424,123)

 

 

 

 

 

 

  Dividends paid to shareholders

 

(57,759)

 

 

(49,643)

 

 

 

 

 

 

  Pension and postretirement contributions

 

(59,773)

 

 

(80,105)

 

 

 

 

 

 

  Cash impact from deconsolidation of Stannica JV, net

 

 

 

(12,649)

 

 

 

 

 

 

  Investments in equity and other corporate investments

 

(10,868)

 

 

(1,338)

 

 

 

 

 

 

Non-cash items:

 

 

 

 

 

 

 

 

 

 

 

  Depreciation and amortization

 

96,753

 

 

95,578

 

 

 

 

 

 

  Restructuring and other charges (a)

 

 

 

6,958

 

 

 

 

 

 

  Equity in net income of unconsolidated investments

 

(43,754)

 

 

(37,975)

 

See accompanying notes to the condensed consolidated financial information.

 

 

Albemarle Corporation and Subsidiaries

Consolidated Summary of Segment Results

(In Thousands) (Unaudited)

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2011

 

 

2010

 

2011

 

2010

Net sales:

 

 

 

 

 

 

 

 

 

 

 

Polymer Solutions

$

209,318

 

$

219,956

 

$

1,001,922

 

$

903,745

Catalysts

 

289,524

 

 

231,569

 

 

1,116,863

 

 

890,007

Fine Chemistry

 

208,548

 

 

153,450

 

 

750,220

 

 

569,012

Total net sales

$

707,390

 

$

604,975

 

$

2,869,005

 

$

2,362,764

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit:

 

 

 

 

 

 

 

 

 

 

 

Polymer Solutions

$

36,018

 

$

50,488

 

$

239,918

 

$

195,681

Catalysts

 

78,091

 

 

52,069

 

 

287,342

 

 

219,125

Fine Chemistry

 

46,497

 

 

29,254

 

 

157,884

 

 

79,505

Total segment operating profit

 

160,606

 

 

131,811

 

 

685,144

 

 

494,311

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income of unconsolidated investments:

 

 

 

 

 

 

 

 

 

 

 

Polymer Solutions

 

1,200

 

 

1,875

 

 

7,696

 

 

8,734

Catalysts

 

5,463

 

 

6,475

 

 

36,259

 

 

29,648

Fine Chemistry

 

 

 

 

 

 

 

Corporate & other

 

(27)

 

 

(325)

 

 

(201)

 

 

(407)

Total equity in net income of unconsolidated investments

 

6,636

 

 

8,025

 

 

43,754

 

 

37,975

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

Polymer Solutions

 

(603)

 

 

(1,405)

 

 

(9,803)

 

 

(6,154)

Catalysts

 

 

 

 

 

 

 

Fine Chemistry

 

(3,867)

 

 

(2,914)

 

 

(18,306)

 

 

(7,357)

Corporate & other

 

(31)

 

 

(48)

 

 

26

 

 

(128)

Total net income attributable to noncontrolling interests

 

(4,501)

 

 

(4,367)

 

 

(28,083)

 

 

(13,639)

 

 

 

 

 

 

 

 

 

 

 

 

Segment income:

 

 

 

 

 

 

 

 

 

 

 

Polymer Solutions

 

36,615

 

 

50,958

 

 

237,811

 

 

198,261

Catalysts

 

83,554

 

 

58,544

 

 

323,601

 

 

248,773

Fine Chemistry

 

42,630

 

 

26,340

 

 

139,578

 

 

72,148

Total segment income

 

162,799

 

 

135,842

 

 

700,990

 

 

519,182

Corporate & other

 

(24,590)

 

 

(20,798)

 

 

(97,479)

 

 

(73,040)

Restructuring and other charges (a)

 

 

 

 

 

 

 

(6,958)

Interest and financing expenses

 

(8,998)

 

 

(7,474)

 

 

(37,574)

 

 

(25,533)

Other (expenses) income, net

 

(177)

 

 

1,204

 

 

357

 

 

2,788

Income tax expense

 

(29,591)

 

 

(23,802)

 

 

(130,014)

 

 

(92,719)

Net income attributable to Albemarle Corporation

$

99,443

 

$

84,972

 

$

436,280

 

$

323,720

 

See accompanying notes to the condensed consolidated financial information.

 

 

Notes to the Condensed Consolidated Financial Information

 

(a) The year ended December 31, 2010 included charges amounting to $7.0 million ($4.6 million after income taxes, or 5 cents per share) that related principally to reductions in force at our Bergheim, Germany site.

 

Additional Information

It should be noted that earnings, earnings per share and effective income tax rates which exclude special items, as well as presentations of segment operating profit, segment income, EBITDA, EBITDA excluding special items, EBITDA margin and EBITDA margin excluding special items are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP.  These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance.

A description of other non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the Investors section of our website at http://www.albemarle.com/, under "Non-GAAP Reconciliations" under "Financials."  Also, see attached for a supplemental reconciliation of our segment operating profit and segment income amounts to GAAP Operating profit and GAAP Net income attributable to Albemarle Corporation, respectively, as well as for a supplemental reconciliation of our GAAP Net income attributable to Albemarle Corporation to EBITDA and EBITDA excluding special items.


 

ALBEMARLE CORPORATION AND SUBSIDIARIES

Non-GAAP Reconciliation

(In Thousands)

(Unaudited)

Our segment information includes measures we refer to as "segment operating profit," "segment income," "EBITDA" and "EBITDA excluding special items," which are financial measures that are not required by, or presented in accordance with, GAAP.  The Company has reported segment operating profit, segment income, EBITDA and EBITDA excluding special items because management believes that these financial measures provide transparency to investors and enable period-to-period comparability of financial performance.  Segment operating profit, segment income, EBITDA and EBITDA excluding special items should not be considered as alternatives to operating profit or net income attributable to Albemarle Corporation, as determined in accordance with GAAP.

See below for a reconciliation of segment operating profit and segment income, the non-GAAP financial measures, to operating profit and net income attributable to Albemarle Corporation, respectively, the most directly comparable financial measures calculated and reported in accordance with GAAP.

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2011

 

 

2010

 

 

2011

 

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

Total segment operating profit

$

160,606

 

$

131,811

 

$

685,144

 

$

494,311

Corporate & other *

 

(24,532)

 

 

(20,425)

 

 

(97,304)

 

 

(72,505)

Restructuring and other charges

 

 

 

 

 

 

 

(6,958)

GAAP Operating profit

$

136,074

 

$

111,386

 

$

587,840

 

$

414,848

 

 

 

 

 

 

 

 

 

 

 

 

Total segment income

$

162,799

 

$

135,842

 

$

700,990

 

$

519,182

Corporate & other

 

(24,590)

 

 

(20,798)

 

 

(97,479)

 

 

(73,040)

Restructuring and other charges

 

 

 

 

 

 

 

(6,958)

Interest and financing expenses

 

(8,998)

 

 

(7,474)

 

 

(37,574)

 

 

(25,533)

Other (expenses) income, net

 

(177)

 

 

1,204

 

 

357

 

 

2,788

Income tax expense

 

(29,591)

 

 

(23,802)

 

 

(130,014)

 

 

(92,719)

GAAP Net income attributable to Albemarle Corporation

$

99,443

 

$

84,972

 

$

436,280

 

$

323,720

 

* Excludes corporate equity income and noncontrolling interest adjustments of $(58) and $(373) for the three-month periods ended December 31, 2011 and 2010, respectively, and $(175) and $(535) for the years ended December 31, 2011 and 2010, respectively.

See below for a reconciliation of EBITDA and EBITDA excluding special items, the non-GAAP financial measures, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP.  EBITDA is defined as Net income attributable to Albemarle Corporation before interest and financing expenses, income taxes, depreciation and amortization.  EBITDA excluding special items is defined as EBITDA before the special item as listed below. 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2011

 

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Albemarle Corporation

$

99,443

 

$

84,972

 

$

436,280

 

$

323,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and financing expenses

 

8,998

 

 

7,474

 

 

37,574

 

 

25,533

 

Income tax expense

 

29,591

 

 

23,802

 

 

130,014

 

 

92,719

 

Depreciation and amortization

 

24,827

 

 

24,092

 

 

96,753

 

 

95,578

 

EBITDA

 

162,859

 

 

140,340

 

 

700,621

 

 

537,550

 

Restructuring and other charges

 

 

 

 

 

 

 

6,958

 

EBITDA excluding special item

$

162,859

 

$

140,340

 

$

700,621

 

$

544,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

707,390

 

$

604,975

 

$

2,869,005

 

$

2,362,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA Margin

 

23.0

%

 

23.2

%

 

24.4

%

 

22.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA Margin excluding special item

 

23.0

%

 

23.2

%

 

24.4

%

 

23.0

%

 

SOURCE Albemarle Corporation

CONTACT: Lorin Crenshaw, +1-225-388-7322