Albemarle reports Q2 net loss of $188M; initiates cost review with up to $1.1B charge

ALBEMARLE CORP

2024-Q2 EPS reported -$2.03 revenue$2,791,121,000

Net loss of $188M ($1.96 diluted EPS); adjusted EPS $0.04; net sales $1.4B, down YoY on lower lithium pricing.
Energy Storage volumes grew 37% YoY; Talison JV dividends lifted cash from ops to $363M, up $289M YoY.
Kemerton site actions: Train 2 to care & maintenance, stop Train 3 construction; expects Q3 charge of $0.9-$1.1B.
Maintaining FY2024 outlook: net sales $5.5-$6.2B, adj. EBITDA $0.9-$1.2B under $12-15/kg LCE scenario.
Delivered >$150M in productivity benefits; on track to exceed full-year target by 50%.

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