earnings
confidence high
sentiment negative
materiality 0.80
Albemarle Q3 net loss $1.1B; announces 6-7% workforce reduction, $300-400M annual cost savings
ALBEMARLE CORP
2024-Q3 EPS reported
-$11.49
revenue$4,145,813,000
- Net loss of $1.1B ($9.45/sh); adjusted loss $1.55/sh; includes $861M asset write-off charges.
- Adjusted EBITDA $211M; Energy Storage & Specialties volumes up 16% and 4% YoY.
- Full-year 2024 outlook maintained: net sales $5.5-6.2B, adj. EBITDA $0.9-1.2B based on $12-15/kg lithium.
- Cost restructuring: 6-7% workforce cut (~15% of non-mfg), annual savings $300-400M; FY25 capex ~$800-900M (down ~50% YoY).