Albemarle said net sales for Q1 2024 were $1.4 billion, down 47% from $2.6 billion a year earlier, and net income attributable to Albemarle was $2 million, down $1.2 billion. The company cited lower pricing in Energy Storage as the main reason for the sales decline.

1. 01

   Albemarle said net sales for Q1 2024 were $1.4 billion, down 47% from $2.6 billion a year earlier, and net income attributable to Albemarle was $2 million, down $1.2 billion. The company cited lower pricing in Energy Storage as the main reason for the sales decline.

2. 02

   The company said Energy Storage net sales for Q1 2024 were $801 million, down 59%, as lower pricing (-89%) more than offset higher volumes (+31%). It said adjusted EBITDA was $198 million, down $1.4 billion.

3. 03

   Albemarle said cash from operating activities for Q1 2024 was $98 million, down $623 million from a year earlier, and capital expenditures were $579 million, up $164 million. The company cited the timing of project spending as the reason for the increase in capital expenditures.

4. 04

   The company said it completed a $2.3 billion public mandatory convertible preferred stock offering on March 8, 2024. As of March 31, 2024, it had estimated liquidity of approximately $3.7 billion, including $2.1 billion of cash and cash equivalents, and total debt was $3.5 billion.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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