Albemarle said net sales for Q3 2024 were $1,354.7 million, down 41.4% from $2,310.6 million a year earlier, and that net loss attributable to Albemarle Corporation was $(1,069.0) million.

1. 01

   Albemarle said net sales for Q3 2024 were $1,354.7 million, down 41.4% from $2,310.6 million a year earlier, and that net loss attributable to Albemarle Corporation was $(1,069.0) million.

2. 02

   The company said it recognized total pre-tax charges of $861 million related to restructuring charges and asset write-offs in Q3 2024, and that adjusted EBITDA was $211 million, down $441 million from a year earlier.

3. 03

   Albemarle expects additional cost and productivity improvements of $300 million to $400 million per year and plans to reduce its global workforce by 6 to 7%, the company said. It also expects FY 2025 capital expenditures of $800 million to $900 million, down approximately 50% from FY 2024.

4. 04

   The company said estimated liquidity was approximately $3.4 billion as of September 30, 2024, including $1.7 billion in cash and cash equivalents, and total debt was $3.6 billion. It also said it extended its existing debt covenant waiver through Q2 2026 on October 31.

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Original filing

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