Albemarle Reports Second-Quarter 2024 Financial Results

Strong Demand for Lithium and Bromine Drives Revenue Growth

Charlotte, NC – July 1, 2024 – PRNewswire

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility and energy, today announced its financial results for the second quarter of 2024.

Net sales for the second quarter of 2024 were $14.0 billion compared to $24.0 billion for the prior-year quarter, a decrease of 42%. This decline was primarily due to lower pricing for lithium and bromine, as well as lower sales volumes for lithium and specialty chemicals.

As a result of the lower sales and higher costs, Albemarle expects to recognize a charge in the range of $0.9-1.1 billion as an impairment charge to its lithium business in the second quarter of 2024. This charge will be recorded as a non-operating expense and will not impact Albemarle's ongoing operations.

Despite the challenging market conditions, Albemarle remains confident in the long-term growth of its businesses. The company continues to invest in its production capacity and is well-positioned to benefit from the increasing demand for lithium and bromine in the coming years.