Albemarle Reports Third Quarter 2016 Results

Albemarle (NYSE:ALB) has reported its third quarter 2016 results, noting a net income from continuing operations of $114.5 million.
As quoted in the press release:

Third quarter 2016 highlights:
Third quarter earnings were $128.2 million, or $1.13 per diluted share, an increase of 96% over the prior year
Adjusted net income from continuing operations was $102.7 million, or $0.91 per diluted share, an increase of 20% over the prior year
Third quarter adjusted EBITDA was $188.3 million, an increase of 10% over the prior year, excluding the impact of divestitures
Year-to-date cash from operations was $452.4 million, an increase of 43% over the prior year
Signed definitive agreement to acquire the lithium hydroxide and lithium carbonate conversion assets of Jiangxi Jiangli New Materials Science and Technology Co. Ltd.

Other highlights included:

The Company reported third quarter 2016 net income attributable to Albemarle Corporation of $128.2 million, or $1.13 per diluted share, compared to net income attributable to Albemarle Corporation of $65.4 million, or $0.58 per diluted share, for third quarter 2015. Third quarter 2016 adjusted net income from continuing operations was $102.7 million, or $0.91 per diluted share, compared to $85.5 million, or $0.76 per diluted share, for third quarter 2015 (see notes to the condensed consolidated financial information). The Company reported net sales of $654.0 million in third quarter 2016, down from net sales of $693.2 million in the third quarter of 2015, driven by the divestitures of the metal sulfides and minerals-based flame retardants and specialty chemicals businesses of $73.3 million, partially offset by the impact of higher sales volumes, as well as favorable price and mix impacts in certain businesses and favorable currency exchange impacts.
Net income from continuing operations for the nine months ended September 30, 2016 was $428.3 million, or $3.53 per diluted share (after income attributable to noncontrolling interests), compared to $158.3 million, or $1.27 per diluted share, for the nine months ended September 30, 2015. Including a non-recurring, non-cash tax net charge of $411.3 million related to our decision to sell our Chemetall Surface Treatment business, partially offset by gains on sales of businesses of $122.3 million (see notes to the condensed consolidated financial information), the Company reported net income attributable to Albemarle Corporation of $41.6 million, or $0.37 per diluted share, for the nine months ended September 30, 2016, compared to net income attributable to Albemarle Corporation of $160.7 million, or $1.44 per diluted share for the nine months ended September 30, 2015. Adjusted net income from continuing operations for the nine months ended September 30, 2016 was $315.0 million, or $2.78 per diluted share, compared to $284.1 million, or $2.55 per diluted share, for the same period 2015 (see notes to the condensed consolidated financial information). Net sales for the nine months ended September 30, 2016 were $1.98 billion, down from net sales of $2.10 billion, driven primarily by the divestitures of the metal sulfides and minerals-based flame retardants and specialty chemicals businesses of $194.4 million, partially offset by the impact of higher sales volumes, as well as favorable price and mix impacts in certain businesses and favorable currency exchange impacts.

Click here to read the full press release.