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Albemarle swings to Q2 profit on strong lithium segment results

Albemarle Corp. posted attributable net income of US$103.3 million, or US$1.13 per share, in the second quarter, swinging from a net loss of US$314.8 million, or 93 cents per share, in the year-ago period.

The reversal is primarily related to a loss from discontinued operations of US$3.52 per share in 2016, as well as growth in the company's lithium and advanced minerals segment.

Net sales in the period rose to US$737.3 million from US$669.3 million, while adjusted EBITDA climbed to US$218.9 million from US$190.5 million, according to an Aug. 7 release.

The company's lithium and advanced materials segment posted a 36.2% year-over-year increase in net sales to US$317.9 million, driven by favorable pricing impacts and increased sales volumes, partially offset by US$1.8 million in unfavorable currency exchange impacts.

Net sales for bromine, however, declined 1.4% to US$203.9 million, while net sales for refining solutions rose 3.5% to US$184.2 million.

Albemarle reiterated its net sales forecast at between US$2.90 billion and US$3.05 billion, while adjusted EBITDA is expected to range from US$835 million to US$875 million.

The company also maintained its full-year earnings forecast at between US$4.20 and US$4.40 per share.