Albemarle Corp. posted an attributable net income of US$302.5 million in the second quarter, nearly triple from US$103.3 million in the year-ago period, on the back of its lithium segment's strong performance.

The company said Aug. 7 that lithium net sales rose 30.2% year over year to US$317.6 million, from US$243.8 million in the year-ago period, due to favorable pricing impacts, increased sales volumes and US$7.7 million in favorable currency exchange impacts.

The segment's adjusted EBITDA grew 22.9% year over year to US$141.6 million, from US$115.2 million in the year-ago period, thanks to favorable pricing impacts, increased sales volumes and US$800,000 of favorable currency exchange impacts, partially offset by higher royalty payments.

Bromine specialties reported net sales of US$220.5 million in the second quarter for an 8.1% yearly increase from US$203.9 million, while catalysts' net sales increased 10.3% to US$285.0 million from US$258.3 million on a yearly basis.

Albemarle's adjusted second-quarter EBITDA surged 18% year on year to US$258.6 million, against US$218.9 million in the year-ago period. Operating profit stood at US$390.4 million, up from US$138.0 million in the year-ago period.

The company recorded total net sales of US$853.9 million in the second quarter, a 16% increase from US$737.3 million in the same period last year.

Albemarle also noted that the sale of the polyolefin catalysts and components portion of its performance catalysts solutions business to W. R. Grace & Co. generated net cash proceeds of approximately US$417 million on April 3.

In addition, the company initiated a US$250 million accelerated share repurchase program, retiring approximately 2.4 million shares in the second quarter.