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Albemarle sinks to Q4'17 net loss of US$218.4M on tax expense, Hurricane Harvey

Albemarle Corp. said Feb. 27 that it posted an attributable net loss of US$218.4 million, or US$1.95 per share, in the fourth quarter of 2017, sinking from a year-ago net profit of US$602.1 million, or US$5.30 per share.

The results in the three-month period included US$366.9 million of income tax expense related to new U.S. tax reforms and the effect of Hurricane Harvey on its operations.

Net sales in the period rose to US$857.8 million from US$696.7 million a year ago, partly as a result of higher sales volumes and favorable U.S. dollar exchange rates.

For full-year 2017, net income shrunk to US$54.9 million, or 49 cents per share, from a profit of US$643.7 million, or US$5.68 per share.

Net sales for the year ended Dec. 31, 2017, rose 14.7% to $3.07 billion, from $2.68 billion in 2016, partially due to higher lithium prices.

CapEx for 2017 increased to US$317.7 million, from US$196.7 million.