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Albemarle Corporation (NYSE: ALB), a global leader in essential elements for mobility, energy, connectivity and health, has announced its Q3 2023 results.
Q3 2023 Highlights
Albemarle’s net sales grew by 10%, driven by higher volumes in the Energy Storage business. The company formed new strategic partnerships and streamlined its existing MARBL joint venture. The Meishan project is ahead of schedule for completion in early 2024.
2023 Corporate Outlook
Albemarle expects net sales to increase 30% to 35% over the prior year, primarily driven by new mining and conversion capacity delivering volumetric growth in Energy Storage.
Q3 2023 Results
Net sales for Q3 2023 were $2.3 billion, a 10% increase from the prior-year quarter. Net income attributable to Albemarle decreased by $594.7 million.
Business Segment Results
From January 1, 2023, the company re-segmented its operating business units.
2023 Energy Storage Outlook
Energy Storage net sales for the full year are estimated to range between $7.0 billion and $7.2 billion.
2023 Specialties Outlook
Albemarle expects Specialties net sales to approximately $1.5 billion.
Ketjen Results
Ketjen net sales of $260.7 million for Q3 2023 were up 11% compared to the previous year.
2023 Ketjen Outlook
Albemarle expects Ketjen net sales of approximately $1.1 billion for 2023.
Cash Flow and Capital Deployment
Cash from operations of $1.4 billion for the nine-months ended September 30, 2023 increased $467.9 million versus the prior year period.
About Albemarle
Albemarle Corporation leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health.
Company Website: https://www.albemarle.com
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