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Albemarle’s Q3 2023 Net Sales Surge by 10%: Key Highlights

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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.

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