Albemarle reported $US9.6 billion ($14.7 billion) in net sales for 2023, the highest in the company’s history.
The increase represented a 31 per cent jump, of which 21 per cent was total volume growth. Energy storage sales were also up 35 per cent.
The release of Albemarle’s full year results saw the chemical manufacturing giant soar on the New York stock exchange, up 2.64 per cent today.
Albemarle’s 2023 net income also stood at $US1.6 billion ($2.4 billion), or $US13.36 ($20.5) per diluted share, the second highest in company history.
“Albemarle’s full-year 2023 result marks the second highest earnings year in company history, made possible by the disciplined focus of our global teams,” Albemarle chief executive officer Kent Masters said.
“Looking ahead, we are taking actions to enhance our financial flexibility, while advancing near-term growth and preserving future opportunities to create value.
“As a global leader for the end-markets we serve, we remain confident about the projects in our portfolio and our ability to leverage our world-class resources and industry-leading technologies.”
Albemarle adjusted its earnings before interest, taxes, depreciation, and amortisation (EBIDTA) to $US2.8 billion ($4.2 billion), with a diluted earnings per share of $US15.22 ($23.3).
While it was an overall year of highs for Albemarle, the December quarter closed out slightly softer by comparison.
Net sales for the fourth quarter of 2023 were $2.4 billion compared to $2.6 billion for the prior-year quarter, with a $617.7 million net loss for the company.
Albemarle said the 10 per cent decrease was driven by lower lithium market pricing, though higher sales for the overall year held the company steady in the downturn.
The company cited the weakening of lithium prices last month when it decided to sell off its stake in Liontown after its $6.6 billion takeover bid fell through.
The sale will see Albemarle shirk all 96 million of its shares in Liontown for about $120 million.
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