CHARLOTTE, N.C., Nov. 6, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2024.

Third-Quarter 2024 and Recent Highlights(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

Net sales of $1.4 billion, with volumes in Energy Storage and Specialties up 16% and 4%, respectivelyNet loss of ($1.1) billion, or ($9.45) per diluted share attributable to common shareholders, which included pre-tax charges of $861 million primarily related to previously announced capital project asset write-offsAdjusted diluted loss per share attributable to common shareholders of ($1.55)Adjusted EBITDA of $211 million; Specialties adjusted EBITDA up 22% year-over-year and Ketjen adjusted EBITDA up 134% year-over-yearCash from operations of $241 million, representing >100% operating cash flow conversion(a), driven by favorable working capital managementMaintaining full-year 2024 outlook considerations due to productivity and cost improvements, higher volumes, and the performance of long-term contractsProgressed comprehensive review of cost and operating structure; additional details include:Implementing new operating structure to maintain long-term competitiveness, streamlining organization to an integrated functional modelDriving additional cost and productivity improvements of $300 million to $400 million expected per year encompassing broad-based actions that include workforce reductions and manufacturing improvementsReducing global workforce by an expected 6-7%, representing approximately 15% of non-manufacturing workforceDecreasing FY 2025 capital expenditures by approximately 50% versus FY 2024 to an anticipated range of $800 million to $900 million