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Albemarle Corporation (ALB-1.65%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in net sales to $5.4 billion from $9.6 billion in the previous year, primarily due to lower lithium market prices impacting the Energy Storage segment.
Gross profit for the year was $62.5 million, significantly down from $1.2 billion in 2023, attributed to unfavorable pricing impacts and inventory valuation adjustments.
The company reported restructuring charges and asset write-offs of $1.1 billion, primarily related to the cessation of construction on certain projects and changes in operating structure.
Interest and financing expenses increased to $165.6 million, reflecting lower capitalized interest and increased amortization of debt discounts.
Net loss attributable to Albemarle Corporation was $1.2 billion, compared to a net income of $1.6 billion in 2023, driven by decreased earnings in the Energy Storage and Specialties segments.
The company announced a new operating structure effective November 1, 2024, transitioning to a fully integrated functional model designed to increase agility and deliver cost savings.
Albemarle's cash and cash equivalents were reported at $1.2 billion, with cash provided by operating activities totaling $702.1 million for the year.
Capital expenditures for 2024 were $1.7 billion, with a focus on plant, machinery, and equipment, while the company expects to reduce capital expenditures to between $700 million and $800 million in 2025.
The company issued $2.2 billion in Mandatory Convertible Preferred Stock in March 2024 to repay commercial paper and for general corporate purposes.
Albemarle's long-term debt was reported at $3.1 billion, with the company maintaining compliance with its amended financial covenants.
The report includes a discussion on the company's exposure to foreign currency exchange and interest rate risks, with strategies in place to manage these exposures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Albemarle Corporation annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.