Albemarle Shares Gain 4% after Further Improving 2022 Outlook -Breaking
By Davit Kirakosyan
Albemarle Shares of Corporation (NYSE:), rose more than 4% Monday afternoon after it revised its full-year guidance 2022 today. The company’s revisions reflect mainly the successful completion of additional contract renegotiations for its lithium customers, following the Q1/22 earnings report on May 4, 2022.
Now net sales will be between $5.8 and $6.2 billion, compared to the $5.2-$5.6 billion outlook and consensus estimate of $5.44 trillion. The range for adjusted EBITDA now stands at $2.2-$2.5 billion, compared to the $1.7-$2.0 billion prior guidance. Adjusted diluted EBITDA will range from $12.30 to $15.00 as opposed to the consensus estimate of $10.88, and the prior guidance at $9.25-12.25.
“Over the past twelve months, we have made significant progress in negotiating more variable-priced deals with our lithium customers. The expected improvement in financial results year over year is due to the implementation of these contracts,” stated Kent Masters, Albemarle CEO. Based on the favorable market conditions for Lithium- and Bromine business, we now anticipate full year 2022 adjusted EBITDA will be more than 160% higher than previous years. Both are essential for the transition to greener energy, advancing electrifications and digitalization.
Albemarle’s shares have increased by 4% over the past year.