Albemarle reports third quarter 2014 results
Third quarter 2014 highlights:
- Adjusted earnings of
$1.14 per share, up 5% versus third quarter 2013. - Net sales grew 9% to
$642.4 million versus third quarter 2013, with an adjusted EBITDA margin of 23%. - Year to date cash flow from operations of
$430.5 million , up 36% versus 2013 on lower working capital. - Successful startup of Heavy Oil Upgrading capacity expansion in Bayport, TX.
- Closed sale of antioxidant, ibuprofen and propofol businesses and assets to
SI Group, Inc.
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
In thousands, except per share amounts |
2014 |
2013 |
2014 |
2013 |
|||||||||||
Net sales |
$ |
642,418 |
$ |
591,196 |
$ |
1,846,982 |
$ |
1,754,635 |
|||||||
Segment income |
$ |
140,126 |
$ |
136,717 |
$ |
411,963 |
$ |
395,338 |
|||||||
Net income from continuing operations |
$ |
88,019 |
$ |
97,313 |
$ |
243,427 |
$ |
273,494 |
|||||||
Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
|||||||
Diluted earnings per share |
$ |
0.93 |
$ |
1.11 |
$ |
1.91 |
$ |
3.02 |
|||||||
Non-operating pension and OPEB items(a) |
0.01 |
(0.01) |
0.11 |
(0.04) |
|||||||||||
Special items(b)(c)(d)(e) |
0.12 |
— |
0.32 |
— |
|||||||||||
Discontinued operations(f) |
0.08 |
(0.01) |
0.87 |
(0.06) |
|||||||||||
Adjusted diluted earnings per share |
$ |
1.14 |
$ |
1.09 |
$ |
3.21 |
$ |
2.92 |
See accompanying notes and reconciliations to the condensed consolidated financial information.
Earnings for the nine months ended
On
"We delivered better than forecast growth in net sales, earnings and cash flow this quarter driven by continued strength in Catalyst Solutions, and our full year will be well within the range of our guidance," said Albemarle president and CEO
On
Quarterly Segment Results
Performance Chemicals reported net sales of
Catalyst Solutions generated net sales of
Corporate and Other
Corporate and other expense was
Interest and financing expenses were
Our adjusted effective income tax rates, which exclude discontinued operations, special and non-operating pension and OPEB items, were 18.9 percent and 22.5 percent for the third quarter of 2014 and 2013, respectively. Our effective tax rate continues to be influenced by the level and geographic mix of income, and benefits from a favorable mix of income in lower tax jurisdictions.
Cash Flow
Our cash flow from operations was approximately
Earnings Call
The Company's performance for the third quarter ended September 30, 2014 will be discussed on a conference call at
About Albemarle
Forward-Looking Statements
Some of the information presented in this press release and the conference call and discussions that follow, including, without limitation, statements with respect to the proposed transaction with Rockwood and the anticipated consequences and benefits of the transaction, the targeted close date for the transaction, product development, changes in productivity, market trends, price, expected growth and earnings, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, portfolio diversification, economic trends, outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; changes in the cost of raw materials and energy; changes in our markets in general; fluctuations in foreign currencies; changes in laws and government regulation impacting our operations or our products; the occurrence of claims or litigation; the occurrence of natural disasters; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest affecting the global economy; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings and changes in tax laws and rates; changes in monetary policies, inflation or interest rates; volatility and substantial uncertainties in the debt and equity markets; technology or intellectual property infringement; decisions we may make in the future; the receipt and timing of necessary regulatory approvals for the proposed transaction with Rockwood; the ability to finance the proposed transaction with Rockwood; the ability to successfully operate and integrate Rockwood's operations and realize estimated synergies; and the other factors detailed from time to time in the reports we file with the
Albemarle Corporation and Subsidiaries |
|||||||||||||||
Consolidated Statements of Income |
|||||||||||||||
(In Thousands Except Per Share Amounts) (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Net sales |
$ |
642,418 |
$ |
591,196 |
$ |
1,846,982 |
$ |
1,754,635 |
|||||||
Cost of goods sold(a) |
436,972 |
381,585 |
1,238,574 |
1,157,443 |
|||||||||||
Gross profit |
205,446 |
209,611 |
608,408 |
597,192 |
|||||||||||
Selling, general and administrative expenses(a) |
66,012 |
61,368 |
211,127 |
186,668 |
|||||||||||
Research and development expenses |
22,407 |
19,441 |
66,916 |
60,959 |
|||||||||||
Restructuring and other charges, net(b) |
293 |
— |
20,625 |
— |
|||||||||||
Acquisition and integration related costs(c) |
10,261 |
— |
15,104 |
— |
|||||||||||
Operating profit |
106,473 |
128,802 |
294,636 |
349,565 |
|||||||||||
Interest and financing expenses |
(8,749) |
(9,496) |
(26,255) |
(22,335) |
|||||||||||
Other expenses, net(d) |
(6,618) |
(368) |
(6,454) |
(6,147) |
|||||||||||
Income from continuing operations before income taxes and equity in net income of unconsolidated investments |
91,106 |
118,938 |
261,927 |
321,083 |
|||||||||||
Income tax expense(e) |
11,737 |
26,963 |
46,700 |
72,897 |
|||||||||||
Income from continuing operations before equity in net income of unconsolidated investments |
79,369 |
91,975 |
215,227 |
248,186 |
|||||||||||
Equity in net income of unconsolidated investments (net of tax) |
8,650 |
5,338 |
28,200 |
25,308 |
|||||||||||
Net income from continuing operations |
88,019 |
97,313 |
243,427 |
273,494 |
|||||||||||
(Loss) income from discontinued operations (net of tax)(f) |
(6,679) |
531 |
(68,473) |
4,994 |
|||||||||||
Net income |
81,340 |
97,844 |
174,954 |
278,488 |
|||||||||||
Net income attributable to noncontrolling interests |
(8,546) |
(7,332) |
(23,130) |
(21,250) |
|||||||||||
Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
|||||||
Basic earnings (loss) per share |
|||||||||||||||
Continuing operations |
$ |
1.02 |
$ |
1.10 |
$ |
2.79 |
$ |
2.98 |
|||||||
Discontinued operations |
(0.09) |
0.01 |
(0.87) |
0.06 |
|||||||||||
$ |
0.93 |
$ |
1.11 |
$ |
1.92 |
$ |
3.04 |
||||||||
Diluted earnings (loss) per share |
|||||||||||||||
Continuing operations |
$ |
1.01 |
$ |
1.10 |
$ |
2.78 |
$ |
2.96 |
|||||||
Discontinued operations |
(0.08) |
0.01 |
(0.87) |
0.06 |
|||||||||||
$ |
0.93 |
$ |
1.11 |
$ |
1.91 |
$ |
3.02 |
||||||||
Weighted-average common shares outstanding – basic |
78,244 |
81,385 |
78,880 |
84,711 |
|||||||||||
Weighted-average common shares outstanding – diluted |
78,659 |
81,852 |
79,287 |
85,192 |
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In Thousands) (Unaudited) |
|||||||
September 30, |
December 31, |
||||||
2014 |
2013 |
||||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
653,120 |
$ |
477,239 |
|||
Other current assets |
855,187 |
1,005,676 |
|||||
Total current assets |
1,508,307 |
1,482,915 |
|||||
Property, plant and equipment |
2,623,271 |
2,972,084 |
|||||
Less accumulated depreciation and amortization |
1,392,997 |
1,615,015 |
|||||
Net property, plant and equipment |
1,230,274 |
1,357,069 |
|||||
Other assets and intangibles |
654,885 |
744,813 |
|||||
Total assets |
$ |
3,393,466 |
$ |
3,584,797 |
|||
LIABILITIES AND EQUITY |
|||||||
Current portion of long-term debt |
$ |
368,268 |
$ |
24,554 |
|||
Other current liabilities |
444,442 |
411,809 |
|||||
Total current liabilities |
812,710 |
436,363 |
|||||
Long-term debt |
684,107 |
1,054,310 |
|||||
Other noncurrent liabilities |
214,263 |
222,160 |
|||||
Deferred income taxes |
95,115 |
129,188 |
|||||
Albemarle Corporation shareholders' equity |
1,456,741 |
1,627,361 |
|||||
Noncontrolling interests |
130,530 |
115,415 |
|||||
Total liabilities and equity |
$ |
3,393,466 |
$ |
3,584,797 |
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries |
|||||||
Selected Consolidated Cash Flow Data |
|||||||
(In Thousands) (Unaudited) |
|||||||
Nine Months Ended |
|||||||
September 30, |
|||||||
2014 |
2013 |
||||||
Cash and cash equivalents at beginning of year |
$ |
477,239 |
$ |
477,696 |
|||
Cash and cash equivalents at end of period |
$ |
653,120 |
$ |
401,427 |
|||
Sources of cash and cash equivalents: |
|||||||
Net income |
$ |
174,954 |
$ |
278,488 |
|||
Cash proceeds from divestitures |
104,718 |
— |
|||||
Proceeds from borrowings of long-term debt |
— |
117,000 |
|||||
Proceeds from other borrowings, net |
— |
357,379 |
|||||
Proceeds from exercise of stock options |
2,713 |
4,510 |
|||||
Working capital changes |
87,936 |
— |
|||||
Uses of cash and cash equivalents: |
|||||||
Working capital changes |
— |
(39,353) |
|||||
Capital expenditures |
(76,682) |
(135,028) |
|||||
Repurchases of common stock |
(150,000) |
(582,298) |
|||||
Repayments of long-term debt |
(3,023) |
(93,913) |
|||||
Repayments of other borrowings, net |
(23,554) |
— |
|||||
Dividends paid to shareholders |
(62,827) |
(58,574) |
|||||
Dividends paid to noncontrolling interests |
(7,612) |
(10,014) |
|||||
Pension and postretirement contributions |
(10,718) |
(9,892) |
|||||
Long-term advances to joint venture |
(7,499) |
— |
|||||
Non-cash and other items: |
|||||||
Depreciation and amortization |
78,344 |
79,477 |
|||||
Write-offs associated with restructuring and other |
6,333 |
— |
|||||
Loss on disposal of businesses |
85,515 |
— |
|||||
Pension and postretirement expense |
21,946 |
4,730 |
|||||
Equity in net income of unconsolidated investments |
(28,200) |
(25,308) |
See accompanying notes to the condensed consolidated financial information.
Albemarle Corporation and Subsidiaries |
|||||||||||||||
Consolidated Summary of Segment Results |
|||||||||||||||
(In Thousands) (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Net sales: |
|||||||||||||||
Performance Chemicals |
$ |
364,517 |
$ |
365,154 |
$ |
1,048,961 |
$ |
1,059,202 |
|||||||
Catalyst Solutions |
277,901 |
226,042 |
798,021 |
695,433 |
|||||||||||
Total net sales |
$ |
642,418 |
$ |
591,196 |
$ |
1,846,982 |
$ |
1,754,635 |
|||||||
Segment operating profit: |
|||||||||||||||
Performance Chemicals |
$ |
86,983 |
$ |
91,506 |
$ |
244,724 |
$ |
265,665 |
|||||||
Catalyst Solutions |
53,039 |
47,205 |
162,169 |
125,615 |
|||||||||||
Total segment operating profit |
140,022 |
138,711 |
406,893 |
391,280 |
|||||||||||
Equity in net income of unconsolidated investments: |
|||||||||||||||
Performance Chemicals |
1,744 |
1,735 |
7,321 |
6,371 |
|||||||||||
Catalyst Solutions |
6,906 |
3,603 |
20,879 |
18,937 |
|||||||||||
Total equity in net income of unconsolidated investments |
8,650 |
5,338 |
28,200 |
25,308 |
|||||||||||
Net income attributable to noncontrolling interests: |
|||||||||||||||
Performance Chemicals |
(8,546) |
(7,332) |
(23,130) |
(21,250) |
|||||||||||
Total net income attributable to noncontrolling interests |
(8,546) |
(7,332) |
(23,130) |
(21,250) |
|||||||||||
Segment income: |
|||||||||||||||
Performance Chemicals |
80,181 |
85,909 |
228,915 |
250,786 |
|||||||||||
Catalyst Solutions |
59,945 |
50,808 |
183,048 |
144,552 |
|||||||||||
Total segment income |
140,126 |
136,717 |
411,963 |
395,338 |
|||||||||||
Corporate & other(a) |
(22,995) |
(9,909) |
(76,528) |
(41,715) |
|||||||||||
Restructuring and other charges, net(b) |
(293) |
— |
(20,625) |
— |
|||||||||||
Acquisition and integration related costs(c) |
(10,261) |
— |
(15,104) |
— |
|||||||||||
Interest and financing expenses |
(8,749) |
(9,496) |
(26,255) |
(22,335) |
|||||||||||
Other expenses, net(d) |
(6,618) |
(368) |
(6,454) |
(6,147) |
|||||||||||
Income tax expense(e) |
(11,737) |
(26,963) |
(46,700) |
(72,897) |
|||||||||||
(Loss) income from discontinued operations (net of tax)(f) |
(6,679) |
531 |
(68,473) |
4,994 |
|||||||||||
Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
See accompanying notes to the condensed consolidated financial information.
Notes to the Condensed Consolidated Financial Information
(a) Non-operating pension and OPEB items, consisting of mark-to-market (MTM) actuarial gains/losses as well as interest cost and expected return on assets, were included in Corporate & other as follows:
- For the three months ended September 30, 2014 and 2013, net charges (benefits) amounted to
$1.4 million ($0.9 million after income taxes, or$0.01 per share) and$(1.8) million ($1.1 million after income taxes, or$0.01 per share), respectively. The MTM actuarial loss for the three months endedSeptember 30, 2014 was$2.8 million ($1.8 million after income taxes, or$0.02 per share) and resulted from a required remeasurement of the assets and obligations of one of our U.S. defined benefit plans in connection with theSeptember 1, 2014 sale of our antioxidant, ibuprofen and propofol businesses and assets to SI Group, Inc. There were no MTM actuarial gains/losses recorded during the three months endedSeptember 30, 2013 . - For the nine months ended September 30, 2014 and 2013, net charges (benefits) amounted to
$14.1 million ($9.0 million after income taxes, or$0.11 per share) and$(5.4) million ($3.4 million after income taxes, or$0.04 per share), respectively. The MTM actuarial loss in 2014 was$18.2 million ($11.6 million after income taxes, or$0.15 per share) and resulted from a$15.4 million remeasurement of the assets and obligations of one of our U.S. defined benefit pension plans and our supplemental executive retirement plan during the first quarter in connection with our workforce reduction plan initiated in the fourth quarter of 2013 and a$2.8 million remeasurement of the assets and obligations of one of our U.S. defined benefit pension plans during the third quarter in connection with the sale of our antioxidant, ibuprofen and propofol businesses and assets. There were no MTM actuarial gains/losses recorded during the nine months endedSeptember 30, 2013 .
Although non-operating pension and OPEB items are included in cost of goods sold and selling, general and administrative expenses in accordance with GAAP, we believe that these components of pension cost are mainly driven by market performance, and we manage these separately from the operational performance of our businesses. Non-operating pension and OPEB items included in cost of goods sold and selling, general and administrative expenses were as follows (in millions):
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Cost of goods sold: |
|||||||||||||||
MTM actuarial loss |
$ |
2.8 |
$ |
— |
$ |
5.7 |
$ |
— |
|||||||
Interest cost and expected return on assets, net |
(0.5) |
(0.8) |
(1.5) |
(2.3) |
|||||||||||
Total |
$ |
2.3 |
$ |
(0.8) |
$ |
4.2 |
$ |
(2.3) |
|||||||
Selling, general and administrative expenses: |
|||||||||||||||
MTM actuarial loss |
$ |
— |
$ |
— |
$ |
12.5 |
$ |
— |
|||||||
Interest cost and expected return on assets, net |
(0.9) |
(1.0) |
(2.6) |
(3.1) |
|||||||||||
Total |
$ |
(0.9) |
$ |
(1.0) |
$ |
9.9 |
$ |
(3.1) |
(b) Restructuring and other charges consisted of the following:
For the three months ended
- Other charges of
$0.3 million ($0.2 million after income taxes).
For the nine months ended
- Net charges amounting to
$17.0 million ($11.1 million after income taxes, or$0.14 per share) in connection with a reduction of aluminum alkyls high cost supply capacity. - Charges of
$3.3 million ($2.1 million after income taxes, or$0.03 per share) related to the write-off of certain multi-product facility project costs that we do not expect to recover in future periods. - Other charges of
$0.3 million ($0.2 million after income taxes).
(c) Acquisition and integration related costs consisted of the following:
For the three months ended
- Transaction and integration fees related to the proposed acquisition of Rockwood of
$9.3 million ($5.9 million after income taxes, or$0.08 per share). - Certain significant acquisition-related costs of
$1.0 million ($0.6 million after income taxes, or$0.01 per share).
For the nine months ended
- Transaction and integration fees related to the proposed acquisition of Rockwood of
$9.3 million ($5.9 million after income taxes, or$0.07 per share). - Certain significant acquisition-related costs of
$5.8 million ($3.7 million after income taxes, or$0.05 per share).
(d) Included in Other expenses, net for the three and nine months ended
(e) Included in Income tax expense for the three and nine months ended
(f) On
(g) Totals may not add due to rounding. Items included in footnotes (b) through (e) above have been aggregated and are referred to as "special items" in other sections of this press release.
Additional Information
It should be noted that adjusted net income attributable to
A description of other non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the Investors section of our website at www.albemarle.com, under "Non-GAAP Reconciliations" under "Financials." Also, see attached for a supplemental reconciliation of our segment operating profit and segment income amounts to GAAP Operating profit and GAAP Net income attributable to
ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(In Thousands)
(Unaudited)
Our segment information includes measures we refer to as segment operating profit, segment income, EBITDA and adjusted EBITDA, which are financial measures that are not required by, or presented in accordance with, GAAP. The Company has reported segment operating profit, segment income, EBITDA and adjusted EBITDA because management believes that these financial measures provide transparency to investors and enable period-to-period comparability of financial performance. Segment operating profit, segment income, EBITDA and adjusted EBITDA should not be considered as alternatives to Operating profit or Net income attributable to
See below for a reconciliation of segment operating profit and segment income, the non-GAAP financial measures, to Operating profit and Net income attributable to
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Total segment operating profit |
$ |
140,022 |
$ |
138,711 |
$ |
406,893 |
$ |
391,280 |
|||||||
Corporate & other |
(22,995) |
(9,909) |
(76,528) |
(41,715) |
|||||||||||
Restructuring and other charges, net |
(293) |
— |
(20,625) |
— |
|||||||||||
Acquisition and integration related costs |
(10,261) |
— |
(15,104) |
— |
|||||||||||
GAAP Operating profit |
$ |
106,473 |
$ |
128,802 |
$ |
294,636 |
$ |
349,565 |
|||||||
Total segment income |
$ |
140,126 |
$ |
136,717 |
$ |
411,963 |
$ |
395,338 |
|||||||
Corporate & other |
(22,995) |
(9,909) |
(76,528) |
(41,715) |
|||||||||||
Restructuring and other charges, net |
(293) |
— |
(20,625) |
— |
|||||||||||
Acquisition and integration related costs |
(10,261) |
— |
(15,104) |
— |
|||||||||||
Interest and financing expenses |
(8,749) |
(9,496) |
(26,255) |
(22,335) |
|||||||||||
Other expenses, net |
(6,618) |
(368) |
(6,454) |
(6,147) |
|||||||||||
Income tax expense |
(11,737) |
(26,963) |
(46,700) |
(72,897) |
|||||||||||
(Loss) income from discontinued operations |
(6,679) |
531 |
(68,473) |
4,994 |
|||||||||||
GAAP Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
See below for a reconciliation of adjusted net income attributable to
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2014 |
2013 |
2014 |
2013 |
||||||||||||
Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
|||||||
Add back: |
|||||||||||||||
Non-operating pension and OPEB items (net of tax) |
927 |
(1,121) |
9,016 |
(3,365) |
|||||||||||
Special items (net of tax) |
9,066 |
— |
25,401 |
— |
|||||||||||
Loss (income) from discontinued operations (net of tax) |
6,679 |
(531) |
68,473 |
(4,994) |
|||||||||||
Adjusted net income attributable to Albemarle Corporation |
$ |
89,466 |
$ |
88,860 |
$ |
254,714 |
$ |
248,879 |
|||||||
Net income attributable to Albemarle Corporation |
$ |
72,794 |
$ |
90,512 |
$ |
151,824 |
$ |
257,238 |
|||||||
Add back: |
|||||||||||||||
Interest and financing expenses |
8,749 |
9,496 |
26,255 |
22,335 |
|||||||||||
Income tax expense (from continuing and discontinued operations) |
10,664 |
27,274 |
24,734 |
74,916 |
|||||||||||
Depreciation and amortization |
25,630 |
27,660 |
78,344 |
79,477 |
|||||||||||
EBITDA |
117,837 |
154,942 |
281,157 |
433,966 |
|||||||||||
Non-operating pension and OPEB items |
1,440 |
(1,791) |
14,141 |
(5,375) |
|||||||||||
Special items |
17,575 |
— |
42,750 |
— |
|||||||||||
Loss (income) from discontinued operations |
7,752 |
(842) |
90,439 |
(7,013) |
|||||||||||
Less depreciation and amortization from discontinued operations |
— |
(3,079) |
(3,165) |
(9,069) |
|||||||||||
Adjusted EBITDA |
$ |
144,604 |
$ |
149,230 |
$ |
425,322 |
$ |
412,509 |
|||||||
Net sales |
$ |
642,418 |
$ |
591,196 |
$ |
1,846,982 |
$ |
1,754,635 |
|||||||
EBITDA Margin |
18.3 |
% |
26.2 |
% |
15.2 |
% |
24.7 |
% |
|||||||
Adjusted EBITDA Margin |
22.5 |
% |
25.2 |
% |
23.0 |
% |
23.5 |
% |
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/albemarle-reports-third-quarter-2014-results-406230250.html
SOURCE
Lorin Crenshaw, 225.388.7322