Albemarle's Near-Term Lithium Profits Benefit From Long-Term Contracts; Maintaining $130 FVE
Albemarle reported solid fourth-quarter results as adjusted EBITDA grew 12% year on year on a pro forma basis driven primarily by higher lithium volumes and prices. In its outlook for 2019, management forecasts lithium profit growth of over 20% year on year due to higher volumes, with prices remaining flat versus 2018. Although management acknowledged lower lithium prices as new supply comes online, Albemarle's near-term lithium prices are largely based on longer-term contracts with its customer...Albemarle is a global developer, manufacturer and marketer of chemicals across a range of end markets including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals, crop protection and custom chemistry services. The company's segments include: Lithium, which develops and manufactures a range of basic lithium compounds and lithium specialties and reagents; Bromine Specialties, which includes products used in fire safety solutions and other chemicals applications; and Catalysts, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.
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