Albemarle reported Q2 2024 net sales of $1.4 billion, down 40% YoY, with a net loss of $188 million primarily due to lower lithium pricing. Energy Storage volumes grew 37% but were offset by an 89% price decline. The company recorded a $215 million after-tax charge related to capital project write-offs and contract cancellation costs.The company announced a comprehensive review of its cost and operating structure, including placing Kemerton Train 2 in care and maintenance and stopping construction on Train 3. These actions are expected to result in a $0.9-1.1 billion charge in Q3 2024. Productivity improvements exceeded $150 million in Q2, tracking 50% above the initial target.Despite market challenges, Albemarle maintained its full-year outlook considerations, with the $15/kg lithium price scenario expected to hold even with lower July pricing. The company projects FY2024 net sales of $5.5-6.2 billion and adjusted EBITDA of $0.9-1.2 billion under current market conditions.

Albemarle reported Q2 2024 net sales of $1.4 billion, down 40% YoY, with a net loss of $188 million primarily due to lower lithium pricing. Energy Storage volumes grew 37% but were offset by an 89% price decline. The company recorded a $215 million after-tax charge related to capital project write-offs and contract cancellation costs.The company announced a comprehensive review of its cost and operating structure, including placing Kemerton Train 2 in care and maintenance and stopping construction on Train 3. These actions are expected to result in a $0.9-1.1 billion charge in Q3 2024. Productivity improvements exceeded $150 million in Q2, tracking 50% above the initial target.Despite market challenges, Albemarle maintained its full-year outlook considerations, with the $15/kg lithium price scenario expected to hold even with lower July pricing. The company projects FY2024 net sales of $5.5-6.2 billion and adjusted EBITDA of $0.9-1.2 billion under current market conditions.