Albemarle reported Q3 2024 net sales of $1.4 billion, down 41% YoY, with a net loss of $1.1 billion primarily due to $861 million in restructuring charges and asset write-offs. Energy Storage sales declined 55% to $767 million on lower lithium pricing, despite 16% higher volumes. Specialties and Ketjen segments showed resilience with improved adjusted EBITDA.The company announced a comprehensive cost reduction plan targeting $300-400 million in annual savings, including a 6-7% global workforce reduction. The restructuring involves transitioning to an integrated functional model and optimizing manufacturing costs. Additionally, FY2025 capital expenditures will be reduced by approximately 50% to $800-900 million.Management maintained its full-year 2024 outlook despite market challenges, citing productivity improvements and strong contract performance. The company's liquidity position remains solid at $3.4 billion, with successful extension of debt covenant waivers through Q2 2026 to enhance financial flexibility.

Albemarle reported Q3 2024 net sales of $1.4 billion, down 41% YoY, with a net loss of $1.1 billion primarily due to $861 million in restructuring charges and asset write-offs. Energy Storage sales declined 55% to $767 million on lower lithium pricing, despite 16% higher volumes. Specialties and Ketjen segments showed resilience with improved adjusted EBITDA.The company announced a comprehensive cost reduction plan targeting $300-400 million in annual savings, including a 6-7% global workforce reduction. The restructuring involves transitioning to an integrated functional model and optimizing manufacturing costs. Additionally, FY2025 capital expenditures will be reduced by approximately 50% to $800-900 million.Management maintained its full-year 2024 outlook despite market challenges, citing productivity improvements and strong contract performance. The company's liquidity position remains solid at $3.4 billion, with successful extension of debt covenant waivers through Q2 2026 to enhance financial flexibility.