Despite EV boom, Albemarle forecasts modest improvements in 2021
Adjusted diluted earnings per share were $1.17
Net sales were $879 million, which the company said was at the high-end of previous outlook, but a year-over-year decrease of 11%.
Adjusted EBITDA of $221 million, which exceeded the high-end of previous outlook, had a year-over-year decrease of 25%
After a rough 2020 due to COVID-19 supply disruptions, the company sees limited improvement in the year ahead.
"Albemarle anticipates that its full year 2021 operating performance will improve modestly relative to full year 2020 assuming continued recovery following reduced global economic activity due to the global pandemic," wrote the company.
"We expect FY 2021 pricing to be down slightly, primarily due to anticipated lower average realized pricing for carbonate and technical grade products. Longer-term, we expect lithium demand to grow in line with greater EV adoption. We are accelerating our lithium growth projects to capitalize on this trend and generate strong investment returns."