By Davit Kirakosyan
Albemarle Corporation (NYSE:ALB) shares gained over 4% after-hours Monday after the company further revised its full-year 2022 guidance today, reflecting mainly the completion of additional lithium contract renegotiations with its lithium customers following its Q1/22 earnings release on May 4, 2022.
Net sales are now expected to be in the range of $5.8 - $6.2 billion versus the prior outlook of $5.2 - $5.6 billion and the consensus of $5.44 billion. Adjusted EBITDA is now seen in the range of $2.2 - $2.5 billion versus the prior guidance of $1.7 - $2.0 billion. Adjusted diluted EPS in the range of $12.30 - $15.00 versus the consensus of $10.88 and prior guidance of $9.25 - $12.25.
"Over the past 12 months, we've made significant progress in renegotiating more variable-priced contracts with our lithium customers. Implementation of these contracts is a key driver of the expected year-over-year improvement in our financial results," said Albemarle CEO Kent Masters. "We now expect full-year 2022 adjusted EBITDA to be up more than 160% from prior year based on favorable market dynamics for our Lithium and Bromine businesses. Both businesses are critical for transitioning to greener energy and advancing electrification and digitalization."
Shares of Albemarle are up 4% year-to-date.