Albemarle Corporation (ALB) has reported 245.53 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $602.09 million, or $5.30 a share in the quarter, compared with $174.25 million, or $1.55 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $101.36 million, or $0.89 a share compared with $116.16 million or $1.03 a share, a year ago.
Revenue during the quarter dropped 3.59 percent to $696.66 million from $722.61 million in the previous year period. Gross margin for the quarter expanded 168 basis points over the previous year period to 34.59 percent. Total expenses were 88.04 percent of quarterly revenues, up from 78.82 percent for the same period last year. That has resulted in a contraction of 921 basis points in operating margin to 11.96 percent.
Operating income for the quarter was $83.35 million, compared with $153.01 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $187.38 million compared with $174.48 million in the prior year period. At the same time, adjusted EBITDA margin improved 275 basis points in the quarter to 26.90 percent from 24.15 percent in the last year period.
"Our three reportable segments again delivered strong results in the fourth quarter capping a year in which our three GBU's delivered adjusted EBITDA growth of $96 million, an increase of 13% compared to 2015. Full year adjusted EBITDA growth of 34% in Lithium and 21% in Refining Solutions was especially impressive," said Luke Kissam, Albemarle's chairman, chief executive officer and President.
For financial year 2017, Albemarle Corp projects revenue to be in the range of $2,800 million to $2,950 million. The company forecasts diluted earnings per share to be in the range of $4 to $4.25 on adjusted basis.
Debt comes down significantly
Albemarle Corp has recorded a decline in total debt over the last one year. It stood at $2,369.26 million as on Dec. 31, 2016, down 37.93 percent or $1,447.90 million from $3,817.16 million on Dec. 31, 2015.
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