Albemarle Corporation (NYSE:ALB) reported stronger-than-expected results for its fourth quarter.
The company, based in Charlotte, North Carolina, said Q4 net sales were $921.7 million, an increase of 7% over the prior year; earnings were $129.6 million, or $1.21 per diluted share, an increase of 162% over the prior year
Fourth-quarter adjusted EBITDA was $264.3 million, an increase of 8% over the prior year; adjusted diluted earnings per share was $1.53, an increase of 14% over the prior year
Moreover, lithium increased net sales on pricing increases of 4% and 9% in the fourth quarter and full year 2018, respectively, and volume increases compared to prior year
Albemarle said it signed definitive agreement with Mineral Resources Limited to form lithium joint venture in Western Australia
The company completed its second accelerated share repurchase program of 2018, retiring a total of approximately 5.3 million shares during the year.
Said CEO Luke Kissam, "2018 was a successful year for Albemarle on many fronts. Excluding divested businesses, we delivered full-year, total company adjusted EBITDA growth of 17%, adjusted diluted EPS growth of 23% and we finished the year strong as all of our reportable segments delivered growth in the fourth quarter.
"In addition, we returned significant value to shareholders through increased dividends of $145 million and $500 million in share repurchases, while continuing significant growth investment in our Lithium platform."
ALB expects adjusted diluted earnings per share in 2019 between $6.10 and $6.50, an increase of 11% to 19% over 2018
Shares popped $8.87, or 10.7%, to $91.68
