Albemarle reports fourth quarter and full year 2012 results

         Albemarle reports fourth quarter and full year 2012 results

PR Newswire

BATON ROUGE, La., Jan. 22, 2013

BATON ROUGE, La., Jan. 22, 2013 /PRNewswire/ --

Fourth quarter 2012 highlights:

  oQuarterly earnings of $105.2 million excluding special items, or $1.17 per
    share.
  oNet sales of $688 million and EBITDA margin of 23 percent for the quarter,
    excluding special items.
  oFull year earnings of $436.2 million excluding special items, or $4.85 per
    share.

                               Three Months Ended    Year Ended
                               December 31,          December 31,
In thousands, except per share 2012       2011       2012         2011
amounts
Net sales                      $ 687,596  $ 707,390  $ 2,745,420  $ 2,869,005
Segment income                 $ 150,600  $ 165,473  $ 661,156    $ 712,033
Net income attributable to     $ 37,726   $ 45,548   $ 311,536    $ 392,114
Albemarle Corporation
Diluted earnings per share     $ 0.42     $ 0.51     $ 3.47       $ 4.28
Special items per share
 Non-operating pension and      0.60       0.63       0.46         0.59
OPEB adjustments ^(a)
 Restructuring and other        0.15       --         0.92         --
special items, net ^(b)
Diluted earnings per share     $ 1.17     $ 1.13     $ 4.85       $ 4.88
excluding special items ^(d)
See accompanying notes and reconciliations to the condensed
consolidated financial information.



Albemarle Corporation (NYSE: ALB) reported fourth quarter 2012 earnings of
$37.7 million, or $0.42 per share, compared to fourth quarter 2011 earnings of
$45.5 million, or $0.51 per share. Excluding special items, fourth quarter
2012 earnings were $105.2 million, or $1.17 per share, compared to $101.9
million, or $1.13 per share, for 2011. The Company reported net sales of
$687.6 million in the fourth quarter of 2012 compared to net sales of $707.4
million in the fourth quarter of 2011 with lower metals surcharges in the
Catalysts segment more than offsetting total company volume growth.

(Logo: http://photos.prnewswire.com/prnh/20111129/MM14279LOGO )

Earnings for the full year 2012 were $311.5 million, or $3.47 per share,
compared to $392.1 million, or $4.28 per share, for 2011. Excluding special
items, earnings for 2012 were $436.2 million, or $4.85 per share, compared to
$446.3 million, or $4.88 per share, for 2011. Net sales for 2012 were $2.7
billion compared to $2.9 billion for 2011 with the majority of the reduction
caused by lower metals surcharges in the Catalysts segment.

As previously announced, in the fourth quarter of 2012 the Company adopted
mark-to-market (MTM) accounting relating to its global pension and other
postretirement benefit (OPEB) plans. All historical consolidated financial
information presented herein has been retrospectively adjusted to reflect this
change in accounting method. The MTM actuarial loss for 2012, recorded in
Corporate and other expense, amounted to $75.8 million ($48.3 million after
income taxes, or $0.54 per share) reflecting a lower assumed discount rate
partially offset by 2012 pension asset performance.

Commenting on results, Luke Kissam, CEO, stated, "2012 was a difficult year
from a macroeconomic standpoint, but we are pleased with the earnings power
that we demonstrated in the face of a weak global economy, the negative impact
of raw material pricing related to certain metals and lower demand than
originally anticipated in many of the markets served by our products,
resulting in lower operating rates at many of our production units. At the
same time, we were able to exit the phosphorus business, freeze our pension
obligations and further strengthen our balance sheet while also investing
sufficient capital to permit future growth across our business portfolio."

Quarterly Segment Results

Catalysts generated net sales of $294.1 million in the fourth quarter of 2012,
a 2 percent increase over net sales in the fourth quarter of 2011, due mainly
to favorable impacts from higher hydroprocessing and performance catalyst
volumes, partially offset by lower metals surcharges in refinery catalysts and
foreign currency. Catalysts segment income was $78.8 million in the fourth
quarter of 2012, down 6 percent from fourth quarter 2011 results of $84.2
million due primarily to unfavorable impacts from metals cost volatility
versus the fourth quarter of 2011, partially offset by favorable sales volumes
and higher equity income.

Polymer Solutions reported net sales of $200.1 million in the fourth quarter
of 2012, a 4 percent decrease over net sales in the fourth quarter of 2011,
due to the year-over-year effects of our phosphorus flame retardants business
exit in the second quarter of 2012. Higher sales volumes in our core products
were offset by unfavorable pricing, mix and foreign currency impacts. Segment
income for Polymer Solutions was $36.3 million in the fourth quarter of 2012,
a 3 percent decline from $37.5 million in the fourth quarter of 2011, driven
by unfavorable pricing, higher variable input costs including fixed cost
absorption and unfavorable foreign currency impacts, partly offset by
favorable sales volumes and favorable impacts from our exit of the phosphorus
flame retardants business.

Fine Chemistry net sales in the fourth quarter of 2012 were $193.4 million, a
7 percent decrease versus net sales in the fourth quarter of 2011, due mainly
to unfavorable pricing, lower volumes (mainly due to the timing of custom
services contracts) and unfavorable foreign currency impacts. Segment income
for Fine Chemistry was $35.5 million for the fourth quarter of 2012, down 19
percent from fourth quarter 2011 results of $43.8 million, due to unfavorable
pricing, higher variable input costs including fixed cost absorption and
impacts from higher income attributable to noncontrolling interests, partly
offset by favorable sales mix.

Corporate and Other

Corporate and other expense was $98.7 million for the fourth quarter of 2012.
The decrease from the comparable period in 2011 was due primarily to lower
personnel-related costs associated with performance-based incentive
compensation levels and lower costs from non-operating pension and OPEB items
which included a fourth quarter MTM actuarial loss of $86.0 million in 2012
and $92.3 million in 2011.

Interest and financing expenses were $7.7 million for the fourth quarter of
2012 compared to $9.0 million for the fourth quarter of 2011, with this
decrease due primarily to increases in interest capitalized on higher average
construction project balances outstanding and lower variable-rate borrowings
year-over-year.

Our fourth quarter and full year 2012 effective income tax rates were (45.6)
percent and 22.0 percent, respectively. The fourth quarter rate was impacted
primarily by the MTM actuarial loss. Excluding special items (see notes to
the condensed consolidated financial information), our fourth quarter and full
year 2012 effective income tax rates were 18.3 percent and 24.5 percent,
respectively. Our effective tax rate continues to be influenced by the level
and geographic mix of income and benefits from a favorable mix of income in
lower tax jurisdictions.

Cash Flow

Our cash flow from operations was approximately $489 million for the full year
2012, and we had $478 million in cash and cash equivalents at December 31,
2012. During 2012, cash on hand and cash provided by operations funded
capital expenditures for plant, machinery and equipment of approximately $281
million (which includes approximately $78.0 million in capital expenditures
associated with our Jordanian joint venture), long-term debt repayments of
$63.8 million, dividends to shareholders of $69.1 million, repurchases of
$63.6 million of our common stock, advances to joint ventures of $25.0 million
and pension and OPEB contributions of $21.6 million.

Earnings Call

The Company's performance for the fourth quarter and the year ended December
31, 2012 will be discussed on a conference call at 9:00 AM Eastern Standard
time on January 23, 2013. The call can be accessed by dialing 800-638-4930
(International Dial In # 617-614-3944), and entering conference ID 29909204.
The Company's earnings presentation and supporting material can be accessed
through Albemarle's website under Investors at www.albemarle.com.

About Albemarle

Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading
global developer, manufacturer and marketer of highly-engineered specialty
chemicals for consumer electronics, petroleum refining, utilities, packaging,
construction, automotive/transportation, pharmaceuticals, crop protection,
food-safety and custom chemistry services. Albemarle is committed to global
sustainability and is advancing its eco-practices and solutions in its three
business segments, Polymer Solutions, Catalysts and Fine Chemistry, and
employs more than 4,000 people worldwide and serves customers in approximately
100 countries. Albemarle regularly posts information to www.albemarle.com,
including notification of events, news, financial performance, investor
presentations and webcasts, Regulation G reconciliations, SEC filings and
other information regarding the Company, its businesses and markets served.

Forward-Looking Statements

Some of the information presented in this press release and the conference
call and discussions that follow, including, without limitation, statements
with respect to product development, changes in productivity, market trends,
price, volume and mix changes, expected growth and earnings, input costs,
surcharges, tax rates, stock repurchases, dividends, economic trends, outlook
and all other information relating to matters that are not historical facts
may constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. There can be no assurance that
actual results will not differ materially. Factors that could cause actual
results to differ from expectations include, without limitation: changes in
economic and business conditions; changes in financial and operating
performance of our major customers and industries and markets served by us;
the timing of orders received from customers; the gain or loss of significant
customers; competition from other manufacturers; changes in the demand for our
products; limitations or prohibitions on the manufacture and sale of our
products; availability of raw materials; changes in the cost of raw materials
and energy and in our ability to pass through increases; acquisitions and
divestitures, and changes in performance of acquired companies; fluctuations
in foreign currencies; changes in laws and government regulation impacting our
operations or our products; the occurrence of claims or litigation; the
occurrence of natural disasters; the inability to maintain current levels of
product or premises liability insurance or the denial of such coverage;
political unrest, including terrorism or hostilities; political instability
affecting our manufacturing operations or joint ventures; changes in
accounting standards; the inability to achieve results from our global
manufacturing cost reduction initiatives as well as our ongoing continuous
improvement and rationalization programs; changes in the jurisdictional mix of
our earnings; changes in monetary policies or inflation or interest rates,
which may impact our ability to raise capital or increase our cost of funds,
the performance of our pension fund investments and our pension expense and
funding obligations; volatility and substantial uncertainties in the debt and
equity markets; technology or intellectual property infringement and other
innovation risks; decisions we may make in the future; and the other factors
detailed from time to time in the reports we file with the SEC, including
those described under "Risk Factors" in our Annual Report on Form 10-K and our
2012 Quarterly Reports on Form 10-Q.

Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)

                           Three Months Ended       Year Ended
                           December 31,             December 31,
                           2012         2011        2012          2011
Net sales                  $ 687,596    $ 707,390   $ 2,745,420   $ 2,869,005
Cost of goods sold           495,619      500,580     1,835,425     1,914,058
Gross profit                 191,977      206,810     909,995       954,947
Selling, general and
administrative expenses      124,084      137,026     313,227       360,070
^(c)
Research and development     19,128       18,987      78,919        77,083
expenses
Restructuring and other      16,982       --          111,685       --
charges, net ^(b)
Operating profit             31,783       50,797      406,164       517,794
Interest and financing       (7,666)      (8,998)     (32,800)      (37,574)
expenses
Other (expenses) income,     (335)        (177)       1,229         357
net
Income before income taxes
and equity in net
 income of                 23,782       41,622      374,593       480,577
unconsolidated investments
Income tax (benefit)         (10,849)     (1,791)     82,533        104,134
expense ^(b)
Income before equity in
net income of
 unconsolidated            34,631       43,413      292,060       376,443
investments
Equity in net income of
unconsolidated
 investments (net of       8,834        6,636       38,067        43,754
tax)
Net income                   43,465       50,049      330,127       420,197
Net income attributable to   (5,739)      (4,501)     (18,591)      (28,083)
noncontrolling interests
Net income attributable to $ 37,726     $ 45,548    $ 311,536     $ 392,114
Albemarle Corporation
Basic earnings per share   $ 0.42       $ 0.51      $ 3.49        $ 4.33
Diluted earnings per share $ 0.42       $ 0.51      $ 3.47        $ 4.28
Weighted-average common
shares outstanding –
 basic                     89,018       88,805      89,189        90,522
Weighted-average common
shares outstanding –
 diluted                   89,660       89,819      89,884        91,522
See accompanying notes to the condensed consolidated financial information.



Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)

                                            December 31,      December 31,
                                            2012              2011
ASSETS
Cash and cash equivalents                   $   477,696       $  469,416
Other current assets                            929,617          886,204
Total current assets                            1,407,313        1,355,620
Property, plant and equipment                   2,867,083        2,619,428
Less accumulated depreciation
                                                1,570,512        1,489,948
 and amortization
Net property, plant and equipment               1,296,571        1,129,480
Other assets and intangibles                    733,407          718,724
Total assets                                $   3,437,291     $  3,203,824
LIABILITIES AND EQUITY
Current portion of long-term debt           $   12,700        $  14,416
Other current liabilities                       372,309          386,762
Total current liabilities                       385,009          401,178
Long-term debt                                  686,588          749,257
Other noncurrent liabilities                    370,318          296,659
Deferred income taxes                           63,368           77,903
Albemarle Corporation shareholders' equity      1,833,598        1,591,277
Noncontrolling interests                        98,410           87,550
Total liabilities & equity                  $   3,437,291     $  3,203,824
See accompanying notes to the condensed consolidated financial information.



Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)

                                                     Year Ended
                                                     December 31,
                                                     2012         2011
                                                                  
Cash and cash equivalents at beginning of year       $ 469,416      529,650
                                                                  $
Cash and cash equivalents at end of year             $ 477,696    $ 469,416
Sources of cash and cash equivalents:
 Net income                                         $ 330,127    $ 420,197
 Proceeds from borrowings                             --           9,415
 Proceeds from exercise of stock options              21,148       2,230
Uses of cash and cash equivalents:
 Capital expenditures                                 (280,873)    (190,574)
 Repurchases of common stock                          (63,575)     (178,132)
 Repayments of long-term debt                         (63,811)     (109,591)
 Dividends paid to shareholders                       (69,113)     (57,759)
 Pension and postretirement contributions             (21,610)     (59,773)
 Investments in equity and other corporate            --           (10,868)
investments
 Long-term advances to joint ventures                 (24,959)     --
Non-cash and other items:
 Depreciation and amortization                        99,020       96,753
 Restructuring and other charges ^(b)                 111,685      --
 Pension and postretirement expense                   77,442       97,207
 Equity in net income of unconsolidated investments   (38,067)     (43,754)
See accompanying notes to the condensed consolidated financial information.



Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)

                         Three Months Ended         Year Ended
                         December 31,               December 31,
                         2012         2011          2012          2011
Net sales:
Polymer Solutions        $ 200,093    $ 209,318     $ 892,232     $ 1,001,922
Catalysts                  294,081      289,524       1,067,948     1,116,863
Fine Chemistry             193,422      208,548       785,240       750,220
Total net sales          $ 687,596    $ 707,390     $ 2,745,420   $ 2,869,005
Segment operating
profit:
Polymer Solutions        $ 35,778     $ 36,860      $ 198,426     $ 243,396
Catalysts                  71,440       78,750        260,544       290,065
Fine Chemistry             40,287       47,670        182,690       162,726
Total segment operating    147,505      163,280       641,660       696,187
profit
Equity in net income of
unconsolidated
investments:
Polymer Solutions          1,459        1,200         6,416         7,696
Catalysts                  7,375        5,463         31,651        36,259
Fine Chemistry             --           --            --            --
Corporate & other          --           (27)          --            (201)
Total equity in net
income of unconsolidated   8,834        6,636         38,067        43,754
investments
Net (income) loss
attributable to
noncontrolling
interests:
Polymer Solutions          (966)        (603)         (2,221)       (9,803)
Catalysts                  --           --            --            --
Fine Chemistry             (4,773)      (3,867)       (16,350)      (18,306)
Corporate & other          --           (31)          (20)          26
Total net income
attributable to            (5,739       (4,501)       (18,591)      (28,083)
noncontrolling interests
Segment income:
Polymer Solutions          36,271       37,457        202,621       241,289
Catalysts                  78,815       84,213        292,195       326,324
Fine Chemistry             35,514       43,803        166,340       144,420
Total segment income       150,600      165,473       661,156       712,033
Corporate & other ^(a)     (98,740)     (112,541)     (123,831)     (178,568)
Restructuring and other    (16,982)     --            (111,685)     --
charges, net ^ ^(b)
Interest and financing     (7,666)      (8,998)       (32,800)      (37,574)
expenses
Other (expenses) income,   (335)        (177)         1,229         357
net
Income tax benefit         10,849       1,791         (82,533)      (104,134)
(expense) ^(b)
Net income attributable  $ 37,726     $ 45,548      $ 311,536     $ 392,114
to Albemarle Corporation
See accompanying notes to the condensed consolidated financial
information.



Notes to the Condensed Consolidated Financial Information

(a) Non-operating pension and OPEB items, consisting of MTM actuarial
gains/losses as well as interest costs and expected return on assets, are
included in Corporate & other as follows:

  oFor the three months ended December 31, 2012 and 2011, net charges
    amounting to $84.2 million ($53.6 million after income taxes, or $0.60 per
    share) and $89.1 million ($56.3 million after income taxes, or $0.63 per
    share), respectively. The MTM actuarial loss was $86.0 million ($54.8
    million after income taxes, or $0.61 per share) and $92.3 million ($58.4
    million after income taxes, or $0.65 per share) for the three months ended
    December 31, 2012 and 2011, respectively.
  oFor the years ended December 31, 2012 and 2011, net charges amounting to
    $65.3 million ($41.7 million after income taxes, or $0.46 per share) and
    $85.8 million ($54.2 million after income taxes, or $0.59 per share),
    respectively. The MTM actuarial loss was $75.8 million ($48.3 million
    after income taxes, or $0.54 per share) and $98.6 million ($62.3 million
    after income taxes, or $0.68 per share) for the years ended December 31,
    2012 and 2011, respectively.

(b) Restructuring and other special items consisted of the following:

Three months ended December 31, 2012 --

  oA one-time employer contribution to the Company's defined contribution
    plan of $10.1 million ($6.4 million after income taxes, or $0.07 per
    share) and a net curtailment gain of $4.5 million ($2.9 million after
    income taxes, or $0.03 per share), both in connection with various
    amendments to certain of our U.S. pension and defined contribution plans.
  oNet charges of $11.4 million ($6.8 million after income taxes, or $0.08
    per share) in connection with various restructuring-related activities
    across the Company including certain planned reductions in force, changes
    in product sourcing and other items.
  oDiscrete net tax expense items of $3.5 million, or $0.03 per share,
    relating to tax planning and other tax matters.

Year ended December 31, 2012 --

  oA one-time employer contribution to the Company's defined contribution
    plan of $10.1 million ($6.4 million after income taxes, or $0.07 per
    share) and a net curtailment gain of $4.5 million ($2.9 million after
    income taxes, or $0.03 per share), both in connection with various
    amendments to certain of our U.S. pension and defined contribution plans.
  oNet charges amounting to $100.8 million ($76.1 million after income taxes,
    or $0.85 per share) in connection with our exit of the phosphorus flame
    retardants business, and other charges amounting to $5.3 million ($4.3
    million after income taxes, or $0.04 per share) relating to changes in
    product sourcing and other items.
  oDiscrete net tax benefit items of $1.0 million, or $0.01 per share,
    related principally to tax planning and the release of various tax
    reserves.

(c) The year ended December 31, 2012 includes a gain of $8.1 million ($5.1
million after tax, or $0.06 per share) resulting from proceeds received in
connection with the settlement of litigation (net of related legal fees). The
year ended December 31, 2012 also includes an $8 million charitable
contribution ($5.1 million after tax, or $0.06 per share) to the Albemarle
Foundation.

(d) Totals may not add due to rounding.

Additional Information

It should be noted that Net income attributable to Albemarle Corporation
("earnings"), earnings per share and effective income tax rates which exclude
special items, as well as presentations of segment operating profit, segment
income, EBITDA, EBITDA excluding special items, EBITDA margin and EBITDA
margin excluding special items are financial measures that are not required
by, or presented in accordance with, accounting principles generally accepted
in the United States, or GAAP. These measures are presented here to provide
additional useful measurements to review our operations, provide transparency
to investors and enable period-to-period comparability of financial
performance.

A description of other non-GAAP financial measures that we use to evaluate our
operations and financial performance, and reconciliation of these non-GAAP
financial measures to the most directly comparable financial measures
calculated and reported in accordance with GAAP, can be found in the Investors
section of our website at www.albemarle.com, under "Non-GAAP Reconciliations"
under "Financials." Also, see attached for a supplemental reconciliation of
our segment operating profit and segment income amounts to GAAP Operating
profit and GAAP Net income attributable to Albemarle Corporation,
respectively, as well as for a supplemental reconciliation of our GAAP Net
income attributable to Albemarle Corporation to EBITDA and EBITDA excluding
special items.

ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliation
(In Thousands)
(Unaudited)

Our segment information includes measures we refer to as "segment operating
profit," "segment income," "EBITDA" and "EBITDA excluding special items,"
which are financial measures that are not required by, or presented in
accordance with, GAAP. The Company has reported segment operating profit,
segment income, EBITDA and EBITDA excluding special items because management
believes that these financial measures provide transparency to investors and
enable period-to-period comparability of financial performance. Segment
operating profit, segment income, EBITDA and EBITDA excluding special items
should not be considered as alternatives to operating profit or net income
attributable to Albemarle Corporation, as determined in accordance with GAAP.

See below for a reconciliation of segment operating profit and segment income,
the non-GAAP financial measures, to Operating profit and Net income
attributable to Albemarle Corporation, respectively, the most directly
comparable financial measures calculated and reported in accordance with GAAP.



                 Three Months Ended             Year Ended
                 December 31,                   December 31,
                 2012           2011            2012            2011
Total segment    $  147,505     $  163,280      $  641,660      $  696,187
operating profit
Corporate &         (98,740)       (112,483)       (123,811)       (178,393)
other *
Restructuring
and other           (16,982)       --              (111,685)       --
charges, net
GAAP Operating   $  31,783      $  50,797       $  406,164      $  517,794
profit
Total segment    $  150,600     $  165,473      $  661,156      $  712,033
income
Corporate &         (98,740)       (112,541)       (123,831)       (178,568)
other
Restructuring
and other           (16,982)       --              (111,685)       --
charges, net
Interest and
financing           (7,666)        (8,998)         (32,800)        (37,574)
expenses
Other (expenses)    (335)          (177)           1,229           357
income, net
Income tax
benefit             10,849         1,791           (82,533)        (104,134)
(expense)
GAAP Net income
attributable to  $  37,726      $  45,548       $  311,536      $  392,114
Albemarle
Corporation
* Excludes corporate equity income and noncontrolling interest adjustments of
$(58) for the three-month period ended December 31, 2011, and $(20) and $(175)
for the years ended December 31, 2012 and 2011, respectively.



See below for a reconciliation of net income attributable to Albemarle
Corporation excluding special items, EBITDA and EBITDA excluding special
items, the non-GAAP financial measures, to net income attributable to
Albemarle Corporation, the most directly comparable financial measure
calculated and reported in accordance with GAAP. EBITDA is defined as Net
income attributable to Albemarle Corporation before interest and financing
expenses, income taxes, depreciation and amortization. EBITDA excluding
special items is defined as EBITDA before the special items as listed below.



                              Three Months Ended     Year Ended
                              December 31,           December 31,
                              2012        2011       2012         2011
Net income attributable to    $ 37,726    $ 45,548   $ 311,536    $ 392,114
Albemarle Corporation
Add back:
Non-operating pension and       53,649      56,331     41,729       54,231
OPEB adjustments (net of tax)
Restructuring and other         10,333      --         83,923       --
charges, net (net of tax)
Discrete tax items, net         3,504       --         (986)        --
Net income attributable to
Albemarle Corporation
excluding
 special items               $ 105,212   $ 101,879  $ 436,202    $ 446,345
Net income attributable to    $ 37,726    $ 45,548   $ 311,536    $ 392,114
Albemarle Corporation
Add back:
Interest and financing          7,666       8,998      32,800       37,574
expenses
Income tax (benefit) expense    (10,849)    (1,791)    82,533       104,134
Depreciation and amortization   24,592      24,827     99,020       96,753
EBITDA                          59,135      77,582     525,889      630,575
Non-operating pension and       84,220      89,083     65,316       85,765
OPEB adjustments
Restructuring and other         16,982      --         111,685      --
charges, net
EBITDA excluding special      $ 160,337   $ 166,665  $ 702,890    $ 716,340
items
Net sales                     $ 687,596   $ 707,390  $ 2,745,420  $ 2,869,005
EBITDA Margin                   8.6%        11.0%      19.2%        22.0%
EBITDA Margin excluding         23.3%       23.6%      25.6%        25.0%
special items



SOURCE Albemarle Corporation

Website: http://www.albemarle.com
Contact: Lorin Crenshaw, +1-225-388-7322