Common-Size Income Statement
Quarterly Data
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Albemarle Corp. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Albemarle Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Cost of goods sold
- The cost of goods sold as a percentage of net sales generally fluctuated between approximately -66% and -74% from 2018 to 2021, with a notable dip to around -50% in the quarters of 2022 and early 2023, indicating an improvement in cost efficiency or changes in product mix during these later periods.
- Gross profit
- Gross profit margin experienced a declining trend from early 2018 through 2021, reaching a low around 26.5% in late 2021. This was followed by a significant increase beginning in early 2022, peaking at nearly 50% in late 2022 and early 2023, suggesting enhanced profitability possibly due to lower costs or higher pricing power.
- Selling, general and administrative expenses (SG&A)
- SG&A expenses as a percentage of net sales showed a downward trend over time, moving from roughly -12% to -18% in earlier years to levels below -6% in late 2022 and early 2023, indicating improved operational efficiency or cost controls in administrative and selling activities.
- Research and development expenses (R&D)
- R&D expenses steadily decreased as a percentage of net sales across the reported periods, dropping from approximately -2.5% in early 2018 to below -1% by 2023, reflecting either a strategic shift in investment or increased sales driving the relative expense down.
- Gain (loss) on sale of interest in properties
- This item showed sporadic gains and losses with occasional significant positive spikes, notably around mid-2018 and early 2022, but no consistent pattern, indicating sporadic non-operational gains or disposals.
- Operating profit
- Operating profit margins fluctuated substantially, with a high peak of 70% in mid-2021 followed by a sharp decline to negative levels by the end of that year. From early 2022 onward, operating margins recovered strongly, reaching over 40% at various points, signaling volatility but eventual sustained improvement in core profitability.
- Interest and financing expenses
- Interest and financing costs mostly remained stable between -1% and -2.5% of net sales, with a brief spike to -5.3% in early 2021, which may reflect temporary increases in debt or financing costs, before returning to normal ranges thereafter.
- Other income (expenses), net
- This category demonstrated high volatility with large negative and positive swings, including an anomalous -77% in late 2021, indicating significant one-time or non-recurring items that impacted results unpredictably.
- Income before income taxes and equity in net income of unconsolidated investments
- Income before taxes showed wide fluctuations, with significant highs around mid-2018 and mid-2021, and notable declines toward the end of 2021. Post-2021, the figure trended upward consistently, reaching its highest levels in 2023.
- Income tax expense
- Income tax as a percentage of net sales varied considerably, often negative or near zero, with some quarters showing tax benefits or refunds, notably in late 2019 and late 2020. The variation suggests fluctuating effective tax rates influenced by changes in profitability and tax strategy.
- Net income (loss)
- Net income margins broadly mirrored operating profit trends, with stability in the mid-teens to high-thirties percentile range from 2018 through early 2021, a sharp decline resulting in negative territory in late 2021, followed by a strong recovery and increasing profitability margins exceeding 40% in 2023, indicating overall financial resilience and recovery.
- Net income attributable to noncontrolling interests
- This portion consistently represented a small, negative fraction of net sales, generally between -1% and -3%, showing relatively stable minority interest impact on consolidated earnings.
- Net income attributable to Albemarle Corporation
- Attributable net income followed a pattern similar to consolidated net income, with steady margins from 2018 through early 2021, a notable drop into negative or near-zero territory at the end of 2021, and a marked improvement in 2022 and 2023, reaching nearly 48% by early 2023, reflecting strong recovery and growth in earnings returned to shareholders.