Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Albemarle Corp., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net sales	2,580,252)	2,620,978)	2,091,805)	1,479,593)	1,127,728)	894,204)	830,566)	773,896)	829,291)	879,147)	746,868)	764,049)	738,845)	992,564)	879,747)	885,052)	832,064)	921,699)	777,748)	853,874)	821,629)
Cost of goods sold	(1,303,712)	(1,619,659)	(1,047,991)	(899,169)	(678,698)	(657,610)	(581,293)	(525,479)	(565,604)	(613,727)	(492,812)	(530,690)	(496,827)	(654,053)	(569,880)	(559,138)	(548,578)	(601,315)	(497,211)	(542,518)	(516,650)
Gross profit	1,276,540)	1,001,319)	1,043,814)	580,424)	449,030)	236,594)	249,273)	248,417)	263,687)	265,420)	254,056)	233,359)	242,018)	338,511)	309,867)	325,914)	283,486)	320,384)	280,537)	311,356)	304,979)
Selling, general and administrative expenses	(154,306)	(148,156)	(134,479)	(128,942)	(112,568)	(123,302)	(103,477)	(121,516)	(93,187)	(124,909)	(96,092)	(106,949)	(101,877)	(185,163)	(108,135)	(126,715)	(113,355)	(120,916)	(100,167)	(123,637)	(101,370)
Research and development expenses	(20,471)	(20,154)	(18,358)	(17,386)	(16,083)	(12,125)	(13,289)	(13,976)	(14,636)	(15,375)	(13,532)	(14,210)	(16,097)	(14,263)	(15,585)	(13,462)	(14,977)	(16,384)	(16,610)	(16,074)	(20,986)
Gain (loss) on sale of interest in properties	—)	—)	—)	—)	(8,400)	(132,453)	(984)	429,408)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8,277)	—)	218,705)	—)
Operating profit	1,101,763)	833,009)	890,977)	434,096)	311,979)	(31,286)	131,523)	542,333)	155,864)	125,136)	144,432)	112,200)	124,044)	139,085)	186,147)	185,737)	155,154)	174,807)	163,760)	390,350)	182,623)
Interest and financing expenses	(26,777)	(24,039)	(29,691)	(41,409)	(27,834)	(5,306)	(5,136)	(7,152)	(43,882)	(19,152)	(19,227)	(17,852)	(16,885)	(22,400)	(11,108)	(11,601)	(12,586)	(12,571)	(12,988)	(13,308)	(13,538)
Other income (expenses), net	82,492)	54,119)	7,974)	8,767)	15,496)	28,530)	(643,196)	14)	11,312)	(57,557)	(3,661)	(6,273)	8,314)	(38,388)	(11,316)	(7,065)	11,291)	(32,528)	3,793)	(5,223)	(30,476)
Income (loss) before income taxes and equity in net income of unconsolidated investments	1,157,478)	863,089)	869,260)	401,454)	299,641)	(8,062)	(516,809)	535,195)	123,294)	48,427)	121,544)	88,075)	115,473)	78,297)	163,723)	167,071)	153,859)	129,708)	154,565)	371,819)	138,609)
Income tax (expense) benefit	(276,963)	(24,102)	(196,938)	(89,018)	(80,530)	(15,024)	114,670)	(106,985)	(22,107)	10,101)	(30,653)	(15,431)	(18,442)	5,105)	(25,341)	(30,411)	(37,514)	(11,196)	(33,167)	(80,102)	(20,361)
Income (loss) before equity in net income of unconsolidated investments	880,515)	838,987)	672,322)	312,436)	219,111)	(23,086)	(402,139)	428,210)	101,187)	58,528)	90,891)	72,644)	97,031)	83,402)	138,382)	136,660)	116,345)	118,512)	121,398)	291,717)	118,248)
Equity in net income of unconsolidated investments, net of tax	396,188)	322,799)	258,884)	128,156)	62,436)	33,555)	27,706)	17,998)	16,511)	43,649)	26,154)	31,114)	26,604)	22,841)	33,236)	38,310)	35,181)	27,537)	22,081)	18,969)	20,677)
Net income (loss)	1,276,703)	1,161,786)	931,206)	440,592)	281,547)	10,469)	(374,433)	446,208)	117,698)	102,177)	117,045)	103,758)	123,635)	106,243)	171,618)	174,970)	151,526)	146,049)	143,479)	310,686)	138,925)
Net income attributable to noncontrolling interests	(38,123)	(29,341)	(33,991)	(33,819)	(28,164)	(14,293)	(18,348)	(21,608)	(22,021)	(17,542)	(18,744)	(18,134)	(16,431)	(15,852)	(16,548)	(20,772)	(17,957)	(16,453)	(13,734)	(8,225)	(7,165)
Net income (loss) attributable to Albemarle Corporation	1,238,580)	1,132,445)	897,215)	406,773)	253,383)	(3,824)	(392,781)	424,600)	95,677)	84,635)	98,301)	85,624)	107,204)	90,391)	155,070)	154,198)	133,569)	129,596)	129,745)	302,461)	131,760)

The financial data reveals multiple trends concerning revenue, costs, profitability, and expenses over the analyzed periods.

Net Sales: Net sales exhibited volatility from 2018 through early 2020, with quarterly amounts fluctuating around a general range between $740 million and $990 million. From March 2021 onwards, a significant upward trend is evident, culminating in a peak above $2.6 billion in December 2022. The last recorded quarter shows a slight decrease but remains above $2.5 billion, highlighting substantial growth in recent years.
Cost of Goods Sold (COGS): Costs followed a similar trajectory as sales, with fluctuations initially and a notable increase from 2021 onward. The rise in costs during 2022 aligns with the growth in sales but the magnitude of increase in cost from mid-2022 exceeds earlier periods, reflecting higher expenses offsetting gross margins.
Gross Profit: Gross profit tracked net sales, initially showing modest variation and a dip in early 2020. From 2021, gross profit rose sharply, particularly in 2022, where it more than doubled compared to prior years. Such acceleration suggests improvement in pricing, volume, or cost efficiencies leading to enhanced profitability at the gross level.
Selling, General and Administrative Expenses (SG&A): SG&A expenses have experienced moderate fluctuations without a clear directional trend. Despite the increase in sales and gross profit, SG&A remained relatively stable as a portion of sales, indicating controlled or proportionate operational expenses during periods of revenue growth.
Research and Development (R&D) Expenses: R&D expenses show a slight overall upward trend over time, increasing gradually from under $15 million to over $20 million by 2023. This steady investment reflects continued focus on innovation despite the varying financial environment.
Operating Profit: Operating profit displayed variability with some substantial spikes, notably a large increase in the second quarter of 2021 and further significant improvements in 2022 and 2023. Although a few quarters registered declines or negative values, the general pattern is one of strengthening operating performance consistent with higher sales and gross profit.
Interest and Financing Expenses: These expenses have been irregular, showing some fluctuations but generally remain within a similar range. There were a few spikes, such as in late 2020 and mid-2022, which likely reflect changes in debt levels or borrowing costs affecting finance charges.
Other Income (Expenses), Net: This line item is highly volatile, featuring both positive and negative amounts across quarters. Significant positive spikes in 2021 and early 2023 contributed to overall profitability, while some quarters recorded substantial negative amounts, highlighting non-operational income fluctuations impacting net results.
Income Before Taxes and Equity in Net Income: The income before taxes has generally increased over time with significant volatility. After some downturns in early 2021 marked by negative quarters, there was a recovery and strong growth through 2022 and early 2023, reflective of improved operating results and other income components.
Income Tax Expense (Benefit): Income tax expenses varied widely, including quarters with tax benefits and others with notable expenses. The fluctuations are consistent with shifting pre-tax income levels and possible changes in tax strategies or jurisdictions impacting effective tax rates.
Net Income: Net income followed a similar path to income before taxes but amplified by swings in tax and other expense items. Marked negative net results in late 2021 were followed by strong, sustained growth through 2022 and into 2023, reaching all-time highs during the latter period. This indicates a robust recovery and enhanced profitability after prior challenges.
Net Income Attributable to Albemarle Corporation: This measure parallels overall net income trends, confirming that the majority of net earnings are attributable to the company shareholders. The pattern of losses in late 2021 and recovery to significant gains in 2022 and 2023 is consistent and highlights successful operational leverage.

In summary, the financial data reflects a period of operational challenges culminating in losses around late 2021, followed by a pronounced recovery and expansion phase characterized by strong sales growth, improved gross and operating margins, and enhanced net income through 2022 and early 2023. Expenses such as SG&A and R&D remained relatively controlled, contributing to profitability gains. Volatility in non-operating income and income taxes contributed to fluctuations in net results but the overarching trend demonstrates substantial financial strengthening during the recent periods.

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Albemarle Corp. (NYSE:ALB)

Income Statement Quarterly Data

Income Statement
Quarterly Data