ALBEMARLE CORPORATION (NYSE:ALB) Files An 8-K Regulation FD DisclosureItem 7.01.Regulation FD Disclosure.
In the first quarter of 2018, the Performance Catalysts Solutions (“PCS”) product category merged with the Refining Solutions reportable segment to form a consolidated global business focused on catalysts. PCS was previously reported in the Lithium and Advanced Materials reportable segment. The new reporting structure will consist of three reportable segments: (1) Lithium, (2) Bromine Specialties and (3) Catalysts.
The new reporting structure is consistent with the manner in which information is presently used internally by the Company’s chief operating decision maker to evaluate performance and make resource allocation decisions. Each segment has a dedicated team of sales, research and development, process engineering, manufacturing and sourcing, and business strategy personnel and has full accountability for improving execution through greater asset and market focus, agility and responsiveness.
The Company is furnishing this Current Report on Form 8-K to reflect certain historical annual and quarterly segment information for the two year period ending December 31, 2017, corresponding with the Company’s new reporting structure. A copy of this information is being furnished as Exhibit 99.1 hereto. The changes in reporting structure discussed above affect the manner in which the results of the Company’s reportable segments were previously reported. This Current Report on Form 8-K does not reclassify or restate the Company’s previously reported consolidated financial statements for any period. It should be noted that Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“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 reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, is also included in this Current Report on Form 8-K. Additionally, the information presented in this Current Report on Form 8-K does not reflect events occurring after the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and should be read in conjunction with the Company’s previously filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and the Company’s subsequent filings with the Securities and Exchange Commission.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is furnished to Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
99.1Supplemental historical information, issued by the Company.
ALBEMARLE CORP ExhibitEX-99.1 2 a031220188-kexhibit991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results(In Thousands) (Unaudited) The Company’s chief operating decision maker uses earnings before interest,…To view the full exhibit click here
About ALBEMARLE CORPORATION (NYSE:ALB)
Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services. The Company operates through the segments, including Performance Chemicals and Refining Solutions. The Company’s Performance Chemicals segment consists of product categories, including Lithium, Performance Catalyst Solutions and Bromine. The Company’s Lithium business develops advanced materials for a range of industries and end markets. The Company’s main product lines in the Refining Solutions segment are Clean Fuels Technologies, which is composed of hydroprocessing catalysts (HPC), and Heavy Oil Upgrading (HOU), which is composed of fluidized catalytic cracking (FCC) catalysts and additives.