Albemarle’s third quarter cash from operations of $356 million increased 57% relative to last year’s mark, while on a year-to-date basis, the metric was up 29%, to $894 million, due in part to cost and productivity improvements, cash management actions, and a customer prepayment received in January. Full-year 2025 capital expenditures are targeted at about $600 million, and the firm reiterated it view that it expects to achieve positive free cash flow of $300-$400 million for the full year 2025. Management expects full-year results to be towards the higher end of the previously published $9/kg scenario ranges, or net sales of $5.2 billion and adjusted EBITDA of $1 billion. We think Albemarle is getting back on track, and the company remains an idea in the ESG Newsletter portfolio.
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