Exhibit 99.2
Albemarle Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME – QUARTERLY – AS PREVIOUSLY REPORTED
(In Thousands, Except Per Share Amounts; Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2012 | | | 2011 | |
| | 1st Quarter | | | 2nd Quarter | | | 3rd Quarter | | | 1st Quarter | | | 2nd Quarter | | | 3rd Quarter | | | 4th Quarter | |
| | | | | | | |
Net sales | | $ | 711,704 | | | $ | 684,894 | | | $ | 661,226 | | | $ | 696,530 | | | $ | 742,108 | | | $ | 722,977 | | | $ | 707,390 | |
Cost of goods sold | | | 463,817 | | | | 442,209 | | | | 446,469 | | | | 463,514 | | | | 490,159 | | | | 464,965 | | | | 473,308 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 247,887 | | | | 242,685 | | | | 214,757 | | | | 233,016 | | | | 251,949 | | | | 258,012 | | | | 234,082 | |
Selling, general and administrative expenses | | | 80,692 | | | | 74,624 | | | | 59,982 | | | | 73,039 | | | | 82,907 | | | | 77,169 | | | | 79,021 | |
Research and development expenses | | | 19,049 | | | | 20,911 | | | | 19,831 | | | | 17,615 | | | | 19,947 | | | | 20,534 | | | | 18,987 | |
Restructuring and other charges | | | — | | | | 94,703 | | | | 6,508 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit | | | 148,146 | | | | 52,447 | | | | 128,436 | | | | 142,362 | | | | 149,095 | | | | 160,309 | | | | 136,074 | |
Interest and financing expenses | | | (8,734 | ) | | | (8,486 | ) | | | (7,914 | ) | | | (9,592 | ) | | | (9,274 | ) | | | (9,710 | ) | | | (8,998 | ) |
Other income (expenses), net | | | (118 | ) | | | (688 | ) | | | 2,370 | | | | 338 | | | | (760 | ) | | | 956 | | | | (177 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes and equity in net income of unconsolidated investments | | | 139,294 | | | | 43,273 | | | | 122,892 | | | | 133,108 | | | | 139,061 | | | | 151,555 | | | | 126,899 | |
Income tax expense | | | 35,466 | | | | 14,747 | | | | 26,591 | | | | 32,172 | | | | 30,154 | | | | 38,097 | | | | 29,591 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before equity in net income of unconsolidated investments | | | 103,828 | | | | 28,526 | | | | 96,301 | | | | 100,936 | | | | 108,907 | | | | 113,458 | | | | 97,308 | |
Equity in net income of unconsolidated investments (net of tax) | | | 8,586 | | | | 12,712 | | | | 7,935 | | | | 12,831 | | | | 14,787 | | | | 9,500 | | | | 6,636 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 112,414 | | | $ | 41,238 | | | $ | 104,236 | | | $ | 113,767 | | | $ | 123,694 | | | $ | 122,958 | | | $ | 103,944 | |
Net income attributable to noncontrolling interests | | | (4,371 | ) | | | (3,506 | ) | | | (4,975 | ) | | | (7,187 | ) | | | (9,535 | ) | | | (6,860 | ) | | | (4,501 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Albemarle Corporation | | $ | 108,043 | | | $ | 37,732 | | | $ | 99,261 | | | $ | 106,580 | | | $ | 114,159 | | | $ | 116,098 | | | $ | 99,443 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 1.21 | | | $ | 0.42 | | | $ | 1.11 | | | $ | 1.16 | | | $ | 1.24 | | | $ | 1.29 | | | $ | 1.12 | |
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Diluted earnings per share | | $ | 1.20 | | | $ | 0.42 | | | $ | 1.10 | | | $ | 1.15 | | | $ | 1.23 | | | $ | 1.28 | | | $ | 1.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average common shares outstanding – basic | | | 88,997 | | | | 89,414 | | | | 89,327 | | | | 91,633 | | | | 91,713 | | | | 89,935 | | | | 88,805 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average common shares outstanding – diluted | | | 89,947 | | | | 90,051 | | | | 89,879 | | | | 92,517 | | | | 92,795 | | | | 90,958 | | | | 89,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash dividends declared per share of common stock | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.165 | | | $ | 0.165 | | | $ | 0.165 | | | $ | 0.175 | |
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| | |
| | Exhibit 99.2 |
Albemarle Corporation and Subsidiaries | | |
CONSOLIDATED STATEMENTS OF INCOME – QUARTERLY – AS ADJUSTED
(In Thousands, Except Per Share Amounts; Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2012 | | | 2011 | |
| | 1st Quarter | | | 2nd Quarter | | | 3rd Quarter | | | 1st Quarter | | | 2nd Quarter | | | 3rd Quarter | | | 4th Quarter | |
| | | | | | | |
Net sales | | $ | 711,704 | | | $ | 684,894 | | | $ | 661,226 | | | $ | 696,530 | | | $ | 742,108 | | | $ | 722,977 | | | $ | 707,390 | |
Cost of goods sold | | | 460,724 | | | | 435,606 | | | | 443,476 | | | | 461,172 | | | | 489,731 | | | | 462,575 | | | | 500,580 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 250,980 | | | | 249,288 | | | | 217,750 | | | | 235,358 | | | | 252,377 | | | | 260,402 | | | | 206,810 | |
Selling, general and administrative expenses | | | 74,004 | | | | 61,735 | | | | 53,404 | | | | 68,343 | | | | 82,307 | | | | 72,394 | | | | 137,026 | |
Research and development expenses | | | 19,049 | | | | 20,911 | | | | 19,831 | | | | 17,615 | | | | 19,947 | | | | 20,534 | | | | 18,987 | |
Restructuring and other charges | | | — | | | | 94,703 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit | | | 157,927 | | | | 71,939 | | | | 144,515 | | | | 149,400 | | | | 150,123 | | | | 167,474 | | | | 50,797 | |
Interest and financing expenses | | | (8,734 | ) | | | (8,486 | ) | | | (7,914 | ) | | | (9,592 | ) | | | (9,274 | ) | | | (9,710 | ) | | | (8,998 | ) |
Other income (expenses), net | | | (118 | ) | | | (688 | ) | | | 2,370 | | | | 338 | | | | (760 | ) | | | 956 | | | | (177 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes and equity in net income of unconsolidated investments | | | 149,075 | | | | 62,765 | | | | 138,971 | | | | 140,146 | | | | 140,089 | | | | 158,720 | | | | 41,622 | |
Income tax expense (benefit) | | | 39,028 | | | | 21,882 | | | | 32,472 | | | | 34,729 | | | | 30,498 | | | | 40,698 | | | | (1,791 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before equity in net income of unconsolidated investments | | | 110,047 | | | | 40,883 | | | | 106,499 | | | | 105,417 | | | | 109,591 | | | | 118,022 | | | | 43,413 | |
Equity in net income of unconsolidated investments (net of tax) | | | 8,586 | | | | 12,712 | | | | 7,935 | | | | 12,831 | | | | 14,787 | | | | 9,500 | | | | 6,636 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 118,633 | | | $ | 53,595 | | | $ | 114,434 | | | $ | 118,248 | | | $ | 124,378 | | | $ | 127,522 | | | $ | 50,049 | |
Net income attributable to noncontrolling interests | | | (4,371 | ) | | | (3,506 | ) | | | (4,975 | ) | | | (7,187 | ) | | | (9,535 | ) | | | (6,860 | ) | | | (4,501 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Albemarle Corporation | | $ | 114,262 | | | $ | 50,089 | | | $ | 109,459 | | | $ | 111,061 | | | $ | 114,843 | | | $ | 120,662 | | | $ | 45,548 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 1.28 | | | $ | 0.56 | | | $ | 1.23 | | | $ | 1.21 | | | $ | 1.25 | | | $ | 1.34 | | | $ | 0.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share | | $ | 1.27 | | | $ | 0.56 | | | $ | 1.22 | | | $ | 1.20 | | | $ | 1.24 | | | $ | 1.33 | | | $ | 0.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average common shares outstanding – basic | | | 88,997 | | | | 89,414 | | | | 89,327 | | | | 91,633 | | | | 91,713 | | | | 89,935 | | | | 88,805 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average common shares outstanding – diluted | | | 89,947 | | | | 90,051 | | | | 89,879 | | | | 92,517 | | | | 92,795 | | | | 90,958 | | | | 89,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash dividends declared per share of common stock | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.165 | | | $ | 0.165 | | | $ | 0.165 | | | $ | 0.175 | |
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Additional Information
It should be noted that Net income attributable to Albemarle Corporation (“earnings”) per diluted share which excludes special items, as well as segment income, are financial measures that are not required by, or presented in accordance with, GAAP. These measures are presented below to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance. Also included in the presentations below are reconciliations of these non-GAAP measures to their most directly comparable financial measures calculated and reported in accordance with GAAP.