Albemarle Corporation

Hello, and welcome to Albemarle Corporation's Q2 2023 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star followed by the number one. I will now hand it over to Meredith Bandy, Vice President of Investor Relations and Sustainability.

Thank you, Aisha, and welcome everyone to Albemarle's second quarter 2023 earnings conference call. Our earnings released after the close of market yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at albemarle.com. Joining me on the call today are Kent Masters, Chief Executive Officer, and Scott Tozier, Chief Financial Officer. Neffa Johnson, President of Specialties, and Eric Norris, President of Energy Storage, are also available for Q&A. As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance, and timing of expansion projects, may constitute forward-looking statements. Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation, which also applies to this call. Please also note that some of our comments today refer to non-GAAP financial measures. Reconciliations can be found in our earnings materials. Now I'll turn the call over to Ken.

Thank you, Meredith. Our second quarter results continued the positive trend from last quarter, with net sales up 60% and EBITDA up 69% versus the same period last year. We have increased our energy storage outlook for 2023 based on current market prices. Of course, the long-term shift to electric vehicles is well established and growing. Automakers are planning ahead to accommodate that future growth. For example, we signed a strategic agreement with Ford to supply over 100,000 metric tons of lithium hydroxide over a five-year period starting in 2026. One of the reasons our customers choose Albemarle is our commitment to sustainability. In June, our Salar de Atacama site became the first lithium resource in the world to complete an independent audit and have its audit report published by IRMA, the Initiative for Responsible Mining Assurance. We achieved an IRMA 50 level of performance, and a third-party auditor verified that the solar site met 70% of over 400 rigorous IRMA requirements, covering topics such as water management, human rights, greenhouse gas emissions, fair labor, and terms of work. Also during the quarter, Albemarle's growth and impact on the energy transition were recognized by inclusion in the Fortune 500 rankings and in the Time 100 Most Influential Companies list. We continue to invest in future capacity to meet long-term demand. The Solar Yield Improvement Project reached mechanical completion on schedule, and the Meishan Project in China is ahead of schedule with mechanical completion now expected in early 2024. Last month, we announced agreements to simplify and amend our joint venture with Mineral Resources. I'll update you on these activities later in the presentation. And for now, I'll hand it over to Scott to walk you through our financial results.