Albemarle
Q3 2022 Earnings Call
Nov 03, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, and welcome to the Q3 2022 Albemarle Corporation earnings conference call. My name is Alex, and I'll be coordinating the call today. [Operator instructions]. I'll now hand over to your host, Meredith Bandy, vice president of investor relations and sustainability.
Please go ahead.
Meredith Bandy -- Vice President, Investor Relations and Sustainability
All right. Thank you, Alex, and welcome, everyone, to Albemarle's third quarter 2022 earnings conference call. Our earnings were released after the close of market yesterday, and you'll find the press release and presentation posted to our website under the investor relations section at albemarle.com. Joining me on the call today are Kent Masters, chief executive officer; and Scott Tozier, chief financial officer; Raphael Crawford, president of catalyst; Netha Johnson, president of bromine; and Eric Norris, president of lithium, 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 within the meaning of federal securities laws. Please note the cautionary language about forward-looking statements contained in our press release and presentation, that same language applies to this call. Please also note that some of our comments today refer to non-GAAP financial measures. A reconciliation to GAAP financial measures can be found in our earnings release and the appendix of our earnings presentation. Lastly, I would like to highlight that in January, we plan to host a webcast to provide our full-year 2023 guidance and new five-year targets for our restructured businesses.
With that, I will turn the call over to Kent.
Kent Masters -- President, Chairman, and Chief Executive Officer
Thanks, Meredith, and thank you all for joining us today. On today's call, I'll highlight our third quarter results and achievements. Scott will provide more detail on our financial results, outlook, balance sheet, and capital allocation. I'll then close our prepared remarks with an update on our structure and our strategic growth projects.
We had another excellent quarter as Albemarle continues to benefit from the demand for lithium-ion batteries driven by the energy transition. This, plus growth in bromine, drove a strong third quarter. We generated net sales of $2.1 billion or more than two and a half times the prior year period. Third quarter adjusted EBITDA of $1.2 billion or approximately five times the prior year period, continued the trend of increase -- of EBITDA increasing significantly outpacing sales growth.