Albemarle revenue beats expectations on rising lithium demand By Reuters
© Reuters. FILE PHOTO: An indication on the method highway results in Albemarle’s lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder
(Reuters) – Albemarle (NYSE:) Corp, the world’s largest producer of lithium, posted a quarterly revenue on Wednesday that simply beat Wall Road’s expectations on rising demand from the electrical automobile trade.
The corporate reported first-quarter internet revenue of $95.7 million, or 84 cents per share, in contrast with $107.2 million, or $1.01 per share, within the year-ago interval.
Excluding one-time objects, Albemarle earned $1.10 per share. By that measure, analysts anticipated earnings of 80 cents per share, in response to IBES information from Refinitiv.
Shares of the Charlotte, North Carolina-based firm have practically tripled prior to now yr, closing on Wednesday at $167.15, up 3.1% on the day. The inventory was flat in after-hours buying and selling.
Albemarle stated the outlook for lithium gross sales has improved since 2020, when the coronavirus pandemic pressured the corporate to pause expansions and manufacturing in some areas. Costs for the white steel ought to enhance for the remainder of the yr, the corporate forecast.
Albemarle is within the ultimate phases of two tasks to spice up its lithium processing and expects to approve additional growth tasks by June.
Weak spot in Albemarle’s division that provides refineries offset the surge in gross sales of lithium throughout the quarter.
Albemarle plans to debate the quarterly outcomes on a name with traders on Thursday morning.
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