Albemarle quarterly profit beats expectations on rising lithium prices
ALB•Shares edge higher after the earnings report
Shares gained 1% to $120 in after-hours trading on Wednesday.
The Charlotte, North Carolina-based company plans to hold a conference call on Thursday to discuss the results.
CEO cites resilient demand across core markets
"We continue to see resilient demand fundamentals across our core markets, including energy storage, electric vehicles, and semiconductors," CEO Kent Masters said in a statement.
The company, which operates across the Americas, Australia, Asia and Europe, reported second-quarter net income of $480 million, or $3.52 per share, compared to $22.9 million in the year-ago quarter.
Excluding one-time items, Albemarle earned $3.75 per share. By that measure, analysts expected earnings of $3.24 per share, according to IBES data from LSEG.
Quarterly profit rises as lithium prices rebound
Aug. 5 (Reuters) - Albemarle, the world's largest producer of lithium for batteries, posted a better-than-expected quarterly profit on Wednesday due to a jump in prices for the ultra-light metal.
The results reflected an improvement in the lithium market after a supply glut forced the company and peers last year to cut staff and curtail growth projects.
Albemarle said the average price it received for its lithium rose 61% during the quarter and its sales volumes increased 11%.
