Albemarle Profit, Revenue Plunge After Lithium Slump Weighs on Results

Dow Jones05-02

By Paul Ziobro

Albemarle's first-quarter profit and revenue plunged, with results continuing to be hampered by the drop in lithium prices.

The Charlotte, N.C.-based lithium miner on Wednesday reported a profit of $2.4 million, down from $1.24 billion in the same quarter a year ago.

Adjusted earnings came in at 26 cents a share, a penny ahead of the 25 cents expected by analysts polled by FactSet.

Revenue fell by 47% $1.36 billion, topping analyst estimates of $1.29 billion.

The company chalked the profit drop primarily to lower lithium market pricing, as well as additional margin compression due to inventory timing and reduced equity earnings at its Talison joint venture.

An unexpected slowdown in electric vehicle sales growth in the U.S. this past year has weighed on battery metal prices, including lithium. Some mining companies, including Albermarle, have suspended or delayed new projects and expansions.

Albermarle said that it does expect interest and financing expenses to be at the low end of its previous range of $180 million to $220 million.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

May 01, 2024 16:43 ET (20:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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