Albemarle quarterly profit surges on rising lithium prices

Mining08-05

Albemarle (NYSE: ALB), the world’s largest producer of lithium for batteries, posted a spike in quarterly profit on Wednesday due to a jump in prices for the ultralight metal. The results reflected an...

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the company and peers last year to cut staff and curtail growth projects.\nAlbemarle said the average price it received for its lithium rose 61% during the quarter and its sales volumes increased 11%.\n“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.\nThe 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.\nExcluding 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.\nShares gained 1% to $120 in after-hours trading on Wednesday.\nThe Charlotte, North Carolina-based company plans to hold a conference call on Thursday to discuss the results.\n(Reporting by Ernest Scheyder; Editing by Nia Williams and Jamie Freed)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657857193","isCrawlerRequest":true}