https://www.miningweekly.com

Albemarle sees quarterly earnings above estimates on tight lithium supply

24th January 2023

By: Reuters

  

Font size: - +

Albemarle, one of the world's largest lithium producers, on Monday posted preliminary fourth-quarter earnings above market expectations.

The company said it expected fourth-quarter adjusted earnings per share of between $8.35 and $8.75, above the average analyst estimate of $7.67.

Global efforts to tackle climate change have fueled a surge in demand for lithium used in electric vehicle batteries that has far outpaced supply, while new sources fall short.

Prices have soared as a result. Average spot Asian price for battery-grade carbonate was assessed by Fastmarkets at $80 800 per tonne in November, a rise of over 1 000% since the start of 2022.

The Charlotte, North Carolina-based company estimated net sales of $2.59-billion to $2.65-billion, the midpoint of the range was slightly above estimates of $2.61-billion, according to IBES data from Refinitiv.

Albemarle, which is scheduled to report fourth-quarter results on February 15 after market closes, forecast 2023 adjusted earnings per share between $26.00 and $33.00, compared with estimates of $28.08.

The company will host its virtual 2023 strategy update on January 24.

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION