Albemarle Profit Hits Record High as EV Boom Powers Lithium Demand
- Earnings were more than seven times the same year-ago period
- World’s top miner sees ‘ongoing strength in lithium pricing’
Lithium ore falls from a chute onto a stockpile in Greenbushes, Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Top lithium supplier Albemarle Corp. delivered its most profitable quarter ever with prices of the battery ingredient extending gains even as recession fears undermine other metals.
The Charlotte, North Carolina-based firm reported third-quarter adjusted profit that beat the average analyst estimate and was more than seven times the same year-ago period. Albemarle tightened its annual adjusted profit forecast but raised the lower end of its guidance range for earnings before items, flagging “ongoing strength in lithium pricing.”