Albemarle Corp , the world's largest producer of lithium, raised its 2023 profit forecast on Wednesday after reporting better-than-expected quarterly results, and it shares jumped as the company cited rising global appetite for the metal used to make electric vehicle batteries.
The company posted net income for the second quarter ended June 30 of $650 million, or $5.52 per share, compared with $406.8 million, or $3.46 per share, in the year-ago period.
Excluding one-time items, Albemarle earned $7.33 per share. By that measure, analysts expected earnings of $4.44 per share, according to IBES data from Refinitiv. Sales in the company's Energy Storage division, which sells lithium, more than doubled to $1.76 billion. For the year, Albemarle expects the price at which it sells its lithium to jump nearly 30% from 2022 levels.
For the full year, Albemarle raised its forecast for adjusted earnings to a range of $25 to $29.50 per share. The company previously had expected its adjusted earnings for the year to come in at between $20.75 and $25.75 per share. Albemarle also raised its revenue forecast and its 2023 budget. The company plans to hold a conference call with investors to discuss the quarterly results on Thursday.
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