Albemarle’s lithium sales surge; annual forecast raised

2022.08.04 00:41

FILE PHOTO: A sign at the approach road leads to Albemarle’s lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo

(Reuters) – Albemarle (NYSE:ALB) Corp raised its annual forecast on Wednesday after its second-quarter lithium sales nearly tripled due to rising prices of the electric vehicle battery metal.

The company reported second-quarter net income of $406.8 million, or $3.46 per share, compared with $424.6 million, or $3.62 per share, in the year-ago quarter.

Adjusted profit in the company’s lithium division more than quadrupled, though adjusted profit in the catalyst division, which sells to the oil refining sector, fell more than 50%.

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