Lithium miner Livent (LTHM) bolted higher on Wednesday after edging past Q4 estimates and offering a sales outlook for 2023 that fell short of analyst forecasts. LTHM stock cleared an early entry point Wednesday after updating its expansion plans.
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Albemarle (ALB) topped Q4 earnings estimates after the close, while reiterating the outlook introduced last month. ALB stock rose in after-hours action.
Albemarle Earnings
Results: Albemarle earnings per share surged 754% to $8.62, topping recently raised estimates by 36 cents. Revenue grew 193% to $2.62 billion, a hair below some estimates. It was the fourth straight quarter of accelerating growth for both.
Outlook: The company reiterated guidance first offered on Jan. 24 for 2023 sales of $11.3 billion to $12.9 billion, equating to growth of 55%-75%. Adjusted EPS should range from $26 to $33. That includes 30%-40% growth in lithium volumes in 2023 and assumes flat lithium pricing vs. Q4.
Livent Earnings
Results: Livent earnings per share surged 400% from a year ago to 40 cents, vs. estimates of 38 cents. Revenue rose 79% from a year ago to $219.4 million, well below estimates of $239.8 million.
Outlook: Livent offered 2023 revenue guidance of $1 billion to $1.1 billion, up 29% vs. 2022 at the midpoint. Analysts had penciled in $1.12 billion in 2023 sales. Adjusted EBITDA should range from $510 million to $580 million, up 49% at the midpoint.
The company said its capacity expansion is on track, with deliveries to begin in the second half of 2023 from a 10,000 metric ton expansion of lithium carbonate in Argentina. Production from a second 10,000 ton expansion in Argentina should start in early 2024.
Livent also has a 5,000-ton lithium hydroxide line in Bessemer City, N.C., that should begin to deliver commercial volumes later this year. A new facility in Zhejiang, China, should make initial deliveries in 2024.
Livent also provided an update on Nemaska Lithium, a fully integrated lithium hydroxide project in Quebec, Canada, of which Livent owns 50%. First customer commitments will be announced in the first…
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