Business: Albemarle raises its annual forecast due to strong lithium demand

Yet demand is expected to outstrip supply, with Tesla Inc Chief Executive Elon Musk saying last month that lithium is “a limiting factor” in the growth of EVs. Charlotte, North Carolina-based Albemarle posted a net income of $253.4 million, or $2.15 per share, for the first quarter ended March 31, compared with $95.7 million, or 84 cents per share, a year earlier.

On Wednesday, Albemarle Corp, one of the world’s largest lithium manufacturers, raised its full-year expectations after quarterly profit more than quadrupled due to robust demand for the metal used in electric vehicle batteries. In extended trading, the company’s stock rose 16 percent. As global efforts to decarbonize automobiles gain traction, lithium’s central role in the production of electric-vehicle batteries has made it a sought-after commodity. As a result, metal prices have risen to new highs, providing a boost to producers.

Suggestion For You:
Best Drones Under $30
Best iPadOS Calculator Apps

The company said it now expects full-year net sales to come between $5.2 billion and $5.6 billion, compared with an earlier forecast of $4.2 billion to $4.5 billion. It also raised its annual adjusted profit outlook to between $9.25 and $12.25 per share, from $5.65 per share to $6.65 per share.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more