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Livent meets expectations as demand for lithium begins to rebound




FILE PHOTO: The company logo of lithium producer Livent Corp is displayed on a display on the New York Stock Exchange (NYSE) during the company’s IPO in New York, United States, October 11 2018. REUTERS / Brendan McDermid

(Reuters) – Lithium producer Livent Corp on Monday released adjusted quarterly profit that exceeded expectations on rising sales of the metal for ultralight batteries, as governments and automakers around the world launch aggressive plans to integrate vehicles electric (VE).

In a sign of optimism in the face of continued growing demand, Philadelphia-based Livent said it would resume expansions in the United States and Argentina that were halted last year due to the COVID pandemic. 19.

Livent posted a net loss of $ 800,000 in the first quarter, or one penny per share, compared to a net loss of $ 1.9 million, or one penny per share, in the same period of the previous year .

Excluding one-time items, Livent gained 2 cents per share. According to this measure, analysts were expecting earnings of one cent per share, according to IBES data from Refinitiv.

The company said it now expects its 2021 revenue to be near its previous forecast of $ 335 million to $ 365 million.

We are becoming increasingly confident in the growth trajectory of lithium demand over the next few years, CEO Paul Graves said in a statement.

The company’s shares rose about 0.7% after-hours trading to $ 17.85.

Livent executives plan to hold a conference call with investors and analysts to discuss quarterly results on Monday afternoon.

Reporting by Ernest Scheyder; Edited by Leslie Adler and Will Dunham

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