CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Albemarle swings to third-quarter profit on rising lithium prices

By Reuters News

Nov 5 (Reuters) - Albemarle ALB.N, the world's largest lithium producer, swung to a third-quarter profit due to rising prices for the critical mineral used to make a range of batteries.

The results reflected the improving lithium market after a supply glut forced the company and peers in 2024 to cut staff and curtail growth projects.

Shares of the Charlotte, North Carolina-based company jumped 6.5% in Thursday morning trading.

"Lithium demand continues to outpace supply growth," Albemarle CEO Kent Masters said on a Thursday conference call to discuss the results, which were released on Wednesday evening.

The company, which operates across the Americas, Australia, Asia and Europe, reported quarterly income of $296.8 million, or $2.15 per share, compared to a loss of $160.7 million, or $1.72 per share, in the year-ago quarter.

Excluding one-time items, the company earned $2.58 per share. By that measure, analysts expected earnings of $2.54 per share, according to IBES data from LSEG.

Albemarle said the average price it received for its lithium rose 95% during the quarter even as its sales volumes decreased 19%.

The company said during the quarter that former BHP BHP.AX executive Ragnar Udd will replace Masters as CEO in February.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.