CHARLOTTE — Lithium mining and chemicals processor Albemarle Corp. (ALB) on Wednesday reported third-quarter net income of $302.5 million but cut its forecast as lithium prices – essential for electric vehicle batteries- keep dropping, notes Reuters.
The Charlotte-based company – a big supplier for electric vehicle market leader Tesla – said it had profit of $2.57 per share. Earnings, adjusted for non-recurring costs, were $2.74 per share. [See full financials online.]
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.70 per share.
The specialty chemicals company posted revenue of $2.31 billion in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $2.39 billion.
Albemarle expects full-year earnings in the range of $21.50 to $23.50 per share, with revenue in the range of $9.5 billion to $9.8 billion. That’s down from $10.4-$11.5 billion, Reuters notes.
Albemarle shares have decreased 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $122.96, a decrease of 56% in the last 12 months.