Lithium is becoming a lucrative business as electric vehicles become more prevalent, and miners are enjoying the rewards.
Albemarle Corp. ALB, +9.31% blew away earnings and revenue projections in a first-quarter earnings report Wednesday afternoon and executives added $1 billion to their annual sales forecast, sending shares up nearly 20% in after-hours trading. That performance followed a report Tuesday afternoon from Livent Corp. LTHM, +30.25% that did pretty much the same thing.
“I’d certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business. Lithium margins right now are practically software margins,” Musk said in the EV company’s earnings call on April 20. Albemarle reported first-quarter earnings of $253.4 million, or $2.15 a share, on sales of $1.13 billion, up from $829.3 million a year ago. After adjustments for income-tax expense and other items, the company reported earnings of $2.38 a share, more than double the $1.10 a share it reported in the same period a year ago. Analysts had expected adjusted earnings of $1.64 a share on sales of $1.04 billion, according to FactSet.
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