U.S. Markets open in 4 hrs 47 mins

Albemarle's lithium sales surge; annual forecast raised

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Aug 3 (Reuters) - Albemarle Corp raised its annual forecast on Wednesday after its second-quarter lithium sales nearly tripled due to rising prices of the electric vehicle battery metal.

The company reported second-quarter net income of $406.8 million, or $3.46 per share, compared with $424.6 million, or $3.62 per share, in the year-ago quarter.

Adjusted profit in the company's lithium division more than quadrupled, though adjusted profit in the catalyst division, which sells to the oil refining sector, fell more than 50%.

(Reporting by Ernest Scheyder; editing by Jonathan Oatis)