Lithium producer Livent expects 'higher end of guidance' as battery market improves
Livent (NYSE: LTHM) said today its revenue was $91.7 million, up 12% from the fourth quarter of 2020, with a reported GAAP net loss of $0.8 million, or a loss of 1 cent per diluted share.
Adjusted EBITDA was $11.1 million, 98% higher than the fourth quarter of 2020, and adjusted earnings per share was 2 cents per diluted share.
First quarter results improved sequentially versus the fourth quarter driven by higher volumes sold and lower costs.
Over the long term, the company it plans to triple its carbonate capacity in Argentina to roughly 60,000 metric tons. It is also looking to determine a commercial path for the Nemaska Lithium project in Québec, Canada.
"The positive lithium market conditions that began in the fourth quarter of last year have continued in 2021 and electric vehicle sales remain strong despite ongoing supply chain disruptions," said Paul Graves, president and chief executive officer of Livent. "We are becoming increasingly confident in the trajectory of lithium demand growth over the coming years behind the increasing support for electrification from OEMs, governments and consumers alike. At Livent, we are focused on executing on our expansion plans as we continue to build upon our low cost and sustainable operations, and our position as a partner of choice to leading auto OEM and battery producers."
Livent said that it expects performance to be at the higher end of its guidance ranges as market conditions continue to improve. Guidance for revenue is in the range of $335 million to $365 million and Adjusted EBITDA is the range of $40 million to $60 million.