(Kitco News) - AMG Advanced Metallurgical Group, a global critical materials company, today reported Q3 2022 revenue of $425 million, a 36% increase versus Q3 2021.
The company said that its Q3 2022 EBITDA of $103 million was the highest in AMG's history, and a 210% increase versus Q3 2021, adding that net income attributable to shareholders was $68 million, yielding $2.09 diluted earnings per share, compared to $0.02 diluted loss per share in Q3 2021.
According to a press release, AMG Clean Energy Materials' revenue increased 79% compared to the third quarter of 2021, to $188 million, driven mainly by higher prices in vanadium, tantalum and lithium concentrates, as well as increased sales volumes of lithium concentrate.
AMG noted that given the strong performance to date and the visibility into year end, the company is increasing its EBITDA guidance for the full year 2022 to $320 million or higher, from a previous range of between $280 million and $300 million.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, stated, “This outstanding result was largely driven by AMG Lithium. The continued strength in both lithium demand and our low-cost position led to improved profitability in AMG Lithium in Brazil. The mission of AMG Lithium is to be the number one producer of electric vehicle battery materials in Europe by expanding production of battery-grade hydroxide, vertically integrating its Brazilian spodumene production and pursuing additional mineral resources."
AMG is a global critical materials company. With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan.
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