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(Kitco News) - On Tuesday, lithium producer Livent (NYSE: LTHM) announced that its Q1 2023 revenue was $253.5 million, up 16% and up 77% from the fourth quarter of 2022 and the prior year's quarter, respectively.
The company said that its reported GAAP net income was $114.8 million in Q1 2023, compared to $82.7 million and $53.2 million in the previous quarter and the prior year's quarter, respectively, or 55 cents per diluted share.
Adjusted EBITDA was $157.4 million in Q1 2023, 46% above the previous quarter and roughly three times the prior year's quarter, and adjusted earnings per diluted share were 60 cents.
“Continued strength in customer demand supported higher average realized prices across all products in the first quarter,” Livent said.
"Livent achieved record revenue and profitability in the first quarter driven by higher realized lithium pricing and strong demand from our customers," stated Paul Graves, president and chief executive officer of Livent. "We continue to expect strong financial performance in 2023 supported by pricing visibility from existing customer contracts.”
Importantly, Livent also announced that it has increased its guidance for 2023 financial performance and continues to expect significant growth following record 2022 results.
For the full year, Livent now projects revenue to be in the range of $1,025 million to $1,125 million and Adjusted EBITDA to be in the range of $530 million to $600 million. This represents growth of 32% and 54%, respectively, at the midpoints versus the prior year.
This guidance remains based on a projected 20% higher total volumes sold on an LCE basis versus 2022. Additionally, the company expects to achieve higher average realized pricing across its portfolio of lithium products, partially offset by higher anticipated costs.
Livent is a leading vertically integrated pure-play producer of low-cost lithium, selling to leading electric vehicle OEMs and battery manufacturers worldwide. The company operates 7 manufacturing and sourcing sites across 4 continents. The company’s primary products, namely battery-grade lithium hydroxide, lithium carbonate, butyllithium and high purity lithium metal are critical inputs used in various performance applications.
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