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(Kitco News) - On Thursday, lithium producer Livent (NYSE: LTHM) announced that its Q2 2023 revenue was $235.8 million, 7% lower than the first quarter of 2023 and 8% higher than the second quarter of 2022.
The company said that its reported GAAP net income was $90.2 million or 43 cents per diluted share in Q2 2023, compared to $114.8 million in the previous quarter and $60.0 million in the prior year's quarter.
Adjusted EBITDA was $134.5 million in Q2 2023, 15% lower than the previous quarter but 42% higher than the prior year's quarter, and adjusted earnings per diluted share were 51 cents.
“We continued to see healthy demand from our customers which helped to support strong financial results in the second quarter,” Livent said in a press release.
“As anticipated, we experienced the lagged impact of lower market prices in certain lithium products and end markets, as well as higher operating costs during the quarter," said president and CEO Paul Graves. "We expect 2023 second half financial performance to be broadly similar to the first half of the year, supported by pricing visibility from our existing customer contracts and incremental volume available for sale in the second half of the year."
Importantly, Livent has reaffirmed its guidance for 2023 financial performance and continues to expect significant growth following record 2022 results.
For the full year, Livent 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 is based on higher total volumes sold versus 2022 and higher average realized pricing across our portfolio of lithium products, partially offset by higher costs,” the company added.
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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