Shares in lithium producer Livent become more attractive after report
Shares in lithium producer L...
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Shares in lithium producer Livent become more attractive after report

9 August 2021
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Shares in lithium producer Livent become more attractive after report

Livent's shares after report

Livent (LTHM) shares rose 8.6% on Friday after the lithium producer raised its full-year earnings and revenue guidance. Livent is expanding its production capacity in the U.S. and Argentina in anticipation of higher prices and demand.

Livent (LTHM), the international lithium products maker, last week reported its results for the second quarter of 2021, followed by an 8.6% rise in shares on Friday.

Livent has a market capitalisation of around $3.25bn, with shares up 222% over the past year amid a massive shift by global carmakers to electric vehicles.

A strong upward trend has also been seen in the shares of Livent's competitors smaller Piedmont Lithium (PLL) and larger Sociedad Quimica y Minera de Chile SA (SQM) and Albemarle (ALB).

Livent produces lithium and lightweight but strong alloys for use in industries ranging from sports shoes and portable devices to batteries in electric cars and aircraft manufacturing.

Livent report

The company reported revenue and profit growth for the second consecutive quarter, driven by higher supply volumes and higher lithium prices.

Earnings per share for Livent in the second quarter were $0.03, up from a loss a year ago.

Revenues rose to $102.2 million, up 11% from the first quarter of 2021 and 57% higher than the previous year.

A major development during the reporting quarter was the successful issue of additional Livent shares in June. The $262 million raised from the sale of these shares will be used to expand lithium production capacity in the US and Argentina.

The company said in a press release that these plans will be "assisted by the execution of long-term supply agreements, improved market conditions and the continued support of local authorities".

Livent increased its revenue and earnings before taxes (EBITDA) guidance for 2021 "as market conditions and the company's financial performance continue to improve".
 

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