Albemarle Earnings Reflect Continued Strong Lithium Demand and Prices

Last week, lithium giant Albemarle (NYSE: ALB) released second-quarter 2022 earnings that exceeded Wall Street's consensus estimate. But the even better news for investors was that management significantly raised its full-year guidance for a handful of key metrics for the third time in just three months.

The U.S.-based specialty chemicals company's earnings growth was driven by its lithium business, though its bromine business also contributed. The lithium segment continues to benefit from the rapid growth of the electric vehicle (EV) market. Lithium is needed to produce the lithium-ion batteries that power EVs.

Albemarle stock is holding up well in this tough market. In 2022 through Aug. 5, it's eked out a return of 2.2%, while the S&P 500's return is 13% in the red. And over the last three years, shares have returned 279%, compared with the broader market's return of 45.6%.

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Source Fool.com