Albemarle Earnings Rocket 753% on Robust Lithium Demand for EV Batteries
Lithium giant Albemarle (NYSE: ALB) released powerful fourth-quarter 2022 results after the market close on Wednesday, Feb. 15. Its growth driver continued to be its lithium business, which benefited from increased sales volumes and much higher prices relative to a year ago, thanks to robust demand for the metal to make lithium-ion batteries for electric vehicles (EVs).
The headline results didn't come as much of a surprise because the company released preliminary results in the form of relatively tight ranges at its investor event on Jan. 24. The same is true of 2023 guidance.
Albemarle's stock gained 7.2% in the three-day period following the release of the preliminary results. The market's positive reaction was attributable to fourth-quarter earnings coming in higher than Wall Street had been expecting, as well as management's rosy outlook for its business in 2023 and beyond.
Source Fool.com
