Is Top Lithium Stock Albemarle a Buy After Reiterating Its Highly Profitable Outlook?
Shares of top lithium producer Albemarle (NYSE: ALB) are up 19 % over the last one-year stretch, obliterating the 14% decline in the S&P 500 index. Why? Thank the electric vehicle (EV) market, which has an insatiable appetite for lithium right now. Albemarle is rapidly scaling up its operations to try and feed the beast.
The company recently reiterated its outlook for sales and profitability in spite of signs the global economy is tapping the brakes. After its big run-up this year, is Albemarle stock a buy?
Albemarle's Q3 financials were impressive. Revenue jumped 152% from last year to $2.1 billion. Net income was $897 million, compared to a net loss of $393 million the same time in 2021. Adjusted EBITDA (used in assessing the company's operating performance) was up an astounding 447% to $1.19 billion as Albemarle scales up its mining output as a lithium industry leader.
Source Fool.com
