Shares of Livent (NYSE: LTHM) gained 10.2% in Tuesday's after-hours trading, following the pure-play lithium producer's release of a powerful first-quarter report. Investors' delight is attributable to Livent speeding by Wall Street's revenue and earnings expectations, and management increasing its 2023 guidance for both the top line and a key profitability metric.

The Philadelphia-based company has been benefiting from surging demand for its lithium compounds that can be used to make lithium-ion batteries for electric vehicles (EVs).

Data source: Livent. GAAP = generally accepted accounting principles. 

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Source Fool.com