Lithium Stock Livent Pops 9% on Earnings Beat and Guidance Raise
Livent (NYSE: LTHM) surged 8.6% on Friday following the lithium producer's release after the market close on Thursday of a strong second-quarter 2021 earnings report.
The largest U.S.-based lithium pure play, based in Philadelphia, easily beat the Wall Street consensus estimates for revenue and earnings. But what probably most electrified investors was management's raising of full-year 2021 guidance for revenue and a key profitability metric.
Through Aug. 6, Livent stock has gained 222% over the one-year period, compared with the S&P 500's 34.5% return. Most lithium mining stocks have performed well over the past year, largely thanks to investor optimism stemming from the Biden administration's support of electric vehicles -- lithium is a key component in the lithium-ion batteries that power EVs -- and improving conditions for end markets of lithium. Many customers delayed their purchases of lithium during the early stages of the COVID-19 pandemic because of supply-chain disruptions.
Source Fool.com
