SQM Stock Pops as Earnings Surge on Soaring Lithium Demand
Sociedad Quimica y Minera de Chile (NYSE: SQM), or SQM, stock jumped 5.6% on Thursday, May 19, following the lithium giant's release of powerful first-quarter 2022 results on Wednesday after the market close. The Chile-based specialty-chemicals company's results were driven by its lithium business, which benefited from booming demand and prices relative to the year-ago period. Demand for the metal has been robust because it's used in the lithium-ion batteries that power electric vehicles (EVs).
In 2022, SQM stock has returned 81% through Thursday. That performance leaves the broader market in the dust, as the S&P 500 index's return is underwater by nearly 18% so far this year. For additional context, shares of major lithium producers Albemarle and Livent have returned 2.5% and 18%, respectively, in 2022. (Click to read my Livent Q1 earnings article.)
Now let's dive into SQM's first-quarter numbers.
Source Fool.com
