It didn't take long once August began for shares of lithium producer Livent (NYSE: LTHM) to start heating up. While the stock rose 10% in July, it soared 29% higher in August, according to data from S&P Global Market Intelligence.

In addition to a strong second-quarter earnings report and an upwardly revised 2022 forecast, news regarding the Inflation Reduction Act contributed to the stock's gain last month.

Setting quarterly records for revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), Livent reported $219 million on the top line and $95 million in adjusted EBITDA. To put in perspective the significance of the company's new high-water marks, consider that the company reported sales and adjusted EBITDA of $102 million and $16 million, respectively, during the same period last year.

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Source Fool.com