Albemarle quarterly profit jumps nearly fivefold on rising lithium demand

Brine pools from a Albemarle’s lithium mine. (File image)

Albemarle Corp (NYSE: ALB) the world’s largest lithium producer, posted a nearly five-fold jump in quarterly income on Wednesday due largely to rising sales of the white metal for electric vehicle batteries.

The company posted second-quarter net income of $424.6 million, or $3.62 per share, compared to $85.6 million, or 80 cents per share, in the year-ago quarter.

(By Ernest Scheyder; Editing by Chris Reese)

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