Albemarle’s quarterly profit drops 45% as lithium sales slow

Albemarle, the world’s largest producer of lithium for electric vehicle batteries, posted a 45% drop in second-quarter profit on Wednesday as sales dropped across all its divisions.

The company posted net income of $85.6 million, or 80 cents per share, compared to $154.2 million, or $1.45 per share, in the year-ago quarter.

(By Ernest Scheyder; Editing by Sandra Maler)