Lithium producer Livent Corp posted an adjusted quarterly profit on Monday that exceeded expectations on rising sales of the ultralight battery metal, with governments and automakers across the globe launching aggressive plans to make electric vehicles (EVs) mainstream.
In a sign of bullishness on continued rising demand, Philadelphia-based Livent said it would resume expansions in the United States and Argentina that had been paused last year because of the covid-19 pandemic.
Livent posted a first-quarter net loss of $800,000, or a penny per share, compared to a net loss of $1.9 million, or a penny per share, in the year-ago period.
Excluding one-time items, Livent earned 2 cents per share. By that measure, analysts expected earnings of a penny per share, according to IBES data from Refinitiv.
The company said it now expects its 2021 revenue to be at the high end of its previous guidance of $335 million to $365 million.
“We are becoming increasingly confident in the trajectory of lithium demand growth over the coming years,” Chief Executive Paul Graves said in a statement.
Shares of the company rose about 0.7 percent in after-hours trading to $17.85.
Livent executives plan to hold a conference call with investors and analysts to discuss the quarterly results on Monday afternoon.
(By Ernest Scheyder; Editing by Leslie Adler and Will Dunham)