Livent Company LTHM shares are buying and selling decrease in Tuesday’s after-hours session following the discharge of the corporate’s third-quarter earnings and lowered 2023 income steering. Here is a have a look at what’s shifting the inventory.
What To Know: Livent reported quarterly earnings of 44 cents per share, which have been beneath the analyst consensus estimate of 46 cents, and a 7.32% enhance over earnings of 41 cents per share from the identical interval final yr.
The corporate reported quarterly gross sales of $211.40 million, which missed the analyst consensus estimate of $268.29 million, an 8.72% lower over gross sales of $231.60 million from final yr.
Regardless of the highest and backside line misses, the corporate reported greater EBITDA in comparison with the prior yr.
Livent lowered 2023 income estimates from the $1.025 billion and $1.125 billion vary to $890 million and $940 million vary versus the $1.06 billion estimate.
“We’re working carefully with our clients to satisfy their rising lithium demand wants as we put together to meaningfully enhance manufacturing volumes from our capability expansions starting in 2024,” mentioned Paul Graves, president and CEO of Livent.
“Moreover, we stay on monitor to shut our transformational merger with Allkem by across the finish of this yr and sit up for combining our groups, belongings and collective strengths to create a number one built-in world lithium firm.”
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LTHM Worth Motion: Shares of LTHM have been down 4.39% at $13.95 within the after-hours session on the time of publication, based on Benzinga Professional.
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