Latest news with #Albemarle
Reuters
11 hours ago
- Business
- Reuters
Albemarle posts surprise second-quarter profit on lithium demand; shares surge
July 30 (Reuters) - Albemarle (ALB.N), opens new tab, the world's largest producer of lithium for rechargeable batteries, posted a surprise second-quarter profit on Wednesday, helped by sustained demand for the metal sending its shares up over 7% after the bell. Lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. Albemarle said its net sales came in at $1.33 billion during the April-June period, 7% lower than last year but still above analysts' expectations of $1.22 billion, according to data compiled by LSEG. The company said its revenue fell year-over-year as a result of lower pricing, which was offset by volume growth in its energy storage and specialties business segments. Lithium prices have fallen more than 90% in the past two years due in part to oversupply in China, fueling layoffs, corporate buyouts and project delays across the globe. To weather the pricing glut, Albemarle has taken measures such as job cuts and cancelling expansion projects - including a key U.S. lithium refinery. Earlier this year, Albemarle launched a "comprehensive review of its cost and operating structure," which is expected to be completed by October. The lithium producer on Wednesday lowered its capital expenditure plan for 2025 to be in the range of $650 million to $750 million, compared with its prior view of $700 million to $800 million. The firm added its cash from operations rose to $538 million during the first half of the year and now expects to achieve positive free cash flow for the full year. The Charlotte, North Carolina-based company reported quarterly adjusted profit of 11 cents per share, compared with analysts' expectations of a loss of 82 cents per share.
Yahoo
12 hours ago
- Business
- Yahoo
Albemarle posts surprise second-quarter profit
(Reuters) -Albemarle, the world's largest producer of lithium for rechargeable batteries, posted a surprise second-quarter profit on Wednesday, helped by rising demand for the metal. Shares of the company rose 5.6% after the bell. Lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. However, prices have fallen more than 90% in the past two years due in part to oversupply in China, fueling layoffs, corporate buyouts and project delays across the globe. The Charlotte, North Carolina-based company reported an adjusted profit of 11 cents per share, compared with analysts' expectations of 82 cents loss per share, according to data compiled by LSEG.
Reuters
12 hours ago
- Business
- Reuters
Albemarle posts surprise second-quarter profit
July 30 (Reuters) - Albemarle (ALB.N), opens new tab, the world's largest producer of lithium for rechargeable batteries, posted a surprise second-quarter profit on Wednesday, helped by rising demand for the metal. Shares of the company rose 5.6% after the bell. Lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. However, prices have fallen more than 90% in the past two years due in part to oversupply in China, fueling layoffs, corporate buyouts and project delays across the globe. The Charlotte, North Carolina-based company reported an adjusted profit of 11 cents per share, compared with analysts' expectations of 82 cents loss per share, according to data compiled by LSEG.
Yahoo
12 hours ago
- Business
- Yahoo
Albemarle posts surprise second-quarter profit
(Reuters) -Albemarle, the world's largest producer of lithium for rechargeable batteries, posted a surprise second-quarter profit on Wednesday, helped by rising demand for the metal. Shares of the company rose 5.6% after the bell. Lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. However, prices have fallen more than 90% in the past two years due in part to oversupply in China, fueling layoffs, corporate buyouts and project delays across the globe. The Charlotte, North Carolina-based company reported an adjusted profit of 11 cents per share, compared with analysts' expectations of 82 cents loss per share, according to data compiled by LSEG. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
S&P 500 Gains & Losses Today: Supermicro, Nike Shares Rise; Albemarle Stock Falls
Key Takeaways The S&P 500 was little changed on Monday, July 28, 2025, as investors absorbed the U.S.-EU trade deal and braced for this week's earnings, economic, and Fed news. Shares of Super Micro Computer surged more than 10%, notching the S&P 500's top daily performance. Nike's stock also rose. Albemarle, the world's largest lithium producer, suffered the heaviest decline of any S&P 500 stock, dropping nearly 11%.Major U.S. equities indexes finished Monday mixed following the weekend announcement of a trade agreement with the European Union. The new trading week promises plenty of economic and financial news, including the Federal Reserve's interest-rate announcement, the latest jobs and inflation data, and a flood of earnings reports from major companies in the tech sector and beyond. The S&P 500 eked out a gain of less than 0.1%, while the Nasdaq Composite added 0.3%. Both indexes were at record highs. The Dow slipped 0.1%. Read Investopedia's full coverage of today's trading here. Shares of server maker Super Micro Computer (SMCI) surged more than 10%, notching the S&P 500's top daily performance. Supermicro is set to release its quarterly results on Aug. 5. Monday's push higher for the stock followed reports that President Donald Trump has loosened restrictions on technological exports to China in a move to bolster trade negotiations with the country. Shares of chipmaker Advanced Micro Devices (AMD) gained 4.3%. According to reports, AMD raised pricing on its Instinct MI350 AI chip, suggesting the company is confident in the capacity of its high-end product to compete with offerings from rival Nvidia (NVDA). UBS analysts boosted their price target on AMD stock, pointing to improving expectations for the semiconductor maker's upcoming earnings report, slated for Aug. 5. Nike (NKE) shares treaded 3.9% higher Monday after JPMorgan upgraded the footwear and apparel maker's stock to "overweight" from "neutral." Analysts highlighted Nike's progress on its multiyear recovery plan, which includes inventory alignment and new performance products, with particular opportunities surrounding next year's soccer World Cup in the U.S. Shares of Albemarle (ALB), the world's largest lithium producer, suffered the heaviest decline of any S&P 500 stock, dropping nearly 11%. With the move lower on Monday, Albemarle stock gave back the gains posted over the past week and a half after reports that a large lithium miner in China had suspended operations, helping alleviate concerns about oversupply in the market for the key battery component. Albemarle and other producers have been working to cut costs as they navigate a prolonged slump in lithium prices. Revvity (RVTY) shares fell 8.3% following the medical device maker's quarterly earnings release. Although second-quarter revenue and adjusted earnings per share topped consensus estimates, the maker of instruments and reagents for drug discovery and other healthcare research lowered its full-year profit outlook, citing expected softness in its immunodiagnostics business in China. Cantor Fitzgerald downgraded Centene (CNC) stock to "neutral" from "overweight," and shares of the health insurer slipped 5.4%. Analysts pointed to headwinds related to Centene's business in the healthcare exchange and Medicaid markets. At the beginning of July, Centene withdrew its full-year guidance, citing cost and enrollment pressure. Read the original article on Investopedia
