Albemarle (ALB) Stock Rises 4% After Q2 Earnings Beat Estimates
TLDR
- Albemarle reported Q2 EPS of $3.75 on sales of $1.7 billion, beating estimates of $3.20 EPS and $1.6 billion in revenue.
- Lithium prices hit $21,000 per metric ton, up roughly 90% year-over-year from $11,000.
- Energy Storage segment adjusted EBITDA surged 155% to $858 million, driven by a 60.5% jump in realized lithium pricing.
- ALB stock was up around 3.5% in pre-market trading, reaching approximately $123.
- Mizuho kept a Neutral rating on ALB but cut its price target to $160 from $185.
Albemarle stock climbed about 3.5% in pre-market trading on Thursday, reaching around $123, after the lithium producer posted a strong second-quarter earnings beat.
The company reported Q2 earnings per share of $3.75 on sales of $1.7 billion. Wall Street had expected $3.20 EPS and roughly $1.6 billion in revenue.
That compares to just 11 cents EPS and $1.3 billion in sales during the same quarter a year ago. The year-over-year jump comes out to roughly 3,300%.
$ALB (Albemarle) #earnings are out: pic.twitter.com/DfTex8duT6
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