Albemarle Corporation (NYSE:ALB) after Wednesday’s close announced third-quarter 2023 adjusted earnings per share (EPS) of $2.74, falling short of the analyst consensus forecast of $3.99, according to data from LSEG.
Its revenue for the period, meanwhile, rose 10% year over year to $2.3 billion, but also missed expectations by $220 million.
The world's largest producer of lithium also reduced its full-year 2023 net sales guidance to a range of $9.5 billion to $9.8 billion, from $10.4 billion to $11.5 billion expected previously, as lithium prices have dropped more than 60% this year.
"In the third quarter, we formed new strategic partnerships and streamlined our existing MARBL joint venture to better position Albemarle for long-term growth," Albemarle CEO Kent Masters said in a statement.
"Our investments across the globe continue to progress, with the Meishan project ahead of schedule for completion in early 2024," he added.
The company also stated that it now expects the volume of lithium it sells this year to increase at least 30% from last year's levels, but for prices to rise only 15%.
Albemarle, which supplies Tesla and other automakers, sells most of its lithium on long-term contracts linked to market pricing, Reuters reported.
Shares of Albemarle slipped 3% to $119.32 in early trading on Thursday and have fallen 44% year to date.
Contact Sean at sean@proactiveinvestors.com