Livent stock drops after miner lowers outlook for the year

Shares of Livent Corp. (LTHM) dropped more than 4% in the extended session Tuesday after the lithium-ore miner missed Wall Street expectations for its third quarter and lowered its guidance for the year. Livent earned $87.4 million, or 42 cents a share, in the quarter, compared with $77.6 million, or 37 cents a share, in the year-ago quarter. Adjusted for one-time items, Livent earned 44 cents a share. Volumes sold were roughly flat and average realized prices were lower, in part offset by lower overall costs, the company said. Revenue dropped 9% to $211.4 million. Analysts polled by FactSet expected Livent to report adjusted earnings of 48 cents a share on sales of $264 million. The miner called for 2023 revenue between $890 million and $940 million, compared with a previous estimate of between $1.025 billion and $1.125 billion. Livent is "working closely" with customers to meet lithium demand as it prepares "to meaningfully increase production volumes from our capacity expansions beginning in 2024," Chief Executive Paul Graves said in a statement.

-Claudia Assis

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10-31-23 1632ET

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