With lithium prices starting to stabilize, keep an eye on Albemarle (ALB).
Sure, it just missed its first quarter profit estimate with its latest earnings. But that’s to be expected when lithium prices plummet about 80%.
For the quarter, revenues were down 47% year over year at $1.36 billion from the $2.58 billion posted a year earlier. Adjusted EBITDA of $291.2 million was also well below the $1.76 billion posted last year. Its adjusted profit of 26 cents was also below expectations for 27 cents.
As noted by Barron’s, “Lithium prices show signs of stabilizing. If that holds, Albemarle’s battered stock could soon get a nice lift.”