Investors may want to keep an eye on Sociedad Quimica Y Minera (SQM), a lithium miner that just blew earnings out of the water.
The company just produced revenue of $2.96 billion in the third quarter of 2022, which was up 347% year over year. Net income of $1.10 billion was up 937% year over year. EPS of $3.85 was up 941% year over year.
Better, according to CEO Ricardo Ramos, “We continue to see strong signals regarding the future demand growth of lithium. This year we believe demand growth will be over 40% when compared to last year and for this reason, we continue to invest in new projects. In September, we announced the purchase and development of a new plant in China, that will let us produce up to 30,000 metric tons of lithium hydroxide in China, from lithium sulfate coming from Chile.”
Even better, the SQM stock just caught double bottom support. From a current price of $98.81, we’d like to see it test $115 again near-term.