Albemarle Stock Drops as Lithium Miner’s Earnings Miss Amid EV Demand Drop-Off

📆 02/11/2023 14:58:00
📰 MarketWatch

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The lithium miner reported third-quarter earnings per share of $2.74 from sales of $2.3 billion. Wall Street was looking for $3.77 and $2.5 billion,...

The electric vehicle industry isn’t growing as fast as it was and there is “no one immune from this downcycle,” wrote Evercore ISI analyst Stephen Richardson.

Spodumene is an ore used to make lithium products. Albemarle had higher price inventories on its books that it processed in the third quarter. The business environment and miss have Albemarle’s shares down. The stock fell 4.5% in early trading, while S&P 500 and Dow Jones Industrial Average futures were up 0.5% and 0.3%, respectively.

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