News Formal

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

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CVS Earnings Top Estimates but Stock Drops as Outlook Is Slashed AgainCVS revises lower its guidance range for diluted GAAP earnings per share for the third straight quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »