Shares of Livent Corporation (NYSE: LTHM) were on an upward trajectory in pre-market trading at the time of publishing on Wednesday after the producer of high-quality finished lithium compounds announced Q1 adjusted earnings of $0.60 per diluted share versus $0.21 in the same period last year and beating analysts’ expectations of $0.45 per diluted share.
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Livent’s revenues in the first quarter surged by 77% year-over-year to $253.5 million and above consensus estimates of $252.50 million.
Considering the upbeat Q1 results, the company also raised its FY23 outlook and now projects revenue to be in the range of $1.025 billion to $1.125 billion and adjusted EBITDA to be between $530 million and $600 million. “This represents growth of 32% and 54%, respectively, at the midpoints versus the prior year. “
Analysts remain sidelined about LTHM stock with a Hold consensus rating based on two Buys and six Holds.