Livent lowers FY23 revenue view to $890M-$940M from $1.025B-$1.125B

Consensus is for FY23 revenue $1.06B. Livent has revised its guidance for FY23 financial performance and still expects significant year-over-year growth following record 2022 results. Sees FY23 Adjusted EBITDA $500M-$530M. This represents growth of 40%, at the midpoint versus the prior year. Compared to prior guidance the majority of the reduction is driven by lower volumes sold in 2023, which are now expected to be roughly flat versus 2022, due to expansion start-up delay. With minimal change in volumes, the company expects significantly higher year-over-year average realized pricing per LCE and lower overall costs to drive significantly improved performance versus 2022.