Livent Corporation LTHM shares are trading lower in Tuesday's after-hours session following the release of the company's third-quarter earnings and lowered 2023 revenue guidance. Here's a look at what's moving the stock.
What To Know: Livent reported quarterly earnings of 44 cents per share, which were below the analyst consensus estimate of 46 cents, and a 7.32% increase over earnings of 41 cents per share from the same period last year.
The company reported quarterly sales of $211.40 million, which missed the analyst consensus estimate of $268.29 million, an 8.72% decrease over sales of $231.60 million from last year.
Despite the top and bottom line misses, the company reported higher EBITDA compared to the prior year.
Livent lowered 2023 revenue estimates from the $1.025 billion and $1.125 billion range to $890 million and $940 million range versus the $1.06 billion estimate.
"We are working closely with our customers to meet their growing lithium demand needs as we prepare to meaningfully increase production volumes from our capacity expansions beginning in 2024," said Paul Graves, president and CEO of Livent.
"Additionally, we remain on track to close our transformational merger with Allkem by around the end of this year and look forward to combining our teams, assets and collective strengths to create a leading integrated global lithium company."
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LTHM Price Action: Shares of LTHM were down 4.39% at $13.95 in the after-hours session at the time of publication, according to Benzinga Pro.
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