Livent Corp cut its full-year profit and revenue forecasts on Tuesday due to low...
- Livent Corp cut its full-year profit and revenue forecasts on Tuesday due to lower demand for lithium hydroxide from some of its main customers and weaker prices, sending its shares down as much as 16 percent in extended trading.
The company now expects 2019 adjusted earnings of 56 cents to 66 cents per share, compared with 92 cents to 98 cents per share it had estimated in February. “We are seeing weaker near-term demand for our high-performance lithium hydroxide, as several major customers have informed us about recent decisions to delay their own commercial launches of high-nickel cathode chemistries,” Chief Executive Officer Paul Graves said.However, the company said it expects the outlook for electric vehicles and demand for lithium to remain positive, as more companies plan to launch new electric vehicles.
It reported a profit of 12 cents per share for the three month to March 31, in-line with the average analyst estimate, according to IBES data from Refinitiv.
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