Livent Rallies On Upbeat Earnings, Increased Revenue Outlook Above View

(RTTNews) - Shares of lithium technology company Livent Corporation (LTHM) are rising more than 19% Wednesday morning after reporting better-than-expected earnings in the first quarter. The company also raised its full-year revenue outlook above analysts' view.

Livent sees full-year revenue to be in the range of $755 million - $835 million, up from prior outlook of $540 million- $600 million driven by higher expected realized prices across all lithium products. The consensus estimate stands at $575.58 million.

The company reported net income of $53.2 million or $0.28 per share in the first quarter compared with net loss of $0.8 million or $0.01 per share in the same quarter a year ago, helped by strong demand as well as higher lithium prices.

Excluding one-time items, earnings were were $0.21 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.14 per share.

Revenue was $143.5 million, up 56% compared to the prior year.

LTHM, currently at $26.28, has been trading in the range of $16.32-$33.04 in the past 52 weeks.