From Investor's Business Daily (also on blogroll at right) August 18:
Lithium giant Sociedad Quimica y Minera de Chile (SQM) reported massive growth in earnings, but came up shy of estimates, despite beating on revenue. SQM stock slipped in early Thursday stock market action, following the late night report.
There was plenty of good news about SQM's lithium operations. SQM said it's now on track to sell "at least 145,000 metric tons" of lithium carbonate this year, up from prior guidance of 140,000. The company also said it's close to reaching its prior year-end target of a 180,000-ton annual run rate.
"As we have seen in the past, a lot of new lithium supply outside of SQM has been delayed and slow to come online," the company said. As a result, SQM expects the supply/demand balance "will be tight for the remainder of 2022," continuing to support high lithium prices.
SQM EarningsSQM earned $3.01 per share, up 871% from a year ago, but shy of $3.12 estimates. Revenue leapt 342% to $2.599 billion, easily beating estimates of $2.28 billion.
So what accounted for the earnings miss? SQM did note higher energy costs and overall inflation....
....MUCH MORE, IBD is so good at what they do.
The stock is changing hands at $95.53 down $8.89 (-8.51%)
