On October 31, 2023, Livent Corp (LTHM, Financial) released its third quarter 2023 earnings report. The company reported a revenue of $211.4 million, a decrease of 10% from the second quarter of 2023 and 9% from the third quarter of 2022. Despite the lower revenues, the company's adjusted EBITDA increased by 8% from the prior year's quarter to $119.7 million.
Financial Highlights
The company's GAAP net income was $87.4 million, or 42 cents per diluted share, compared to $90.2 million in the previous quarter and $77.6 million in the prior year’s quarter. The volumes sold were roughly flat and lower average realized prices were partially offset by lower overall costs versus the second quarter of 2023 and the third quarter of 2022.
Merger with Allkem and Capacity Expansions
Livent Corp (LTHM, Financial) is on track to close its merger with Allkem by the end of 2023. The company is also making progress on its capacity expansions, with the first commercial volumes expected in the first quarter of 2024.
Nemaska Lithium Project Feasibility Study
The company released a feasibility study for the Nemaska Lithium project in the third quarter. The study supports the viability and appeal of the project due to its scale, strong relative cost position, strategic location in North America, and favorable sustainability profile.
2023 Guidance and Outlook
Livent Corp (LTHM, Financial) revised its guidance for full year 2023 financial performance and still expects significant year-over-year growth following record 2022 results. The company projects full year 2023 revenue to be in the range of $890 million to $940 million and Adjusted EBITDA to be in the range of $500 million to $530 million.
Financial Tables Summary
The financial tables provided in the earnings report detail the company's performance over the third quarter and the first nine months of 2023. The tables include a reconciliation of non-GAAP financial measures, including a breakdown of net income to adjusted EBITDA and adjusted after-tax earnings. The tables also provide a detailed view of the company's revenues, costs of sales, gross margin, and other financial metrics.
Company Overview
Livent Corp (LTHM, Financial) is a leading global lithium company with a broad product portfolio, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations. The company operates manufacturing sites in the United States, England, China, and Argentina.
Explore the complete 8-K earnings release (here) from Livent Corp for further details.
