Albemarle Posts Q1 Profit

(RTTNews) - Lithium producer Albemarle Corp. (ALB) on Wednesday posted a first-quarter profit, driven by stronger lithium pricing, higher sales volumes and improved performance in its Energy Storage segment.

Net income attributable to Albemarle surged to $277.40 million, or $2.34 per share, from a loss of $340 thousand, or break-even per share, in the year-ago quarter.

Adjusted income attributable to common shareholders was $2.95 per share, compared with an adjusted loss of $0.18 per share last year.

Net sales increased 33% to $1.43 billion from $1.08 billion a year earlier, primarily reflecting higher pricing and volumes in the Energy Storage and Specialties businesses.

Energy Storage revenue surged 70% to $891.17 million, while specialties revenue increased 12% to $358.41 million.