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Betting on the best battery stocks could yield superb gains thanks to rapid cost reductions and market adaptation. Between 2018 and 2022, China shored up on lithium to enhance its battery production capacity, leading to massive stockpiling.
Albemarle (ALB) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Albemarle Corporation NYSE: ALB is in the basic materials sector and is the 17th largest company in the U.S. chemical industry. The company is vastly underperforming its sector in 2024, down 40%.
Albemarle Corporation (NYSE:ALB ) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Meredith Bandy - VP, IR and Sustainability Jerry Kent Masters, Jr. - Chairman, President, and CEO Neal R. Sheorey - EVP and CFO Netha N.
While Albemarle (ALB) benefits from higher volumes, lower lithium market pricing weighed on its results in the second quarter.
Although the revenue and EPS for Albemarle (ALB) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Albemarle (ALB) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $7.33 per share a year ago.
Albemarle , the world's largest lithium producer, said on Wednesday it would slash costs for the second time this year and that everything but its dividend could be on the chopping block.
Albemarle will halt the expansion of the Kemerton manufacturing plant in Australia as lithium prices remain weak and it reviews its cost structure. The lithium mining giant said it swung to a second-quarter net loss of $1.96 a share.
Actions include immediate footprint changes to its Kemerton site in Australia, as well as a full review of cost and operating structure CHARLOTTE, N.C. , July 31, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced it has launched a comprehensive review of its cost and operating structure, as well as immediate asset actions at its Kemerton lithium processing site in Australia.