Lithium Giant Albemarle Raises 2022 Guidance... Again!
Albemarle (NYSE: ALB) stock rose 2.7% on Monday after the market close, following the U.S.-based lithium giant raising its full-year 2022 guidance for revenue, adjusted earnings per share and another key profitability metric, and cash from operations.
The specialty chemical company, which is also a leading producer of bromine and catalysts, cited "the completion of additional lithium contract renegotiations following [its] Q1 2022 earnings release on May 4," as the primary reason for this latest guidance increase.
Lithium prices have been soaring largely due to surging demand for the silvery-white metal to produce the lithium-ion batteries that power electric vehicles, which are growing in popularity. So, Albemarle and other lithium producers have strong pricing power, which gives them the upper hand in contract negotiations and renegotiations with customers.
Source Fool.com
