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Why Livent Stock Sank 8% on Wednesday

TheMotleyFool

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Why Livent Stock Sank 8% on WednesdayPhoto, wide shot, wide-angle lens, Gold mine, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/94faf2bd-99c1-4ea6-b55d-fdcab23c3865.png

Shares of lithium mining company Livent (NYSE: LTHM) tumbled 8% through 10:45 a.m. ET on Wednesday after it reported a mixed quarter in which earnings edged out consensus estimates but sales fell well short of expectations.

Heading into Q3 earnings, analysts had forecast Livent would earn $0.40 per share on sales of just under $252 million. In fact, Livent earned $0.41 per share, but its sales missed targets by more than $20 million, coming in at just $231.6 million.

What's more, Livent reported a profit of only $0.37 per share when calculated according to generally accepted accounting principles (GAAP) -- which is below the pro forma $0.41 per share that analysts will focus on.

Source Fool.com

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