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Lithium producer Livent misses Q3 views

Shares of Livent Corp. fell nearly 8% in the extended session Tuesday after the lithium producer missed third-quarter GAAP earnings and sales expectations and called for lower full-year profit and revenue. Livent said it earned $18 million, or 12 cents a share, in the quarter, compared with $30 million, or 24 cents a share, in the year-ago quarter. Revenue fell to $97.7 million from $112 million a year ago. Analysts polled by FactSet had expected Livent to earn 14 cents a share on sales of $112.6 million. For the full-year 2019, Livent expects revenue to be in the range of $400 million to $410 million and adjusted per-share earnings in a range between 44 cents and 47 cents. The analysts surveyed by FactSet expect EPS of 58 cents on sales of $453 million for the year. In the same press release, Livent said it has signed a memorandum of understanding for a multi-year supply agreement with LG Electronics Inc. for lithium hydroxide starting in 2020.

2020-01-07 21:47:45

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