Albemarle quarterly profit jumps onrising lithium demand
(Reuters) -Albemarle Corp, the world’s largest lithium producer, posted a higher-than-expected quarterly profit on Wednesday
due largely to rising sales of the white metal used for electric vehicle batteries.
The company reported second-quarter net income of $424.6 million, or $3.62 per share, compared to $85.6 million, or 80 cents per share, a year ago.
Albemarle sold its Fine Chemistry Services division to W.R. Grace & Co in June for $570 million, which boosted quarterly results.
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