Livent Shares Are Rising Wednesday: What's Going On?

Livent Corp LTHM shares are trading higher Wednesday after the company reported better-than-expected financial results and raised its full-year 2023 guidance.

• Q1 Revenue: $253.5 million beat estimates of $233.48 million
• Q1 EPS: 60 cents beat estimates of 39 cents

"Livent achieved record revenue and profitability in the first quarter driven by higher realized lithium pricing and strong demand from our customers," said Paul Graves, president and CEO of Livent. 

"We continue to expect strong financial performance in 2023 supported by pricing visibility from existing customer contracts."

Livent highlighted an extension of its existing supply agreement with BMW Group. The contract will now run through the end of 2028.

Nemaska Lithium also appointed the company to engage in sales and marketing efforts on its behalf. Livent anticipates Nemaska to enter into its first customer agreements this year.

Outlook: Livent raised its 2023 revenue guidance from a range of $1 billion to $1.1 billion to a range of $1.025 billion to $1.125 billion versus estimates of $1.07 billion. The company also raised its adjusted EBITDA guidance from $510 million to $580 million to $530 million to $600 million. 

See Also: Nasdaq, S&P 500 Futures Tick Up Ahead Of Fed Decision Today: JPMorgan Analysts See 1% Rally On Most Probable Outcome

LTHM Price Action: Livent has a 52-week high of $36.37 and a 52-week low of $18.26.

The stock was up 9.75% at $23.07 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Livent.