SQM - SQM pops after easily beating Q4 earnings revenues expectations

Sociedad Quimica y Minera de Chile (SQM +7.4%) jumps at the open after reporting better than expected Q4 earnings and revenues, as it topped its target to sell ~100K metric tons of lithium in 2021. SQM's Q4 net profit surged by nearly 5x to $321.6M from $67M in the year-ago quarter and beating the $266.4M analyst consensus estimate of $266.4M, and Q4 revenues doubled to $1.08B from $513.8M, also above consensus. The company said global lithium demand grew ~55% during 2021 from 2020, driven mostly by new demand for electric vehicles. SQM said its board has approved an additional lithium capacity plan in Chile, which will reach 210M metric tons of lithium carbonate and 40K metric tons of lithium hydroxide, which should be ready next year with a total capex of $250M. "Given the existing shortage of potash and potassium-based fertilizers, we saw a significant increase of global potassium prices. This

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SQM pops after easily beating Q4 earnings, revenues expectations