SQM - SQM slips after Q3 miss but sees lithium demand growth hitting 50% this year
Sociedad Química y Minera de Chile (SQM -1.4%) trades lower after reporting a sharp rise in Q3 earnings that nevertheless missed analyst expectations. Q3 net income skyrocketed to $106.1M from just $1.7M in the prior-year period, while revenues surged 46% Y/Y to $661M, driven by much higher sales volumes in the lithium, iodine, specialty plant nutrition and potassium business lines, as well as higher prices. SQM says it remains on target to increase annual lithium carbonate and lithium hydroxide production capacity to 180K and 30K metric tons, respectively, in 2022. CEO Ricardo Ramos says sales volumes this year could get close to 100K metric tons, higher than previously expected, boosted by lithium market demand growth that will reach 50% compared to 2020, driven by electric vehicle sales growth. The company says market growth is putting pressure on prices, and it now forecasts average prices will rise 50% in Q4 compared to
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SQM slips after Q3 miss but sees lithium demand growth hitting 50% this year