SQM - SQM surges to all-time high after stellar Q1 earnings report

SQM (NYSE:SQM) +4.8% in early Thursday's trading after posting a nearly 12x jump in Q1 net income as revenues quadrupled from a year earlier to $2B, boosted by higher lithium prices. Q1 net income surged to $796.1M from $68M a year ago, well ahead of $466.8M expected in an analyst consensus compiled by Bloomberg, with adjusted EBITDA margin rising to 58.7%; gross margin of the lithium segment and its derivatives represented ~75% of consolidated gross margin for the period. The jump came as lithium sales volume surged 59% and prices spiked by nearly 7x, thanks to the global push towards electrification of vehicles. CEO Ricardo Ramos said previously that the company hoped to hit production capacity of 180K metric tons of lithium in 2022, and SQM (SQM) said in its report that this year's sales volume should surpass 140K tons, according to Reuters. SQM's (SQM) price return shows an 87% Y/Y

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SQM surges to all-time high after stellar Q1 earnings report