Livent Corporation (LTHM) Misses Q1 EPS by 2c, Revenues Miss

Livent Corporation (NYSE: LTHM) reported Q1 EPS of $0.02, $0.02 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $68.5 million versus the consensus estimate of $90.43 million.

"Since the coronavirus first started to impact operations and demand in Asia we have been taking decisive actions to protect our employees and prioritize the safety of our customers, partners and communities around the world. We have focused on minimizing supply disruptions to customers and enhancing our own financial flexibility," said Paul Graves, president and chief executive officer of Livent.

Market Outlook

"Despite the challenging near-term environment, we have not seen any evidence of automotive OEMs pulling back from their own electrification objectives. In fact, we have seen certain OEMs use this as an opportunity to strengthen their engagement within the electric vehicle supply chain," continued Graves. "With that said, we do expect near-term demand to be negatively impacted by the production stoppages we have seen at OEM facilities globally. On the supply side, the lithium industry has reacted swiftly to declining market prices with producers and resource developers announcing output reductions and delays or cancelations of capacity expansion projects. We believe these actions will create a more rapid tightening of the supply-demand balance once electric vehicle production starts to accelerate.

"As Livent looks beyond current market conditions, we believe our core advantages - the low-cost and sustainable nature of our brine-based operations, our partnerships with leading battery producers and automotive OEMs, and our continued investment in developing next generation engineered lithium products - position us to be a prime beneficiary of the return to improved lithium market dynamics," concluded Graves.

For earnings history and earnings-related data on Livent Corporation (LTHM) click here.

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