Arcadium Lithium Quarterly Profit Drops Amid Lithium Price Slide

Reuters, August 6, 2023

London-listed Arcadium Lithium Plc reported a 5% drop in quarterly profit on Tuesday, in line with Wall Street expectations, sending its shares lower.

WEB Arcadium Lithium Plc (NYSE: LTM), or the Company, today reported results for the second quarter ended June 30, 2023.

Arcadium Lithium's quarterly profit fell by 5% to $21.3 million, matching analysts' estimates, as the global market for lithium faces a supply glut. The company said it would suspend or delay two of its four expansion projects in response to the market conditions.

The company's revenue for the quarter rose by 10% to $109 million, driven by higher sales volumes. However, the average selling price of lithium fell by 5%, offsetting the gains from the increased sales.

Arcadium Lithium shares fell by 5% in pre-market trading on Tuesday.