Livent Corp. (LTHM) shares are gaining more than 12 percent on Wednesday morning trade after the company reported a surge in first-quarter earnings on significant growth in revenues. Further, the company raised the revenue outlook for the full year 2023, expecting 26-38 percent growth year over year.
Quarterly profit was $114.8 million or $0.55 per share, up from $53.2 million or $0.33 per share in the prior year.
Revenue for the quarter surged to $253.5 million from $143.5 million in the previous year.
Looking ahead to the full year 2023, the company now expects revenue in a range of $1.025-$1.125 billion, up from its previous guidance of $1.00 -$1.10 billion.
Currently, shares are at $23.60, up 12.46 percent from the previous close of $21.02 on a volume of 2,230,398.
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