SMM1 8: recently, lithium giant Livent cut revenue and profit expectations, and said that as battery metal prices continue to fall, the company is reviewing expansion plans, its share price plummeted in after-hours trading. The US lithium producer lost more than 1/3 of its value last year, cutting revenue guidance to $385 million to $390 million in 2019 from a previous forecast of at least $400m. The company said in a statement after the close in New York that its fourth-quarter results were affected by falling prices and delays in orders.
Earlier, executives in China, Japan and South Korea warned analysts in November because of price pressures. The company said at the time that its expansion plans in Argentina were still under way.
"the current market conditions remain challenging and prices have fallen in all regions and in most end markets," Paul Graves (Paul Graves), chief executive, said in a statement on Tuesday. " While we remain committed to our long-term strategy, we are reviewing our current capacity expansion plans in the light of these market conditions.
Livent said that lower prices are expected to continue until 2020, and the average price of lithium hydroxide is not expected to be much lower in 2020 than in 2019. The company expects adjusted earnings per share of 40 cents to 42 cents in 2019, below the 45% average forecast compiled by Bloomberg. Earnings are expected to be announced next month. Shares in the Philadelphia-based company fell 15% to $7.35 at 05:05 on Tuesday. The stock fell as much as 22%.
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