By Connor Hart
Albemarle will cut costs in 2025 as it continues to deal with the drop in lithium prices, a critical mineral in the electric-vehicle industry.
Chief Executive Kent Masters said Wednesday the company is taking steps to shore up its operations, including optimizing its conversion network, streamlining its organizational structure, limiting expenditures and amending credit agreements.
"As we look ahead, we expect dynamic market conditions to persist but remain confident in our ability to deliver value to stakeholders," he said.
Albemarle forecast revenue of $4.9 billion to $5.2 billion in 2025, missing the $5.33 billion that analysts polled by FactSet expected.
In the fourth quarter, the Charlotte, N.C.-based lithium miner reported a profit of $75.3 million, or 29 cents a share, compared with a loss of $617.7 million, or $5.26 a share, a year earlier.
On an adjusted basis, the company posted a quarterly loss of $1.09. Analysts surveyed by FactSet were expecting an adjusted loss of 69 cents a share.
Revenue fell 48% to $1.23 billion and missed the $1.33 billion that analysts had forecast, according to FactSet.
Sales across the company's Energy Storage unit fell 63% to $616.8 million, dragged down by lower prices and volumes. Its Specialties division notched revenue of $332.9 million, down 2% from last year, as lower prices more than offset higher volumes.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 12, 2025 17:05 ET (22:05 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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