Maintaining Our $55 FVE as SQM Announces Faster Lithium Expansions
SQM reported solid first-quarter earnings, as higher prices more than offset lower volumes in most segments. This drove 8% gross profit growth year on year to $193 million. In its earnings release, SQM updated its lithium capacity expansion plans to grow current capacity of roughly 50,000 metric tons to 180,000 metric tons by 2021. The market reacted negatively to this news, sending shares down around 6% to $50.25 per share.In addition to adjusting our lithium segment forecast based on SQM's mo...
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