Lithium producer Livent Corp posted a nearly tenfold jump in quarterly profit on Tuesday, and raised its sales and profit forecast for the year due to rising prices of the electric-vehicle battery metal.
The company reported second-quarter net income of $60 million, or 31 cents per share, compared with $6.5 million, or 4 cents per share, in the year-ago quarter.
Livent announced a supply deal with General Motors Co last week. On Tuesday, Livent said that deal includes a $198 million prepayment from GM, to be made this year.
(By Ernest Scheyder; Editing by Jonathan Oatis)
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