Realized Average Pricing of $17,200 / Product Metric Ton for Lithium Hydroxide and Carbonate in the Second Quarter
Tracking Towards High End of $60 to 80 million Cost Savings Guidance in 2024 and Accelerating Further Cost Reductions
Projecting a 25% Increase in Combined Lithium Hydroxide and Carbonate Volume in Both 2024 and 2025 versus the Prior Year
Reducing Capital Spending by ~$500 million Over Next 24 Months in Response to Current Market Conditions
Arcadium Lithium Investor Day Scheduled for September 19th
Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium" or the "Company") today reported results for the second quarter of 2024.
Second Quarter Highlights
Second quarter revenue was $255 million and reported attributable GAAP net income was $85.7 million, or 7 cent per diluted share. Adjusted EBITDA1 was $99.1 million and adjusted earnings per diluted share2 were 5 cents.
The Company realized average pricing of $17,200 per product metric ton for combined lithium hydroxide and carbonate volumes in the second quarter.
Total volumes in the second quarter were up slightly versus the first quarter, with higher carbonate and hydroxide sales partially offset by lower spodumene sales due to reduced production at Mt. Cattlin. Average realized pricing was higher sequentially for spodumene, but lower across all other products. This decline was driven by a combination of lower market prices for lithium chemicals, the lag impact of price indices on a portion of the Company's carbonate and hydroxide volumes, and changes in both product and customer mix.
"We continue to focus on leveraging our low-cost, high quality operational footprint and a commercial strategy of securing long term contracts with strategic customers to navigate through all market environments," said Paul Graves, president and chief executive officer of Arcadium Lithium. "Similar to last quarter, this approach helped us to achieve higher realized pricing in the second quarter than we would have under a fully market-based pricing approach, and to deliver strong underlying profitability."