(Reuters) -Lithium producer Livent Corp posted a lower-than-expected quarterly profit on Tuesday and cut its annual revenue and earnings forecast, citing expansion delays in Argentina.
The company pushed back the opening of a key expansion of its lithium operations in northern Argentina to next year from late 2023. The expansion is expected to boost production by 20,000 metric tons annually.
The company, which supplies lithium for Tesla and BMW, posted third-quarter net income of $87.4 million, or 42 cents per share, compared to $77.6 million, or 37 cents per share, in the year-ago period.
Excluding restructuring charges and other one-time items, Philadelphia-based Livent earned 44 cents per share. By that measure, analysts expected earnings of 46 cents per share, according to IBES data from LSEG.
Livent said its merger with rival Allkem is on track to close by the end of the year. The combined company will be called Arcadium Lithium.
(Reporting by Ernest Scheyder; editing by Jonathan Oatis)
