(Reuters) – Lithium producer Albemarle Corp posted a more-than fourfold jump in quarterly profit on Wednesday but cut its annual forecast, citing softening prices for the metal used to make electric vehicle batteries.
The company posted first-quarter net income of $1.24 billion, or $10.51 per share, compared to $253.4 million, or $2.15 per share, in the year-ago period.
(This story has been corrected to show Albemarle’s annual forecast was cut, not raised, in paragraph 1)
(Reporting by Ernest Scheyder; Editing by Chris Reese)
