Summary by Futu AI
SQM reported a net loss of $524.5 million for the nine months ended September 30, 2024, compared to net income of $1,809.5 million in the same period last year. Total revenues decreased 43.9% to $3,455.0 million, primarily due to significantly lower lithium prices. The company's Q3 2024 net income was $131.4 million, down 72.6% year-over-year, while revenues fell 41.5% to $1,076.9 million.Lithium sales volumes grew 18% YoY to 51,200 metric tons in Q3, but average prices dropped 67.1% to $9,700 per metric ton. The company maintains its 2024 lithium sales volume guidance of 190,000-195,000 metric tons. In other segments, Specialty Plant Nutrition volumes increased 22% YoY, while Iodine sales volumes rose 9.1% with slightly higher prices.The company recognized a tax expense adjustment of $1,103.3 million related to the Chilean mining tax on lithium extraction, following an unfavorable court ruling. Despite current market challenges, SQM remains confident in long-term lithium market fundamentals driven by clean energy transition. The company reported Q3 2024 Adjusted EBITDA of $327.3 million, with a margin of 30.4%.
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