Albemarle, the world's largest producer of lithium, swung to a quarterly profit as cost cuts helped offset low prices of the electric vehicle battery metal, but adjusted results reported on Wednesday fell short of analysts' expectations.

Albemarle swings to a Q4 GAAP profit as cost cuts helped offset low lithium prices, but adjusted results missed analyst expectations.

Albemarle, the world's largest producer of lithium, said on Wednesday it swung to a quarterly profit as cost cuts helped offset plunging prices for the metal used to make electric vehicle batteries. The company posted a profit for the fourth quarter ended December 31 of $33.

Albemarle Corporation (ALB) logged earnings of 29 cents per share in the fourth quarter of 2024. In the year-ago quarter, the company had reported a loss of $5.26 per share. Barring one-time items, adjusted loss for the reported quarter came in at $1.