Chilean lithium miner SQM reported net profit of $365 million for the first quarter, more than doubling from $138 million in the same period last year.
Stronger lithium pricing boosted performance, but earnings missed Reuters/LSEG estimates of $426 million.
The world's second-largest lithium producer posted revenues of $1.76 billion, up 70% year-over-year and exceeding analyst estimates of $1.62 billion.
Average realized lithium prices rose approximately 95% in the quarter, while sales volumes increased 25% to 69,000 metric tons of lithium carbonate equivalent.
Revenues from lithium and derivatives jumped over 100% to $1.19 billion, driven by higher prices and increased sales volumes. The company attributed growth to strong demand from electric vehicles and energy storage systems.
SQM raised its lithium sales volume forecast for the year to a 15% increase, up from its previous estimate of 10%.
