SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

Highlights

  • SQM reported net income for the nine months ended September 30, 2023 of US$1,809.5 million compared to US$2,755.3 million for the same period last year. Earnings per share totaled US$6.33 for the nine months ended September 30, 2023 .
  • Revenues for the nine months ended September 30, 2023 , reached US$6,155.9 million compared to US$7,577.0 million reported for the same period last year.
  • SQM received IRMA 75, the highest score to date, for its lithium mining operation in the Salar de Atacama.
  • Total contribution to the Chilean treasury amounted to approximately US$2.4 billion for the nine months ended September 30, 2023 .

SQM will hold a conference call to discuss these results on Thursday, November 16 , at 10:00am ET ( 12:00pm Chile time).
Participant Dial-In (Toll Free): 1-844-282-4852
Participant International Dial-In: 1-412-317-5626
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=o4InH7e7

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the nine months ended September 30, 2023 of US$1,809.5 million ( US$6.33 per ADR), a decrease of approximately 34.3% from US$2,755.3 million ( US$9.65 per ADR) for the nine months ended September 30, 2022 .

Gross profit reached US$2,674.3 million (43.4% of revenues) for the nine months ended September 30, 2023 , lower than US$4,094.8 million (54.0% of revenues) recorded for the nine months ended September 30, 2022 . Revenues totaled US$6,155.9 million for the nine months ended September 30, 2023 , representing a decrease of approximately 18.8% compared to US$7,577.0 million reported for the nine months ended September 30, 2022 .

The Company also announced earnings for the third quarter of 2023 of US$479.4 million ( US$1.68 per share), a decrease of approximately 56.4% compared to US$1,099.9 million ( US$3.85 per share) for the third quarter of 2022. Gross profit for the third quarter of 2023 reached US$753.6 million , approximately 53.8% lower than the US$1,632.7 million reported for the third quarter 2022. Revenues totaled US$1,840.3 million for the third quarter of 2023, a decrease of approximately 37.8% compared to US$2,958.3 million for the third quarter of 2022.

SQM's Chief Executive Officer, Ricardo Ramos , stated: "The third quarter 2023 results were impacted by significantly lower average sales prices in lithium and fertilizer business lines, partially offset by higher sales volumes, when compared to the same period last year, and higher iodine sales prices. When compared to the second quarter this year, our third quarter earnings were lower by 17%, mainly due to lower realized lithium prices. We continue to see strong fundamentals behind long-term lithium demand growth, supported by strong EV sales volumes and decarbonization targets across the globe. However, the excess of inventory accumulated across battery and lithium chemical supply chains, particularly in Asia , as well as additional lithium supply, have put pressure on lithium market prices and could continue to have a negative impact on lithium prices in the short-term."

He continued by saying: "As we continue with our expansions in Chile , our lithium carbonate capacity has reached 200,000 metric ton per year, and we expect to complete the expansion to 210,000 metric tons in the beginning of 2024, earlier than anticipated. This will enable us to redirect our attention to lithium production cost, ensuring that we maintain our cost competitive position. In Australia , the first production of spodumene concentrate at Mt. Holland is expected during this quarter, while in China , we have commenced lithium hydroxide production from lithium sulfate."

He finished by saying: "In September this year, our operations in the Salar de Atacama received IRMA 75 from the Initiative for Responsible Mining Assurance (IRMA), making us the first lithium company to reach this level. The on-site audit took place last year, as SQM committed to an independent assessment of its Salar de Atacama operations to provide increased transparency for all stakeholders. The ranking is an additional reinforcement of SQM's commitment to transparency of its operations and to produce the world's most sustainable lithium. We will continue our collaboration with the communities surrounding the Salar de Atacama and to work on further reducing our environmental footprint."

SQM´s total contribution to the Chilean treasury reached close to US$2.4 billion for the first nine months of 2023, including payments related to the public-private alliance with CORFO.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes 56-2-24252022 / gerardo.illanes@sqm.com
Irina Axenova 56-2-24252280 / irina.axenova@sqm.com
Isabel Bendeck 56-2-24252074 / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company's capital expenditures, financing sources, Sustainable Development Plan, Salar Futuro Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

Cision View original content: https://www.prnewswire.com/news-releases/sqm-reports-earnings-for-the-nine-months-ended-september-30-2023-301990007.html

SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)

News Provided by PR Newswire via QuoteMedia

SQM
The Conversation (0)
Lanthanein Resources Ltd

Significant Gold, Copper and Nickel Soil Anomalies at Lady Grey Project

Lanthanein Resources Limited (ASX: LNR) (“Lanthanein” or the “Company”) is pleased to announce the gold and base metal results from the recent tenement wide soil sampling programme at the Lady Grey Lithium Project (“Lady Grey”) directly adjacent to Covalent Lithium’s (SQM & Wesfarmers) Earl Grey Mine, 189Mt @1.53% Li2O¹ at Mount Holland in the Forrestania Greenstone Belt. The programme collected 1,893 samples and has identified multiple coincident gold, copper and nickel anomalies (Figure 1, 2 and 3).

Keep reading...Show less
Galan Lithium

Filling of HMW Pond 2 Commences as Lithium Chloride Production Journey Continues

Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to provide a further update on the progress of construction activities at its 100% owned Hombre Muerto West (HMW) Phase 1 lithium brine project, with lithium chloride production expected in H1 2025. Galan continues its steady progress in advancing its low cost, high grade HMW project to production in a timely manner.

Keep reading...Show less
Pan Asia Metals

PAM Signs Formal Documentation to Acquire 100% interest in ~1,200km2 Tama Atacama Lithium Brine Project

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) has entered into three binding Option Agreements to Purchase 100% of the Dolores North, Dolores South, Pozon and Pink project areas which form the Tama Atacama Lithium Brine Project, as well as the northern half of the Ramatidas project area. The total area is approximately ~120,000ha or ~1,200km2, see Figure 2 and Table 1 for further details.

Keep reading...Show less
Cleantech Lithium (AIM:CTL)

CTL Awarded Green Achievement Grand Prix Award

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition, has been awarded the 'Green Achievement Grand Prix Award' at Huawei's - 'Green & Smart Mining: the Future is Here!' Green Achievement Awards 2023, Chile. The awards, held on 12 December in Santiago, celebrated achievements advancing a greener and more sustainable future for the Chilean mining industry.

Keep reading...Show less
Pursuit Minerals

Pilot Plant Commissioning Imminent Advancing Towards First Production

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on key developments for its Lithium Carbonate Pilot Plant at the Rio Grande Sur Lithium Project following a recent site visit by management to Argentina.

Keep reading...Show less
Lithium periodic symbol standing upright next to lithium metal.

Top 9 Lithium-producing Countries (Updated 2024)

Interest in lithium continues to grow due to its role in the lithium-ion batteries that power electric vehicles (EVs). As a result, more and more attention is landing on the top lithium-producing countries.

About 80 percent of the lithium produced globally goes toward battery production, but other industries also consume the metal. For example, 7 percent of lithium is used in ceramics and glass, while 4 percent goes to lubricating greases.

According to the US Geological Survey, lithium use in batteries has increased in recent years due to the use of rechargeable batteries in portable electronic devices, as well as in electric tools, EVs and grid storage applications.

Keep reading...Show less
 Lancaster Resources President and CEO Penny White.

Lancaster Resources Progresses Permitting for Alkali Flat Lithium Project

Lancaster Resources (CSE:LCR,OTCQB:LANRF,FWB:6UF0) is gearing up to drill an exploration well at its Alkali Flat lithium brine project in New Mexico following the receipt of a technically complete letter from the New Mining and Minerals Division pertaining to its permit application.

“Hopefully we can get started within the next 30 to 60 days,” said CEO Penny White. “Basically we'll be doing our exploratory well, which is really just a drill that will go down about 700 meters. And what we'll be able to do is explore that to really interesting targets that we've delineated through all of our exploratory work to date, and one is about 100 meters down.”

White explained that the Alkali Flat project is a compelling asset due to its high lithium concentrations and potential for environmentally friendly production methods.

Keep reading...Show less
Galan Lithium

Galan Builds Inventory with 1,000t LCE, Advances HMW Project

Galan Lithium (ASX:GLN) reported a contained inventory of 1,000 tons of lithium carbonate equivalent (LCE) at its Hombre Muerto West (HMW) project in Argentina, according to an article by The West Australian.

Keep reading...Show less
Atlantic Lithium (ASX:A11)

Atlantic Lithium


Keep reading...Show less
Investor Presentation via Investor Meet Company

Investor Presentation via Investor Meet Company

CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company, advancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce that Executive Chairman and Interim CEO, Steve Kesler will provide a live presentation relating to the DLE Pilot Plant Results via Investor Meet Company on 15 May 2024, 15:00 BST.

The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and meet CleanTech Lithium via the following link:

Keep reading...Show less
Admission to Trading on the Ghana Stock Exchange

Admission to Trading on the Ghana Stock Exchange

Atlantic Lithium to commence trading on the Main Market of the GSE on Monday, 13 May 2024

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce that admission of its entire issued share capital (“Admission”), being 649,669,053 ordinary shares ("Ordinary Shares"), by introduction on the Main Market of the Ghana Stock Exchange (“GSE”) and commencement of trading of the Ordinary Shares will take place at 10:00 a.m. GMT on Monday, 13 May 2024, under the ticker “ALLGH”.

Keep reading...Show less

Latest Press Releases

Related News

×