Albemarle quarterly profit drops, forecast cut on falling lithium prices

(Reuters) – Albemarle, the world’s largest producer of lithium, posted a 66% drop in quarterly profit on Wednesday and cut its annual forecast, citing slipping prices for the electric vehicle battery metal.

The company, which supplies Tesla and other automakers, reported third-quarter net income of $302.5 million, or $2.57 per share, compared to $897.2 million, or $7.61 per share, in the year-ago period.

(Reporting by Ernest Scheyder; Editing by Chris Reese)