Sociedad Quimica Earnings and Sales Top Estimates in Q1
Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) recorded a loss of $3.04 per share for first-quarter 2024. This compares to earnings of $2.63 in the year-ago quarter.
Barring one-time items, earnings came in at 80 cents per share. The Zacks Consensus Estimate was of a loss of $1.72.
The company registered revenues of $1,084.5 million for the quarter, down around 52% year over year. It beat the Zacks Consensus Estimate of $1,056.2 million.
The company’s results were hurt by lower average sales prices. However, it saw record-high sales volumes in the iodine business and higher volumes in lithium and specialty nutrition and potassium business lines in the reported quarter.
Sociedad Quimica y Minera S.A. Price, Consensus and EPS Surprise
Sociedad Quimica y Minera S.A. price-consensus-eps-surprise-chart | Sociedad Quimica y Minera S.A. Quote
Segment Highlights
Revenues from the Lithium and Derivatives segment fell roughly 67% year over year to $547.4 million in the reported quarter. Higher sales volumes (up 34% year over year) were more than offset by lower average sales prices (down around 75% year over year).
The Specialty Plant Nutrients (“SPN”) segment raked in revenues of $207.8 million, down around 6% year over year. Sales were hurt by significantly lower average sales prices.
Revenues from the Iodine and Derivatives unit came in …
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