(Reuters) - Dutch miner and lithium supplier AMG on Wednesday posted better-than-expected first quarter core profit, helped largely by its Clean Energy Materials business, which includes its lithium operations.
Core profit, or earnings before interest, tax, depreciation and amortization (EBITDA) was $118.1 million, beating the $109.0 million expected in a company-provided poll, and more than doubling year-on-year.
"The record results are due to our recent expansion projects," said CEO Heinz Schimmelbusch, adding the company will change its name to AMG Critical Materials.
AMG is expanding its lithium production capacity and tightening its grip on its supply chain, as it looks to benefit from growing demand for the key metal used to make electric vehicle batteries.
The group on Wednesday confirmed its full-year guidance for EBITDA to exceed $400 million.
It said it expected to post EBITDA of at least $650 million in five years or earlier, due to the lithium market's demand and supply dynamics.