Albemarle Corporation (NYSE:ALB) reported second-quarter results that beat Wall Street expectations, overcoming continued pressure from falling lithium prices.

The specialty chemicals company posted adjusted earnings of $0.11 per share, significantly ahead of the -$0.78 per share analysts had forecasted. Revenue reached $1.33 billion, topping the consensus estimate of $1.22 billion, though down 7% year-over-year due to lower lithium pricing.

Sales in Albemarle’s Energy Storage division, which includes lithium, declined 13.5% to $717.7 million, with a 28% drop in average pricing outweighing a 15% increase in volumes. Conversely, revenue in the Specialties segment rose 5.1% to $351.6 million, driven by a 6% rise in volume.

Albemarle achieved its $400 million cost and productivity savings target, helping to offset lithium market headwinds. The company also reduced its capital spending forecast for 2025 to a range of $650 million to $700 million.

Management maintained full-year guidance, based on a lithium price assumption of $9/kg, projecting 2025 revenue between $4.9 billion and $5.2 billion and adjusted EBITDA in the range of $0.8 billion to $1.0 billion.