SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Core Viewpoint - SQM reported a significant decline in total revenues and a net loss for the nine months ended September 30, 2024, compared to the same period last year, indicating challenges in the market despite some positive volume growth in specific segments [1][5][6]. Financial Performance - Total revenues for the nine months ended September 30, 2024, were US$3,455.0 million, a decrease of 43.9% from US$6,155.9 million in the same period last year [1][6]. - The net loss for the nine months was US$524.5 million or US$1.84 per share, contrasting with a net income of US$1,809.5 million or US$6.33 per share for the same period last year [1][5]. - Gross profit for the nine months was US$1,033.3 million, representing 29.9% of revenues, down from US$2,674.3 million or 43.4% of revenues in the previous year [6]. Quarterly Results - For the third quarter of 2024, net income was US$131.4 million or US$0.46 per share, a decrease of 72.6% from US$479.4 million or US$1.68 per share in the third quarter of 2023 [7]. - Gross profit for the third quarter was US$280.8 million, down 62.7% from US$753.6 million in the same quarter last year [7]. - Revenues for the third quarter totaled US$1,076.9 million, a decrease of 41.5% compared to US$1,840.3 million in the third quarter of 2023 [7]. Business Segments - Solid sales volumes were reported in lithium, iodine, and fertilizer businesses, indicating a recovery in the market [2][3]. - Iodine prices saw a slight increase due to strong market demand and limited supply [4]. - Lithium sales volumes exceeded 51 thousand metric tons, reflecting an 18% year-on-year growth, although prices continued to decline, averaging 24% lower than the previous quarter [8]. Management Commentary - The CEO highlighted positive volume growth across nearly all business lines and noted a recovery in fertilizer markets, with Specialty Plant Nutrition volumes growing over 20% year-on-year [8]. - The CEO expressed confidence in the long-term fundamentals of the lithium market, emphasizing the company's competitive position and readiness to develop projects in response to the clean energy transition [9].