Shares of battery recycler Li-Cycle Holdings Corp. (LICY) are up more than 8% Thursday morning following first quarter results.
The company reported net profit of $28.5 million or $0.17 per share in the first quarter, compared with net loss of $6.8 million or $0.07 per share in the prior-year period. On average, 6 analysts polled by Thomson Reuters expected the company to re[ort loss of $0.07 per share.
The company recorded $50.9 million of fair value gains on financial instruments in the latest quarter.
Revenues for the quarter increased 277% year-over-year to $3.8 million. The consensus estimate was for $7.07 million.
LICY is at $9.30 currently. It has traded in the range of $6-$14.28 in the past 52 weeks.
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