Sociedad Quimica Y Minera De Chile SA (SQM) shares surged 5.03% in Thursday's intraday trading session, following the release of the company's full-year 2024 financial results.
SQM reported a 39% year-over-year decline in revenue to $4.53 billion for the full year 2024. However, the company's revenue exceeded analysts' expectations by 1.3%. On the flip side, SQM posted a net loss of $404.4 million, or $1.42 per share, compared to a profit of $2.01 billion or $7.05 per share in the previous year. The company's earnings per share missed analysts' estimates by 19%.
Despite the net loss, analysts remain optimistic about SQM's prospects. The company's revenue is forecast to grow 11% per annum on average over the next three years, outpacing the 4.4% growth forecast for the U.S. chemicals industry. Analysts have assigned an average "overweight" rating to SQM and a mean price target of $48.79, suggesting potential upside from the current levels.