Analyst Consensus ?
ConsensusHold15 ratings
Bullish533.4%
Neutral853.3%
Bearish213.3%
Sociedad Química y Minera de Chile S.A. · SQM · FY2024 Q3 · Calendar Q4 2024
SQM: Volume growth offsets lithium price pressure, but execution risks remain
The supplied analysis supports a mixed view: volume growth, EV-linked lithium demand, iodine demand and new capacity are constructive, but lower lithium prices, project execution and regulatory uncertainty limit the strength of the outlook.
Reported Before market openNYSEBasic Materials
$16.32B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.76
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.09B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.0%
Event window
SPY move
+0.0%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-2.8%
Up to 20 sessions
SQMSPY benchmark
Ask FN2 about SQM FY2024 Q3
Transcript, numbers and history already loaded
What drove SQM's -1.0% move after FY2024 Q3 earnings?What changed in SQM's guidance and outlook in FY2024 Q3?Give me the bull and bear case for SQM after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added first revenue from Mt. Holland and a spodumene concentrate bidding event. Management also emphasized the Australian refinery timetable, the seawater pipeline expansion and continued SEC cooperation.
Guidance delta
Management maintained 2024 lithium sales guidance of 190,000–195,000 tons; the supplied analysis describes overall guidance sentiment as maintained.
Key takeaways
- Specialty plant nutrition volumes grew more than 20% year over year, while lithium sales increased 18%.
- Lithium prices fell 24% quarter over quarter, highlighting the tension between volume growth and realized pricing.
- Mt. Holland generated first revenue and is ramping, while the Australian refinery is planned for mid-2025 commissioning.
- Management cited strong EV-driven demand and iodine demand, alongside an ongoing SEC FCPA investigation.
Management priorities
- Commission the Australian refinery in mid-2025.
- Ramp up Mt. Holland spodumene production.
- Expand Chilean capacity through the seawater pipeline project.
- Maintain 2024 lithium sales guidance and invest in specialty plant nutrition products.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$57.14Current
$35Low
$72.79Average
$104High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Sep 18, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Aug 27, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Aug 24, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 14, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Mar 25, 2026 |
| Jefferies | Hold | Buy | Downgrade | Oct 6, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 21, 2025 |
| Loop Capital | Hold | Hold | Maintain | Aug 28, 2023 |
| HSBC | Buy | Buy | Maintain | Jul 6, 2023 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Mar 31, 2022 |
| Santander | Hold | Buy | Downgrade | Apr 3, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Mar 8, 2019 |
| Miller Tabak | Hold | Neutral | Maintain | Jul 2, 2013 |
| Craig-Hallum | Hold | Buy | Downgrade | May 21, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $57.14. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Analyst unavailable | $90 | $66.45 | +57.5% | Oct 6, 2026 |
| Scotiabank | Ben Isaacson | $104 | $81.96 | +82.0% | Aug 24, 2026 |
| Deutsche Bank | Analyst unavailable | $94 | $77.36 | +64.5% | Aug 20, 2026 |
| Scotiabank | Analyst unavailable | $93 | $67.16 | +62.8% | Jul 28, 2026 |
| Goldman Sachs | Marcio Farid | $82 | $72.95 | +43.5% | Jul 15, 2026 |
| Deutsche Bank | Analyst unavailable | $98 | $71.94 | +71.5% | Jul 14, 2026 |
| Goldman Sachs | Analyst unavailable | $100 | $83.42 | +75.0% | Jun 2, 2026 |
| Scotiabank | Ben Isaacson | $105 | $84.18 | +83.8% | May 28, 2026 |
| Deutsche Bank | Analyst unavailable | $106 | $89.75 | +85.5% | May 5, 2026 |
| Berenberg Bank | Analyst unavailable | $53 | $71.86 | -7.2% | Feb 23, 2026 |
| Deutsche Bank | Corinne Blanchard | $91 | $81.88 | +59.3% | Jan 21, 2026 |
| Deutsche Bank | Analyst unavailable | $88 | $77.76 | +54.0% | Jan 12, 2026 |
| Scotiabank | Analyst unavailable | $90 | $77.71 | +57.5% | Jan 12, 2026 |
| UBS | Analyst unavailable | $79 | $64.17 | +38.3% | Dec 17, 2025 |
| Goldman Sachs | Analyst unavailable | $63 | $63.06 | +10.3% | Dec 4, 2025 |
| Scotiabank | Ben Isaacson | $80 | $58.26 | +40.0% | Nov 24, 2025 |
| BMO Capital | Analyst unavailable | $77 | $62.62 | +34.8% | Nov 20, 2025 |
| Deutsche Bank | Corinne Blanchard | $46 | $44.44 | -19.5% | Oct 17, 2025 |
| Jefferies | Alejandro Anibal Demichelis | $50 | $43.11 | -12.5% | Oct 6, 2025 |
| BMO Capital | Joel Jackson | $55 | $37.12 | -3.7% | Aug 28, 2024 |
| Jefferies | Alejandro Demichelis | $55 | $38.64 | -3.7% | Aug 26, 2024 |
| Bank of America Securities | Isabella Simonato | $38 | $37.7 | -33.5% | Aug 21, 2024 |
| Goldman Sachs | Marcio Farid | $46.5 | $35.98 | -18.6% | Aug 9, 2024 |
| Berenberg Bank | Andres Castanos-Mollor | $35 | $37.73 | -38.7% | Jul 31, 2024 |
| BMO Capital | Joel Jackson | $65 | $46.52 | +13.8% | Jun 3, 2024 |
| Deutsche Bank | Corinne Blanchard | $45 | $49.84 | -21.2% | May 28, 2024 |
| Deutsche Bank | Corinne Blanchard | $42 | $49.72 | -26.5% | May 23, 2024 |
| Jefferies | Alejandro Demichelis | $62.8 | $47.61 | +9.9% | Apr 8, 2024 |
| Deutsche Bank | Corinne Blanchard | $115 | $90.07 | +101.3% | Aug 22, 2022 |
Track every rating change on SQM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSociedad Química y Minera de Chile S.A., commonly known as SQM, is a major global producer and distributor of a diverse array of chemical and mineral products. Its extensive offerings include specialized plant nutrition solutions, iodine and its various chemical compounds, lithium and its derivatives, potassium chloride and sulfate, and a range of industrial chemicals, alongside other related products and services. Among its key agricultural products are specialty plant nutrients like potassium nitrate, sodium nitrate, and sodium potassium nitrate, as well as customized blends and advanced fertilizers. The company also manufactures iodine and its derivatives, which are widely utilized across medical, pharmaceutical, agricultural, and industrial sectors. These applications encompass crucial ingredients for x-ray contrast agents, polarizing films essential for LCD and LED displays, various antiseptics, biocides, and disinfectants, components for pharmaceutical synthesis, electronic materials, and elements vital for pigments and dyes.…
Historical context
All SQM earningsBasic Materials peers this season
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|---|---|---|---|---|
| CRS Carpenter Technology Corporation | FY2027 Q1 · Calendar Q4 2026 | +6.9% | -20.6% | CRS: Aerospace Bookings Accelerate as Guidance Holds |
| DOW Dow Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.3% | +4.7% | Dow’s Q3 growth and self-help gains support a steady Q4 outlook |
| NEM Newmont Corporation | FY2026 Q3 · Calendar Q4 2026 | +12.2% | -2.6% | Newmont Holds 2026 Guidance as Projects Set Up 2027 Growth |
| SCCO Southern Copper Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.4% | -2.1% | Southern Copper: Record Q3 results, projects advance amid execution risks |
Latest beats and misses
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Missed on EPS
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Get the SQM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:39:04.055137+00:00
- Polygon adjusted daily market bars · 2026-10-26T00:00:43.622867+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T00:00:43.619968+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.