"Over the past 12 months, we've made significant progress in renegotiating more variable-priced contracts with our lithium customers. Implementation of these contracts is a key driver of the expected year-over-year improvement in our financial results," Albemarle's CEO Kent Masters said.

"We now expect full-year 2022 adjusted EBITDA to be up more than 160% from prior year based on favourable market dynamics for our Lithium and Bromine businesses," he said, noting their importance in the global transition to greener energy.

The adjusted EBITDA 2022 guidance was lifted to US$2.2 billion-$2.5 billion, from the prior guidance of $1.7 billion-$2 billion. In 2021, the company's adjusted EBITDA was $871 million.

The company's adjusted diluted earnings per share guidance was raised to $12.30-$15, from $9.25-$12.25. Last year, the adjusted EPS was $4.04.

Net sales and net cash guidance ranges were improved to $5.8 billion-$6.2 billion and $550 million-$850 million from $5.2 billion-$5.6 billion and $500 million-$800 million, respectively. The net sales would be an improvement over the $3.3 billion seen in 2021.

Capital expenditure expectations for the year, meanwhile, were left unchanged at $1.3 billion-$1.5 billion.

The New York Stock Exchange-listed company's share price was quoted as $242.94 on May 23, having risen 3% day on day.

The company's improved 2022 outlook follows Albemarle's May 4 guidance increase.