What's happening with the Pilbara Minerals share price on Friday?

ASX 200 investors are bidding up the Pilbara Minerals share price today.

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The Pilbara Minerals Ltd (ASX: PLS) share price is marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed yesterday trading for $3.63. As we head into the lunch hour on Friday, shares are swapping hands for $3.65 apiece, up 0.8%.

For some context, the ASX 200 is up 0.5% at this same time.

Here's what ASX 200 investors are considering.

A strong year for the ASX 200 lithium producer

The Pilbara Minerals share price is in the green today following the company's annual general meeting (AGM) yesterday.

During the meeting, management covered the miner's strong performance in FY 2023.

Highlights included a 242% year-on-year increase in revenue to $4.1 billion, which helped cash holdings leap 464% from FY 2022 to reach $3.3 billion.

After-tax statutory profits of $2.4 billion were up 326% from the prior year.

And FY 2023 saw Pilbara Minerals pay its first two dividends, totalling 25 cents per share. At the current Pilbara Minerals share price, that sees the stock trading at a fully franked trailing yield of 6.9%.

Those strong results were driven by a 64% increase in production and a 68% increase in sales compared to the prior year.

Commenting on the big boost in FY 2023 sales and production, chair Tony Kiernan said, "This achievement is a result of our strategy to maximise the value of our Pilgangoora Operation and capitalise on the rapidly growing demand for lithium."

Kiernan added that the company entered the ASX50 and "finished the year as the top growth stock on the ASX50 with 114% growth over the financial year".

Looking at what could impact the Pilbara Minerals share price in the years ahead, Kiernan said the miner's P1000 Expansion Project "will make our Pilgangoora Operation the second largest producing hard-rock lithium mine in the world, with the capacity to produce 1 million tonnes of spodumene concentrate in 2025".

Kiernan added:

The board and I are extremely positive for the future of Pilbara Minerals. This is evidenced by our current capital expenditure programs, and commitment to being a dominant player in the battery materials market in support of a sustainable energy future.

Pilbara Mineral share price snapshot

The Pilbara Minerals share price has come under pressure amid a big retrace in lithium prices, leaving shares down 23% over 12 months.

Investors who bought the ASX 200 lithium stock two years ago will still be sitting on gains of 48%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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