May 7 (Reuters) - Arcadium Lithium, formed earlier this year by the merger of U.S. lithium miner Livent and Australia's Allkem, on Tuesday posted lower first-quarter profit, hit by a decline in prices.

The producer of key electric vehicle (EV) battery metal posted net income of $15.6 million, or 1 cent per share, for the three months ended March 31, down from $114.8 million, or 23 cents per share, last year. The results were consolidated between the two combined companies. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)