Shares of rare earth materials producer MP Materials Corp MP are rising after hours in the wake of the company's better-than-expected quarterly results.
What Happened: MP Materials reported fourth-quarter revenue of $93.25 million, which beat average analyst estimates of $82.63 million. Revenue decreased 6% year-over-year as a 12% increase in sales volume was more than offset by a 16% decline in realized sales prices.
The company reported quarterly earnings of 42 cents per share, which easily beat estimates of 17 cents per share.
Production jumped 2% in the quarter to 10,485 metric tons of rare earth oxides (REO), bringing total REO production up to 42,499 metric tons for the year.
"The MP team executed really well in 2022. Stage I operations again set records for production and sales volumes, we began commissioning Stage II assets, and we made substantial progress in our Stage III magnetics business. In addition, we achieved record financial results and positive free cash flow, even as we made significant growth investments throughout the year," said James Litinsky, founder, chairman and CEO of MP Materials.
A conference call to discuss these results kicked off at 5 p.m. ET.
MP Price Action: MP Materials has a 52-week high of $60.19 and a 52-week low of $23.49.
The stock was up 6.08% at $33.50 at the time of writing, according to Benzinga Pro.
Photo: courtesy of MP Materials.
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