MP Materials Corp (NYSE:MP) reported fourth-quarter financial results Thursday after the close. Here are the key highlights from the quarter.
- MP Materials stock is trending. What’s driving MP shares?
MP Delivers Mixed Quarterly Results
MP Materials reported fourth-quarter revenue of $52.69 million, missing analyst estimates of $67.38 million, according to Benzinga Pro. The company reported fourth-quarter adjusted earnings of nine cents per share, beating analyst estimates for breakeven earnings.
Total revenue was down 14% on a year-over-year basis after the company ceased all sales of its products to China in support of its domestic supply chain objectives.
MP said it produced 718 metric tons of NdPr oxide in the quarter, up 74% year-over-year, and 50,692 metric tons of rare earth concentrate, up 12% year-over-year.
“Our landmark partnership with the U.S. Department of War, together with our agreement with Apple to deliver scaled recycling and magnetics capabilities, anchors a durable platform to accelerate growth and extend our vertically integrated advantage,” said James Litinsky, founder, chairman and CEO of MP Materials.
MP Materials ended the quarter with $1.83 billion in cash, cash equivalents and short-term investments.
MP Materials executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
MP Stock Moves Lower After The Bell
MP Price Action: MP Materials shares were down 2.83% in after-hours on Thursday, trading at $58.30 at the time of publication, according to Benzinga Pro.
Photo: courtesy of MP Materials.
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