MP Materials Corp (NYSE:MP) reported financial results for the second quarter after the market close on Thursday. Here’s a rundown of the report.
- MP Materials stock is trending after earnings. What’s next for MP stock?
MP Materials Reports Mixed Q2
MP Materials posted second-quarter revenue of $108.49 million, beating analyst estimates of $99.18 million, according to Benzinga Pro. The company reported a second-quarter adjusted loss of one cent per share, missing estimates for breakeven earnings.
Total revenue was up 89% on a year-over-year basis, driven by higher sales of NdPr oxide and metal and stronger market pricing.
MP said it produced 840 metric tons of NdPr oxide in the quarter, up 41% year-over-year, while NdPr sales jumped 127% year-over-year. The company produced 11,072 metric tons of rare earth concentrate, down 16% year-over-year.
“Across our business, we continued to execute on our long-term strategy. Magnet qualification at Independence advanced through additional deliveries for customer qualification and regulatory testing, while construction of our 10X facility accelerated,” said James Litinsky, founder, chairman and CEO of MP Materials.
MP Materials exited the quarter with $1.45 billion in cash, cash equivalents and short-term investments.
MP Materials executives are currently discussing the quarter on an earnings call that started at 5 p.m. ET.
MP Stock Seesaws After The Print
MP Materials shares were down 0.19% in after-hours Thursday, trading at $47.40 at the time of publication, according to Benzinga Pro.
Image: Courtesy of MP Materials.
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