Shares of uncommon planet products manufacturer MP Products Corp MP are increasing after hrs following the business’s better-than-expected quarterly outcomes.
What Took Place: MP Products reported fourth-quarter profits of $ 93.25 million, which defeated typical expert price quotes of $82.63 million. Earnings lowered 6% year-over-year as a 12% rise in sales quantity was greater than countered by a 16% decrease in understood prices.
The business reported quarterly profits of 42 cents per share, which quickly defeated price quotes of 17 cents per share.
Manufacturing leapt 2% in the quarter to 10,485 statistics lots of uncommon planet oxides (REO), bringing complete REO manufacturing approximately 42,499 statistics heaps for the year.
” The MP group performed actually well in 2022. Phase I procedures once more established documents for manufacturing and also sales quantities, we started appointing Phase II possessions, and also we made considerable progression in our Phase III magnetics service. Additionally, we attained document monetary outcomes and also favorable complimentary capital, also as we made substantial development financial investments throughout the year,” claimed James Litinsky, owner, chairman and also chief executive officer of MP Products.
A teleconference to go over these outcomes started at 5 p.m. ET.
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MP Cost Activity: MP Products has a 52-week high of $60.19 and also a 52-week low of $23.49.
The supply was up 6.08% at $33.50 at the time of composing, according to Benzinga Pro
Image: thanks to MP Products.
