MP Materials Corp. (NYSE: MP) shares surged 6.21% in the pre-market trading session on Friday, following the company's impressive fourth-quarter earnings report and strategic advancements in its rare earth business.
The company reported a 48% year-over-year increase in revenue to $61.0 million, exceeding the consensus estimate of $51.0 million. The revenue growth was driven by higher sales of neodymium-praseodymium (NdPr) oxide and metal due to the transition to midstream production of separated products.
MP Materials achieved record production levels, with 11,478 metric tons of rare earth oxides (REO) in concentrate and 413 metric tons of NdPr oxide produced during the quarter. Additionally, the company commenced commercial production of NdPr metal and initiated trial production of automotive-grade magnets, marking significant strategic milestones.
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