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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.