By Adriano Marchese
Neo Performance Materials shares rose Tuesday after the company reported better-than-expected revenue in the fourth quarter.
Shares traded 13% higher at 8.68 Canadian dollars ($6.07).
Revenue in the quarter rose to $134.9 million from $128.7 million a year earlier. This topped expectations of a decline to $110.1 million, according to FactSet.
Operating income for the final three months of 2024 was $12.4 million, up from an operating loss of $5.5 million a year earlier.
"Neo delivered outstanding financial and operational results in 2024, exceeding guidance with adjusted earnings before interest, taxes, depreciation and amortization growth of over 70%, driven by strong performance in Rare Metals and Magnequench, [Neo's advanced magnetic materials company]" Chief Executive Rahim Suleman said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 18, 2025 11:53 ET (15:53 GMT)
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