The rare earth magnet and industry material producer reported Q3 results.
Canada-based Neo Performance Materials, which specializes in producing industry materials and rare earth magnets, reported a revenue of $136.9 million during the third quarter of 2023 in its earnings report published Friday. This is a 6.6 percent decline compared to the same quarter last year and 19.6 percent lower than in the previous quarter, despite a higher adjusted net income in the third quarter of $4 million or $0.09 per share. In the last quarter, the lower adjusted net income stemmed from acquiring European magnetics company SG Technologies and investing in its rare earth explorations in Greenland.
Despite the lower revenue, the company’s President and CEO, Rahim Suleman, stated he is “pleased with the direction of our third quarter results.” Suleman emphasized that rare earth prices on the global market were at their bottom during the quarter, and signs of stabilizing would be positive for Neo Performance’s future. He added that the third quarter shows what the “normalized earning power of Neo looks like.”
Neo Performance is currently constructing a sintered rare earth magnet factory in Narva, Estonia, which Suleman said is on track.
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