Neo Performance rises on higher net income from rare metals in Q3

Neo Performance Materials

14/11/2024 16:43

** Shares of industrial materials maker Neo Performance
Materials  NEO.TO  up about 0.8% at C$8
    ** NEO reports Q3 operating income of $11.2 mln vs. $7 mln a
year ago 
    ** Rare metals segment jumped 479.6% to ~$15.9 mln; company
says business continues to benefit from elevated hafnium prices
    ** Hafnium is mostly used as an additive in nickel-based
superalloys for industrial and aero gas turbine engines
    ** NEO sees potential for its business from tariffs
implemented, as the company produces hafnium and tantalum in two
of its European manufacturing facilities with recycling
capabilities and also supports targets of EU Critical Raw
Materials Act
    ** Company says magnetic facility in Thailand and European
sintered magnet facility (under construction) can provide
permanent magnets to the United States without tariffs
    ** On Sept. 27, the U.S. enacted a 25% tariff on critical
minerals imported from China, 100% tariffs on electric vehicles
    ** Company, however, reported Q3 adj. net income of $1.1
mln, or 3 cents per share, lower than year-ago adj. net income
of $4 mln, or 9 cents per share
    ** Including session's gains, shares up ~5% YTD

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))