Neo Performance sees worst day in over 2-1/2 years on surprise loss

Neo Performance Materials

11/11/2022 15:36

** Shares of industrial materials maker Neo Performance
Materials Inc  NEO.TO  down 12.1% at C$9.52 - set for worst day
in more than 2-1/2 years
    ** Co posts surprise Q3 adj loss of 4 cents/shr vs analysts'
expectation of 31 cents/shr profit - Refinitiv data
    ** "While rare earth pricing remains attractive in absolute
dollar terms, and is nearly double pre-pandemic norms, the
retreat in pricing we have seen over the past six months placed
short-term pressure on our margin levels, as higher cost
inventory flows through our results of operation," says CEO
Constantine Karayannopoulos
    ** NEO's Q3 revenue also misses estimates 
    ** So far this year, shares have declined ~53%
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))