MP - Everything About MP Materials Is Up Triple-Digits
CO2 levels in the atmosphere hit an all-time high (since humans started taking measurements, at least) of 420 parts per million in April, as The Wall Street Journal reported on Thursday -- and that's probably bad news for global warming . But here's something else that happened on Thursday: Rare earth metals mining company MP Materials (NYSE: MP) absolutely crushed its Q1 earnings estimates.
Rare earths, such as the neodymium and praseodymium that MP mines, are essential for the manufacture of rare earth magnets that drive the electric motors powering most electric vehicles (EVs) today -- and that, advocates hope, will help solve the climate crisis tomorrow. It makes sense then that with EV sales surging around the world, sales at MP Materials would be surging as well. Even knowing that, however, the numbers MP just put up for the fiscal first quarter of 2022 are kind of mind-blowing.
Artist's conception of MP Materials' new Stage III rare earth magnets factory. Image source: MP Materials.
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Everything About MP Materials Is Up Triple-Digits