MP - MP Materials tops Q1 estimates as rare earths production prices rise

MP Materials (MP) +2.3% post-market after topping estimates for Q1 earnings and revenues, due to rising production and prices for the rare earth metals it produces.Q1 GAAP net income jumped to $16.1M, or $0.09/share, compared with $1.9M, or $0.03/share, in the year-ago quarter, when MP was a private company.Q1 revenues nearly tripled Y/Y to $59.9M; adjusted EBITDA jumped more than 6x to $33M, vs. $22M analyst consensus estimate.Q1 production of the company's rare earth oxides rose 2% Y/Y to 9,849 metric tons, due to a modest improvement in the efficiency of processing operations and an increased ore feed rate.MP said the realized sales price for its oxides increased 132% to $5,891/mt, because of higher demand for rare earths driving increased market prices.Q1 production costs rose 13% Y/Y to $1,475/mt, due mostly to higher raw material costs, although per unit production costs fell 7% Q/Q.The company said work to be able to

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MP Materials tops Q1 estimates as rare earths production, prices rise