Neo Performance Materials Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 15, 2024 at 07:00 am
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Neo Performance Materials Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 128.67 million compared to USD 159.17 million a year ago. Net loss was USD 1.37 million compared to USD 7.29 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.16 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to USD 0.16 a year ago.
For the full year, the company reported sales was USD 571.55 million compared to USD 640.3 million a year ago. Net loss was USD 8.44 million compared to net income of USD 25.95 million a year ago. Basic loss per share from continuing operations was USD 0.19 compared to basic earnings per share from continuing operations of USD 0.62 a year ago. Diluted loss per share from continuing operations was USD 0.19 compared to diluted earnings per share from continuing operations of USD 0.61 a year ago.
Neo Performance Materials Inc. is a Canada-based company that provides advanced industrial materials, rare earth magnetic powders and magnets, specialty chemicals, metals, and alloys. The Company's business segments include Magnequench, Chemicals and Oxides (C&O) and Rare Metals (RM). The Magnequench segment production of permanent magnetic powders used in bonded and hot-deformed, fully dense neodymium-iron-boron (NdFeB or neo) magnets. The C&O segment manufactures and distributes a broad range of advanced industrial materials. The RM segment sources, reclaims, produces, refines, and markets specialty metals and their compounds. These products include both high-temperature metals (tantalum, niobium, hafnium and rhenium) and electronic metals (gallium and indium). These powders and bonded permanent magnets are used in motors, which are used in various automotive applications for hybrid, electric and internal combustion engine vehicles, and micro motors for household applications.