UPDATE: MP Materials Corp. (MP) Tops Q4 EPS by 15c, Revenues Miss
MP Materials (NYSE: MP) reported Q4 EPS of $0.20, $0.15 better than the analyst estimate of $0.05. Revenue for the quarter came in at $42.2 million versus the consensus estimate of $47.23 million.
- Fourth Quarter 2020 Revenue Grew 100% Year-over-Year to $42.2 million
- Fourth Quarter 2020 Net Income Increased 23.3x Year-over-Year to $24.1 million
- Fourth Quarter 2020 Adjusted EBITDA Grew 297% Year-over-Year to $18.0 million
- 2020 Full Year Production and Sales Volumes Increased Approximately 40% compared to 2019
MP Materials Chairman and CEO James H. Litinsky said, “MP made significant progress throughout 2020 towards our mission to restore the full rare earth supply chain to the United States. In addition to strengthening our balance sheet through a successful business combination, we ramped up our production of rare earths by nearly 40%, scaled our team to over 300 people, and put in motion our Stage II optimization plan at Mountain Pass. The accelerating global transformation towards electrification and decarbonization is creating strong demand for critical rare earth materials. These trends present a bright outlook for the Company as we prepare to begin delivering separated rare earth oxides in 2022.”
Litinsky continued, “During the fourth quarter, we completed design improvements that de-risk our Stage II optimization plan, improve our potential long term operating model and further reduce the environmental impact of processing. Despite significant cost inflation throughout the economy in recent months, our Stage II optimization net capital cost, including these design improvements, is now contracted and expected to remain consistent with prior estimates.”
For earnings history and earnings-related data on Kinder Morgan Energy Ptnr (MP) click here.