The Las Vegas-based firm posted a internet lack of $34.1 million, or 21 cents per share, in comparison with a internet revenue of $7.4 million, or 9 cents per share, within the year-ago quarter.
Excluding one-time objects, MP misplaced 17 cents per share. By that measure, analysts anticipated a lack of 9 cents per share, in accordance with IBES information from LSEG.
Shares fell 2.2% $12.40 in after-hours buying and selling.
“We had a really difficult quarter, operationally and financially,” MP CEO Jim Litinsky mentioned in a press launch.
Litinsky, the corporate’s largest shareholder, mentioned he was “cautiously optimistic” that the corporate’s uncommon earths manufacturing ought to rebound within the third quarter.
For the previous 4 years, MP has processed rock it extracts from its Mountain Cross mine in California into uncommon earths focus that’s shipped to China for refining. The corporate offered 5,839 metric tons of that focus in the course of the quarter, about 43% decrease than the year-ago interval.
MP has been working to refine its personal uncommon earths for a while. The corporate mentioned its refining gear in California produced 272 metric tons of neodymium and praseodymium – the 2 most in demand uncommon earths – in the course of the quarter, with 136 metric tons offered.
Litinsky mentioned manufacturing of these two uncommon earths ought to improve 50% within the third quarter.
The corporate mentioned it signed a uncommon earths provide settlement “with a world automaker for a major quantity dedication,” with out offering particulars.
(By Ernest Scheyder; Enhancing by Chris Reese and David Gregorio)