The Canadian specialty materials company reported earnings on Tuesday.
Canadian industrial materials supplier Neo Performance Materials announced its second-quarter results on Tuesday, reporting a sizable revenue increase. The company posted $114.7 million in revenue for the quarter, a 6.7% rise compared to the same period last year. Based on this performance, Neo also raised its full-year guidance.
A key driver of this growth was the magnet division, which saw the revenue rise nearly 20% year-over-year. Neo confirmed that construction of its European permanent magnet facility in Narva, Estonia, remains on track and within budget, with an opening ceremony scheduled for September 2025.
In addition to the magnet segment, the rare metals division also advanced during the quarter. Construction began on a heavy rare earth pilot line at its other Estonian facility in Sillamäe, designed to produce dysprosium and terbium. This new line is set to support the ramp-up of the European permanent magnet facility and serve other customers and markets.
In the statement, Neo also highlights ongoing geopolitical risks to supply chains, which drove more customers to hold strategic inventories to mitigate them, a move other market participants, such as German raw materials supplier Tradium, have called for in the past.
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