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USA Rare Earth Inc. (NASDAQ:USAR) shares fell on Friday after the company released its third-quarter earnings report after Thursday's closing bell.
Here's a look at the details in the report.
The Details: USA Rare Earth reported wider-than-expected quarterly losses of 25 cents per share, missing the Street estimate of 10 cents.
The company ended the quarter with $258 million cash and no significant debt.
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“With the downstream capabilities of our magnet manufacturing plant in Stillwater well underway, which is now complimented by the metal making and strip casting capabilities of LCM, we are closing the loop within the rare earth magnet supply chain,” said Barbara Humpton, USAR CEO.
USAR Stock Price: According to data from Benzinga Pro, USA Rare Earth stock was down 9.54% at $14.31 in early trading Friday.
What Else: Rare earth mining peer MP Materials Corp. (NYSE:MP) also reported Q3 results on Thursday — its Q3 adjusted loss of 10 cents per share beat analyst estimates for a loss of 18 cents per share.
However, MP Materials’ third-quarter revenue of $53.55 million fell short of estimates of $54.92 million, according to Benzinga Pro.
MP Stock Price: MP Materials stock moved lower following the print and was down 6.47% at $48.67 during pre-market trading at the time of publication Friday.
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